M&S Bank has reviewed the rates for its personal loan and made an increase to the £7,500 to £15,000 tier. However, it has kept a grip on the market, retaining a position in the Moneyfacts charts.
For new customers, the bank's unsecured Personal Loan now has a rate of 4.2% APR for a loan of £7,500 to £15,000 over a term of one to seven years, a competitive rate that enables it to retain a chart position. Existing customers can benefit from a slightly lower rate of 4.1% APR for the same loan amount.
Example monthly repayments for new customers: £5,000 loan over three years = £150.45.
Example monthly repayments for existing customers: £5,000 loan over three years = £150.24.
Applicants must be at least 18-years-old and can apply in branch, by phone or online. Borrowers should remember that all rates depend upon their credit rating, loan size and the term chosen.
Despite the rate increase, this loan from M&S Bank still offers borrowers attractive rates. As a result, it is likely to continue to interest applicants looking for a competitive personal loan.
Four Moneyfacts Stars have been awarded.
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 Any products featured may be withdrawn by their provider or changed at any time.
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