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A simples guide

Compare Marks & Spencer Loans

Marks & Spencer might be your go-to shop for food and clothing, but did you know they also offer a whole range of financial products – from current accounts and credit cards to loans. It’s one of a number of high street shops to venture into personal finances building upon its core principles of traditional and personal customer service. 

What do I get with an M&S loan?

You can get an impressive APR of 3.3% on loans between £7,500 and £15,000 repaid over 12 to 18 months. You can choose to take out smaller or larger amounts of money which will determine the length of time you have to pay it back – this could also alter the APR you pay. If you already hold an M&S current account, then you can get access to preferential rates so could get an even better deal on your loan.

Payments are fixed so you should always know how much you need to pay back. Another benefit is that you can defer repayments for three months, so if you you’ve got a big event coming up or need to conserve some money, this could be a useful feature. Bear in mind though that the interest will still be charged and you’ll also need to pay interest for those additional three months you defer the loan for – so basically you’ll end up paying even more interest for deferring.

You can apply for a loan through our loan comparison service or over the phone, and if your application is successful you’ll get the money into a specified account no later than five working days from the start date (or date you’ve chosen).

There are no arrangement or set-up fees so you don’t have to worry about any hidden charges – it’s designed to be straightforward and uncomplicated – just as you’d expect from a store that’s the backbone of the British high street.

Can I repay the loan early?

Yes, you can – just let them know and they’ll tell you exactly how much you need to pay back based on the revised repayment date. You can also repay part of the loan early – your monthly payments will stay the same but you’ll obviously pay it back more quickly.

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What are the requirements for an M&S loan?

You have to be at least 18 years old and a UK resident, you’ll also need a minimum income of £10,000 a year. Every application loan is subject to this criteria, if you don’t meet their regular criteria for a loan then they might offer you an alternative loan with a different APR.

Should I get one?

M&S are a familiar name which could make taking out a loan feel more comfortable to you. But there are lots of lenders out there and you could find yourself a better deal if you compare. Use our loan comparison service to find the right deal for you.

All Marks & Spencer loan details are based on information provided on bank.marksandspencer.com data as of 4 November 2016.

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