M&S Bank personal loan is easily accessible to all customers and not just account holders. While it offers competitive rates to all, you can get even better rates if you have an M&S current account, you’re an existing loan customer or a main cardholder. The bank offers loans from as low as £1000 and to as high as £25000 with a repayment period of between 1 and 7 years. The APR starts from a low as 2.8%.
Bear in mind; the interest rate is subject to change based on the amount you plan to borrow, credit score, repayment term and financial history.
M&S Bank Personal Loan at a Glance
The loan application is fast and easy. And both non-customers and customers can apply. What’s more, you can request a personalized quote without worrying that it will hurt your credit rating. You can check out the loan eligibility checker on their website.
The most convenient bit about Marks and Spencer personal loans is that you can defer repayment for three months if you run into financial trouble. However, this move will cost you more in the long run as interest will still be accruing.
The bank also offers fixed monthly repayments, and there are no arrangement or set-up fees.
To apply for a loan, you must meet the following requirements;
- Must be a UK resident
- Have a UK bank or building society account
- Be at least 18 years
- Have a minimum annual income of £10000
If you do not meet these requirements, you might still secure a loan, but you’ll be charged a higher rate. Also, keep in mind the amount you borrow, and the repayment period will also affect your rate.