M&S Bank

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Company Information

Aside from being one of the biggest retail names on the UK high street, Marks & Spencer (marksandspencer.com) has also become a major player in the financial market. Since its establishment in 1985 as Marks & Spencer Financial Services, M&S has developed its banking and lending services to become a popular alternative to traditional retail banks amongst many customers. Marks & Spencer Money was sold to HSBC in 2004 and is now known as M&S Bank, which provides a range of financial services, from current accounts to credit cards, insurance and loans.

APPLICATION REQUIREMENTS:

You must be aged 18 or over, have an annual income of at least £10,000 and be a UK resident to apply for a loan from M&S Bank. Customers who do not meet the normal lending criteria may be offered a loan at a different APR, however this will depend on each customers personal circumstances.

LOAN AMOUNT AND CHARGES:

M&S Bank has a range of flexible personal loans on offer to its customers, with two separate deals available for M&S cardholders and non cardholders. Customers who already have a M&S store card can access exclusive deals and offers on personal loans, including a potential 4.1% APR representative for qualifying applicants on loans between £7,500 and £15,000, repaid over 12 to 60 months.

The M&S personal loan can be used for whatever purpose you like, whether that’s taking a sunny holiday or paying for your wedding. The amount that you can borrow at one time ranges from £1,000 up to £25,000, and repayment can be spread from one year up to five years.

PROCESS:

Customers can apply for a personal loan from M&S Bank by phone or online for an immediate decision. There are no hidden charges and no arrangement or set-up fees.  There is also the option for customers to apply for a three month payment deferment at the start of their loan, allowing them some breathing room before repayments begin on the loan. If you do decide to take a three month payment break, interest will still be charged on the loan for the months you take off.

PAYMENT:

M&S Bank aim to contact you with a credit decision within 48 hours of application. If you’re accepted they will then send you an agreement form to sign and return. Once they have received this, the money should be in your bank account in three days.

295 Reviews of M&S Bank have been submitted - read the latest 3 below

Marks and Spencer bank have just given me a very good loan that comes with an interest rate that is much lower than what my bank are currently offering for a similar loan so I felt I should make a point of saying something nice about Marks and Spencer and their bank in particular before I forget. I can't remember the last time I took out a loan but it certainly wasn't as easy and as straightforward as this loan from Marks and Spencer bank has been. They really do try their best to make the loan application process as easy as possible which is a great bonus if you're like me and struggle with the internet a bit. Another thing I found really helpful with this loan was being able to take 3 months off before having to make the first repayment. this is going to be so useful for me and I very much doubt I could have had that added bonus with the last loan I had from my bank. Another good reason to use Marks and Spencer again if I should ever need another loan.

Review posted by M. Beatty, Gidea Park

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

Wouldn't say I'b been much of a fan of M&S until I got approved for this personal loan. Now I think they are the best thing ever because they have given me such a great interest rate on this loan and that means I can buy the car I wanted and still have a bit left over to pay for a weeks holiday to Spain. I never realised just how much of a difference a percentage on the APR can make on a loan until I started comparing all the different loans that were available and when I saw how competitive M&S Bank were I just had to try and get my loan from them. If I'd had a store card I might even have got a lower rate so I'm definitely going to look into getting one soon. As of now M&S are my No.1 lender and I'll be telling all my friends about how good they are.

Review posted by Jason Deakin, Kensal Rise

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  • Ease Of Use
  • Value For Money

What would I do without Marks and Sparks? They just seem to have everything I like and want and it's all at the click of a computer mouse. I shop online at Marks all the time but up to now it has never extended to anything more expensive than a sofa bed for the spare room. Now here I am with a 5K loan to pay for my new kitchen and I can't believe how easy it was to apply for and get an instant approval. I'm not sure how much longer it will be before the funds arrive but at least I can go ahead and place the official order for my new kitchen now that I have the funds guaranteed. Now I will be wanting some new kitchenware to set off the new kitchen so no surprises where I'll be shopping for that!

Review posted by Lesley Marks, Rickmansworth

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money