The bank was one of 25 financial services providers to fight off tough competition and take home a coveted prize.

Other landmark wins included Hitachi Personal Finance, who bagged the award for Best Direct Loan provider for the sixth consecutive year, and Nutmeg, who lifted the trophy for Best Online Stocks and Shares ISA provider for the fifth year in a row.

Now in there 22^nd year, the YourMoney.com Awards are the longest standing awards in the industry.

Firms are first short-listed based on competitiveness of price and structure and each category is then judged by a panel of readers who mystery shop each company and benchmark the quality of service provided in each product area.

Robert Oag, head of loans at Sainsbury’s Bank, said: “Winning the YourMoney.com award for the seventh consecutive year demonstrates the high-quality lending and service we offer our customers.

“We are committed to providing customers with products that suit different financial situations, providing them with the ability to live well for less.”

Joanna Faith, editor of YourMoney.com, said: “For Sainsbury’s Bank to scoop the award for Best Online Personal Loan provider for a seventh year in a row is incredibly impressive and goes to show how they consistently outperform when it comes to both the products they offer and their customer service. A huge congratulations.”

For a full list of this year’s winners, click here.