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.