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Read the full methodologyPlease note: You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.
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How do M&S loans compare against the competition?
See today's rates from across the personal loan market.
The M&S Bank Existing Customer Personal Loan charges 5.9% APR representative on loans between £7,500 and £20,000. M&S offers the unsecured personal loan with repayment terms between 1 year and 7 years, and applicants can apply to borrow from £1,000 to £25,000.
The M&S Bank Personal Loan charges 5.9% APR representative on loans between £7,500 and £20,000. M&S offers the unsecured personal loan with repayment terms between 1 year and 7 years, and applicants can apply to borrow from £1,000 to £25,000.
| 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 |
| Loan type | Unsecured Personal Loan |
|---|---|
| Loan amounts | £1,000.00 to £25,000.00 |
| Loan terms | 1 Year to 7 Years |
| Loan rate type | Fixed |
| Product fee | 0% |
| Same-day funding available | |
| Instant decisions in most cases | |
| Soft-search facility available | |
| Joint applications | |
| Overpay without penalty | |
| Concurrent loans allowed | |
| Topping-up pays off existing loan and initiates a new loan | |
| Repayment methods | Cheque, Direct Debit, Standing Order |
| Loan type | Unsecured Personal Loan |
|---|---|
| Loan amounts | £1,000.00 to £25,000.00 |
| Loan terms | 1 year to 7 years |
| Loan rate type | Fixed |
| Product fee | 0% |
| Same-day funding available | |
| Instant decisions in most cases | |
| Soft-search facility available | |
| Joint applications | |
| Overpay without penalty | |
| Concurrent loans allowed | |
| Topping-up pays off existing loan and initiates a new loan | |
| Repayment methods | Cheque, Direct Debit, Standing Order |
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.
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.
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”.
The Annual Percentage Rate (APR) is a summary of the yearly cost of a loan. It takes into account both interest and any unavoidable charges you'll need to pay (for example an arrangement/product fee) over the duration of a loan. Because M&S doesn't charge an arrangement fee, its APR comprises just the interest rate – and so they're one and the same.
However, the vast majority of lenders tailor rates (and therefore APRs) to the individual applicant. If they think you're a riskier bet, they'll offset that by offering you a higher APR. The "representative APR" (as defined by the Financial Conduct Authority) is what M&S gives to at least 51% of those who take out the loan. At the top end of the market – where M&S fights it out among the high-street banks and supermarkets – chances are that 49% of customers are receiving a higher APR. With M&S, you'll need a good credit score to get approved and a great credit score to bag that representative APR. M&S must calculate APR in the same way as other lenders, and must tell you your personal APR before you sign a loan agreement.
M&S advertises a representative APR of 5.9% on loans between £7,500 and £20,000 on the M&S Bank Existing Customer Personal Loan and 5.9% on loans between £7,500 and £20,000 on the M&S Bank Personal Loan.
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.
First, check your eligibility with the following criteria:
Then make sure you have the following information handy for your application:
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 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.
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.
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.
In our 2025 customer satisfaction survey, 73% of customers said they’d recommend M&S Bank to a friend.
Customers in our survey commented positively on M&S Bank’s overall service. One commented :”Very competitive and easy to access my loan information via the banking app”. Another commented that it was “easy to apply and receive funds”.
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