M&S Bank

M&S personal loans review

As well as being a stalwart of the British high street, Marks and Spencer also offers personal loans with competitive rates, and discounts for existing customers of M&S Bank. Loan amounts between £1,000 and £25,000 starting from 6.2%.

3.9 ★★★★★ (208 reviews) Write a review

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Our verdict

M&S loans provides competitive rates, fixed monthly repayments, and the flexibility to make overpayments. There are no set-up or arrangement fees when taking out a loan. However, having a good credit score is needed if you are looking to get those low rates. Furthermore, M&S currently don’t offer same-day funding or repayment holidays - if you are looking for quicker funding or want the flexibility of repayment holidays, it’s important to take this into consideration.
Pros
  • Low rates
  • Fixed monthly payments
  • No set-up or arrangement fees
  • Overpayments allowed
Cons
  • You’ll need good credit for low rates
  • No same day funding
  • No payment holidays
Representative example: Borrow £10,000.00 over 3 years at a rate of 6.2% p.a. (fixed). Representative APR 6.2% and total payable £10,956.96 in monthly repayments of £304.36.
M&S Bank Personal Loan
★★★★★
Finder score
Check eligibility

6.2% APR representative (Fixed)

Maximum loan

£25,000

Product fee

N/A

Early redemption fee

Yes

Calculate the cost of a M&S loan

1 - 1 of 1
Name Product Ratings Customer rating Finder score Total Payable Monthly Repayment Representative APR Link
M&S Bank Personal Loan
Finder score
★★★★★
★★★★★
User rating
★★★★★
Expert analysis
Check eligibility
View details
Representative example: Borrow £10,000.00 over 3 years at a rate of 6.2% p.a. (fixed). Representative APR 6.2% and total payable £10,956.96 in monthly repayments of £304.36.
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Please note: You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.

Late repayments can cause you serious money problems. See our debt help guides.

How do M&S loans compare against the competition?

Table: sorted by representative APR, promoted deals first
Name Product Ratings Customer rating Finder score Total Payable Monthly Repayment Representative APR Link
Novuna Personal Loan
Finder score
★★★★★
★★★★★
User rating
★★★★★
Expert analysis
Check eligibility
View details
Representative example: Borrow £10,000.00 over 3 years at a rate of 7.4% p.a. (fixed). Representative APR 7.4% and total payable £11,142.00 in monthly repayments of £309.50.
My Community Bank Personal Loan
Finder score
★★★★★
Not yet rated
★★★★★
Expert analysis
Check eligibility
View details
Representative example: Borrow £5,000 over 48 months at a rate of 23.3% pa (fixed). Representative APR 27.1% and total payable £7,854.94 in monthly repayments of £163.64.
Fluro (formerly Lending Works) Personal Loan
Finder score
★★★★★
Not yet rated
★★★★★
Expert analysis
Check eligibility
View details
Representative example: Assumed borrowing of £7,500.00 over 48 months at 17.9% APR representative. Monthly cost of £214.79. Total amount repayable of £10,309.78. Interest rate of 16.6% p.a.(fixed) and total fees of £150.00. Available for loan amounts between £5,000 - £25,000.
Lendwise
Finder score
★★★★★
Not yet rated
★★★★★
Expert analysis
View details
thinkmoney Personal Loan
Finder score
★★★★★
Not yet rated
★★★★★
Expert analysis
View details
Representative example: If you borrow £29,100 over 12 years, initially on a fixed rate for 5 years at 8.885% and for the remaining 7 years on the Lender's standard variable rate of 9.285%, you would make 60 monthly payments of £375.53 and 84 monthly payments of £380.29.
Tesco Bank Clubcard Personal Loan
Finder score
★★★★★
★★★★★
User rating
★★★★★
Expert analysis
View details
Representative example: Borrow £10,000.00 over 3 years at a rate of 6.1% p.a. (fixed). Representative APR 6.1% and total payable £10,941.12 in monthly repayments of £303.92.
Tesco Bank Personal Loan
Finder score
★★★★★
★★★★★
User rating
★★★★★
Expert analysis
View details
Representative example: Borrow £10,000.00 over 3 years at a rate of 6.5% p.a. (fixed). Representative APR 6.5% and total payable £11,003.04 in monthly repayments of £305.64.
Zopa Personal Loan
Finder score
★★★★★
★★★★★
User rating
★★★★★
Expert analysis
View details
Representative example: Borrow £1,500.00 over 3 years at a rate of 22.9% p.a. (fixed). Representative APR 22.9% and total payable £2,028.60 in monthly repayments of £56.35.
Barclays Existing Current Account Loan
Finder score
★★★★★
★★★★★
User rating
★★★★★
Expert analysis
View details
Representative example: Borrow £10,000.00 over 3 years at a rate of 9.9% p.a. (fixed). Representative APR 9.9% and total payable £11,527.92 in monthly repayments of £320.22.
Lloyds Bank Existing Customer Personal Loan
Finder score
★★★★★
Not yet rated
★★★★★
Expert analysis
View details
Representative example: Borrow £10,000.00 over 3 years at a rate of 6.7% p.a. (fixed). Representative APR 6.7% and total payable £11,034.00 in monthly repayments of £306.50.
Plend personal loan
Finder score
★★★★★
Not yet rated
★★★★★
Expert analysis
View details
Representative example: Borrow £8,000 over 48 months at a rate of 16.66% p.a. (fixed). Representative APR 17.99% and total payable £11,013.12 in monthly repayments of £229.44.
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Please note: You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.

Late repayments can cause you serious money problems. See our debt help guides.

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.

Quick overview of M&S Bank personal loans

Loan amounts From £1,000 to £25,000
Loan terms From 1 year to 7 years
Age eligibility 18 years and over
Application fee No application fee
Repayment holiday Repayment holiday not permitted

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”.

What is APR?

If you’re comparing any credit-based products, it won’t be long before you’ll come across the Annual Percentage Rate (APR). This figure is designed to provide an annual summary of the cost of a loan. It takes into account both interest and any mandatory charges to be paid (for example an arrangement fee) over the duration of a loan.

All lenders must calculate the APR of their products in the same way, and must tell you the APR before you sign an agreement, so for consumers it can be a handy tool for comparison.

Bear in mind, however, that lenders are only obliged to award this rate to 51% of those who take out the loan – the other 49% could pay more. That’s why it’s often referred to as the 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.

Pros and cons

Pros

  • Competitive rates
  • Fixed monthly payments
  • No set-up or arrangement fees
  • Overpayments allowed
  • Eligibility checker

Cons

  • You’ll need good credit for low rates
  • No same day funding
  • No payment holidays

How do I contact M&S bank?

You can get in touch with the M&S customer service team either via the app where the ‘Chat with us’ function is open 24/7, or you can call on 0345 600 5860.

Our verdict

M&S loans provide competitive rates, fixed monthly payments, and the flexibility to make overpayments. There are no set-up or arrangement fees when taking out a loan. However, having a good credit score is needed if you are looking to get those low rates. Furthermore, M&S currently don’t offer same-day funding or payment holidays – if you are looking for fast funding or want the flexibility of payment holidays, it’s important to take this into consideration.

M&S Bank customer reviews

In our 2023 customer satisfaction survey, M&S scored 4 out of 5 stars with 75% of its customers saying they’d recommend the brand to a friend.

Customers in our survey commented positively on M&S Bank’s overall service. One commented they experienced a “very easy and simple process to apply online”, as well as receiving fast responses. Another commented that M&S Bank “explained everything really well and made me feel safe and secure”.

Frequently asked questions

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Personal loans scores

★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor

Finder scores, in blue, are based on our expert analysis. We also show reviews from users, where we've received more than 10, with a score in yellow. We gather more reviews from customers every year in Finder's customer satisfaction survey.

To find out more, read our full methodology.

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.

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