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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.