M&S Bank has slightly increased the rates of its mid-tier unsecured personal loans by up to 0.3% APR, but they've; retained their competitive edge and held on to their places in the Moneyfacts charts.
A loan of £5,000 to £7,499 for new customers now has a rate of 5.2% APR over a term of one to seven years, while existing customers get a slightly reduced rate of 5.1% APR for the same loan amount and term.
Meanwhile, a loan of £7,500 to £15,000 has a new APR of 3.8% for both new and existing customers again over a term of one to seven years.
Example monthly repayments for new customers: £5,000 over three years = £150.03 (£149.91 for existing customers).
Borrowers must be aged 18 or over to apply for this loan and have an annual income of at least £10,000. Applications can be made in branch, by phone or online.
Borrowers should remember that all rates depend upon their credit rating, loan amount and the term chosen.
Although these loans have received a marginal rate increase, both remain competitive in their respective sectors and have maintained places in the Moneyfacts charts. As a result, both are likely to continue to appeal to borrowers who are looking for low-cost borrowing.
Moneyfacts rating: Excellent
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