M&S Bank has amended rates on select tiers of its personal loan by up to 1.0% APR, but despite these tweaks, it remains on a firm footing in the Moneyfacts charts and still merits the highest accolade.
A personal loan of £5,000 to £7,499 over a term of one to seven years has a new rate of 4.5% APR after receiving an increase of 1.0% APR. Meanwhile, a loan of £7,500 to £15,000 over the same term has an even more competitive rate of 3.3% APR after receiving a cut of 0.2% APR.
Example monthly repayments: £5,000 over three years = £148.53.
Borrowers must be at least 18 years old with a minimum annual income of £10,000. Applications can be made in branch, by phone and online. Borrowers should remember that rates are representative and dependent on their credit rating.
The updates made to select tiers of this personal loan have done nothing to harm its standing in the charts; indeed, a loan of £7,500 to £15,000 is now even more competitive and sits just behind the current market-leader for this sector. As a result, this product fully deserves the highest Moneyfacts rating.
Moneyfacts rating: Outstanding
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 Any products featured may be withdrawn by their provider or changed at any time.
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