A simples guide

Marks and Spencer Loans

Marks and Spencer might be your go-to shop for fancy food and socks, but have you ever considered that this British institution could be the perfect place to shop for a personal loan? It is one of a number of shops to venture into the personal finance world and is determined to build upon its core principles of traditional and personal customer service.


You should take Marks and Spencer’s financial products seriously, but you should also do a thorough comparison with the competition. This high street stalwart is a relative newcomer to the world of finance, having launched the bank in 2012, and it is already making an impression. There are, however, a vast number of competitors out there.


So before you sign up, make sure you have done a thorough check with our price comparison service and looked closely at your options.


How long do Marks and Spencer loans take?

You can apply for a loan in just 10 minutes on the phone or online, and you will get a provisional decision in less than 48 hours by email. If the bank accepts your loan application, then it will send the documents to your home and you’ll need to sign and send them back.

It’s an old-fashioned system, but one in keeping with the traditional shop’s image. Once the paperwork is complete though, they’ll deposit the money in your account within 3-5 working days. 

coins and piggy bank
calculator and coins

What are the requirements for an M&S loan?

You have to be at least 20 years old and a UK resident without any CCJs. Every loan is subject to acceptance, so the bank will look at your income and expenditure to see if you are a good risk, and you should earn at least £10,000 to apply.

It is important to make sure that you have the financial support in place to make your repayments as failure to do so can impact your credit record and lead to further collection processes. Before taking your loan, make sure that you can adequately afford the repayments even if things don’t go quite to plan.

What are the benefits of an M&S loan?

You can get an impressive APR of 3.5% on loans between £5,000 and £15,000 and repay it over a period that suits you. Typically, the loans are spread between 12 and 84 months and you can get a fixed rate of interest. So your repayments won’t change even if the Bank of England base rate does.

If you already hold a Marks and Spencer current account, then you can get access to preferential rates and may get an even better deal on your M&S loan.

Of course there isn’t one single loan that works for everyone, so you should make sure you’ve done your research before you sign up. There are so many loans on the market with so many different terms and conditions, that you may well find an option you prefer if you run your details through our price comparison service.

Marks and Spencer has been a valuable addition to the ranks of British banking and its personal loans have made an impression on the public. That doesn’t mean it is right for you though, so do a proper comparison and we’ll give you a range of providers to compare policies. All you need to do is choose the policy that’s right for you. So get comparing and see how much you could save.

All Marks and Spencer loan details are based on information provided on bank.marksandspencer.com data on 15 April 2016


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