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%.
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.
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
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 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
This may be possible – you’ll need to speak with M&S (0800 363400) to discuss your specific circumstances.
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.
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.
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.
Personal loans with M&S are a joint venture between M&S Bank and HSBC.
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.
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.
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. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.
Chris Lilly is Head of publishing at finder.com. He's a specialist in personal finance, from day-to-day banking to investing to borrowing, and is passionate about helping UK consumers make informed decisions about their money. In his spare time Chris likes forcing his kids to exercise more.
Enjoy 0% on purchases, balance transfers and M&S perks aplenty with this versatile all-rounder.
Feedback
How likely would you be to recommend finder to a friend or colleague?
0
1
2
3
4
5
6
7
8
9
10
Very UnlikelyExtremely Likely
Required
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
Advertiser Disclosure
finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
