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M&S Bank reduces loan rates

M&S Bank reduces loan rates

Category: Loans

Updated: 18/01/2013
First Published: 10/01/2013

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Continuing the trend seen in the personal loans market over the last few months, M&S Bank has reduced the rates on loans between £5,000 and £7,499 and £7,500 to £15,000 considerably.

The basics…

Borrowers searching for a loan between £5,000 and £7,499 can now secure a rate of 7.00% APR (0.3% reduction) with M&S Bank, while those looking for a larger amount between £7,500 and £15,000 can get a rate of 5.6% APR (0.40% APR reduction).

The finer details….

Borrowers must remember that the rates advertised are representative and the actual rate they are offered will depend on their individual credit rating.

Borrowers must also be at least 30 years old or a homeowner to be eligible for a M&S Bank personal loan.

Why we like it….

As an added incentive, existing M&S Bank current account, credit card or store card holders will receive 10,000 M&S points when taking out a loan between £7,500 and £15,000, or 5,000 points when taking out the smaller loan of £5,000 to £7,499.

Four out of five Moneyfacts Stars are richly deserved.

What next?

Find out how much a M&S Bank Personal Loan could cost you each month with our handy Loan Calculator.

How to apply for the M&S Bank Personal Loan

Apply online or via telephone

What you will need to apply

  • Your income and employment details
  • The bank or building society account number and sort code
  • Details of your monthly expenditure
  • An email address
  • Your previous address, if you've lived at your current address for less than 3 years

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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