M&S personal loans review March 2023

Calculate the cost of a M&S loan

How much do you need to borrow? £

10000

How long do you need to borrow for?

3

years

Sort by:

Name	Product	Total Payable	Monthly Repayment	Representative APR	Link
M&S Bank Personal Loan eligibility					Check eligibility View details	Compare	loading Fetching your data...
M&S Bank Personal Loan					Check eligibility View details	Representative example: Borrow £10,000.00 over 3 years at a rate of 4.9% p.a. (fixed). Representative APR 4.9% and total payable £10,756.08 in monthly repayments of £298.78.	Compare	loading Fetching your data...

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How do M&S loans compare against the competition?

How much do you need to borrow? £

10000

How long do you need to borrow for?

5

years

Sort by:

Name	Product	Total Payable	Monthly Repayment	Representative APR	Link
Zopa Personal Loan					View details	Representative example: Borrow £1,500.00 over 3 years at a rate of 19.9% p.a. (fixed). Representative APR 19.9% and total payable £1,959.84 in monthly repayments of £54.44.	Compare	loading Fetching your data...
Novuna Personal Loan					Check eligibility View details	Representative example: Borrow £10,000.00 over 3 years at a rate of 5.9% p.a. (fixed). Representative APR 5.9% and total payable £10,910.52 in monthly repayments of £303.07.	Compare	loading Fetching your data...
Fluro (formerly Lending Works) Personal Loan					Check eligibility View details	Representative Example: Assumed borrowing of £7,500.00 over 48 months at 16.9% APR representative. Monthly cost of £211.47. Total amount repayable of £10,150.38. Interest rate of 15.7% p.a.(fixed) and total fees of £150.00.	Compare	loading Fetching your data...
Barclays Bank Existing Current Account Customer Barclayloan					View details	Representative example: Borrow £25,100.00 over 3 years at a rate of 13.1% p.a. (fixed). Representative APR 13.1% and total payable £30,173.76 in monthly repayments of £838.16.	Compare	loading Fetching your data...
Lloyds Bank Existing Customer Personal Loan					View details	Representative example: Borrow £10,000.00 over 3 years at a rate of 5.9% p.a. (fixed). Representative APR 5.9% and total payable £10,910.52 in monthly repayments of £303.07.	Compare	loading Fetching your data...
My Community Bank Personal Loan					Check eligibility View details	Representative example: Borrow £6,000.00 over 4 years at a rate of 18.85% p.a. (fixed). Representative APR 18.85% and total payable £8,335.00 in monthly repayments of £173.64.	Compare	loading Fetching your data...

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What is Marks and Spencer?

In case by some miracle you haven’t heard of it, Marks & Spencer (AKA M&S, AKA Marks & Sparks, AKA St Michael) is a British institution, founded in Leeds in 1884. Best known for its homewares, clothing and luxury foods, M&S now also provides a range of financial services including travel money, current accounts, credit cards and personal loans.

Whether you’re looking to buy a new car, consolidate debt, refurbish the kitchen, or take that desperately needed holiday, Marks and Spencer offers competitive, flexible, fixed-rate loans. It’s quick and easy to apply online via the M&S Bank website and you can check your eligibility beforehand without affecting your credit score.

Key features of M&S loans at a glance

M&S offers unsecured personal loans – meaning they’re based on creditworthiness, rather than the use of property or other assets as collateral. Its loans are available over a period of 1 Year to 7 Years for amounts between £1,000.00 to £25,000.00.

While M&S rates are generally competitive, the representative APR specified may not be the actual rate you’ll receive: M&S will offer you a rate based on an assessment of your personal financial circumstances.

• Loan terms from 1 Year to 7 Years.
• Loan amounts from £1,000.00 to £25,000.00.
• Loan eligibility checker. M&S provide a simple online checker so you can see the sort of loan you could receive without your credit rating being affected.
• Fixed monthly repayments. The amount you pay will be fixed every month, so there are no surprises and you know how much the loan is going to cost you overall.
• No set-up fees.
• Preferential rates. If you bank with M&S you could grab an even better rate on selected loan amounts.

All interest rates are fixed for the duration of your repayment period, however the rate you’re offered will depend on factors like the amount you apply for, the term of the loan, your credit rating and your income. It may differ from the advertised “Representative APR”.

Unlike some other providers, M&S doesn’t charge an arrangement or set-up fee. Additionally, there are no fees for paying back some or all of your loan early, however this will not necessarily save you money in interest – check the early repayment terms before applying for an M&S personal loan.

M&S also offers customers the chance to defer their payments for the first three months, so you can have a bit more time to sort out your finances. Bear in mind this will cost you more overall however, as you’ll still be charged interest for this period.

How can I apply for an M&S loan?

First, check your eligibility with the following criteria:

• You must be aged over 18.
• Have an income of at least £10000.00 Per Annum
• Be a UK resident.
• Have a UK based bank or building society account that can pay direct debits.
• Be willing to undergo a credit register search and credit scoring.

Then make sure you have the following information handy for your application:

• Your address details for the past three years.
• Your current income and details of your monthly outgoings.
• The sort code and account number of your bank or building society account.

Then simply fill in the application form on the M&S bank website and wait for a response.

M&S states that these loans should not be used for funding or part funding a property, gambling, business purposes or share dealing.

M&S loans and your credit score

M&S Bank offers some of the best rates available on the market, but like any lender, it has a finite pool of funds to lend out. Because of this, it will lend to those that it deems safest first. This means that to qualify for an M&S loan, you’ll need a good credit score.

The “Eligibility Checker” on M&S Bank’s site is the smartest way to find out if you’re likely to be approved, and whether you’ll get M&S Bank’s best rate (the advertised “representative APR”). You’ll need to provide your address details for the last three years, which it will use to run a “soft” search on your credit file – meaning that the search won’t affect your credit score, and won’t be visible to other lenders.

If you then decide to apply, like any responsible lender, M&S Bank will run a “hard” credit search. This will usually have a very slight adverse effect on your credit score – this is normal, and the effect is normally short-lived.

When you take out a loan, the repayments are reported back to credit reference agencies (CRAs) like Experian, Equifax and TransUnion. Provided you stick to the agreed repayment schedule and clear the loan in full and on time, this will demonstrate responsible borrowing, and can have a positive impact on your credit score.

M&S Bank customer reviews

Customers in Finder’s 2021 customer satisfaction survey were generally positive towards M&S Bank, with some praising its easy application process. One customer said it was “quick and easy to get accepted and I got the rate advertised.”

M&S Bank also scored 3 stars out of 5 in our 2021 customer satisfaction awards. 73% of M&S Bank customers also said they would be happy to recommend the brand to a friend.

Frequently asked questions

• I already have an M&S personal loan. Can I take out another?

  This may be possible – you’ll need to speak with M&S (0800 363400) to discuss your specific circumstances.

• How does M&S Bank define existing customers?

  M&S Bank often offers enhanced rates for those with an M&S Bank current account, existing loan customers or “main cardholders” – that’s people who are the primary account holder for an M&S Credit Card, M&S Chargecard or M&S Budgetcard.

• I'd like to settle my personal loan early. How do I find out how much I need to pay?

  Call M&S Bank on 0800 363 400 to request a “final settlement figure”. When you’re given the figure, don’t forget that it will be valid for a finite period.

  If you just want to pay off part of your loan early, you can do so without penalty. Your monthly repayments will stay the same, but you may clear the loan ahead of time.

  Overpaying in full or in part can bring down the amount of interest you’ll pay, however like most lenders, M&S Bank may charge up to two months’ interest (beyond the date you overpaid) on any sums paid early. This means that while you won’t be penalised for paying some or all of your loan early, it might not always result in the savings you had anticipated.

  It’s important to check the early repayment terms before applying for any personal loan. If there’s a likelihood that you’ll be able to clear a loan early, then good early-repayment terms should be an important factor in deciding which lender to use.

• How long will the loan take?

  Not too long. Marks and Spencer claim that applying for their personal loan can take you as little as 9 minutes, after which M&S Bank will contact you within 48 hours with a decision. Once you’ve been accepted, an agreement form will be mailed to you and your money will be in your bank account within 3 days of them receiving the signed agreement.

• Who underwrites M&S?

  Personal loans with M&S are a joint venture between M&S Bank and HSBC.

• If I defer loan payments, will my credit score be affected?

  No, your credit score shouldn’t be affected by deferral of loan payments, however bear in mind that you’ll be charged interest over the deferral period.