M&S loan: at a glance
M&S Bank Personal Loans
1 to 7 years
£1,000 to £25,000
6.0%
No
Representative APR 6.0%. Based on a loan of £10,000 over 60 months at an interest of 6.1% p.a. (fixed). Monthly repayments of £192.59. Total amount payable £11,555.40. Maximum APR 22.9%
- Must be over 18
- Must be a UK resident
- Must have an annual income of at least £10,000
You could borrow as little as £1,000 using an unsecured personal loan from M&S Bank, up to a maximum of £25,000. It’s possible to choose a repayment term of between one and seven years.
You can choose to apply for an M&S Bank loan for a variety of reasons, for example to help pay for a holiday, home improvements, or a wedding.
» MORE: Compare best personal loans and rates
M&S loans pros & cons
Pros
- You can defer the repayment start date by up to three months (but it will mean your loan costs more to repay over its full term).
- There are multiple ways to contact M&S Bank – by phone, live chat and online banking.
Cons
- You may need to pay interest charges to pay off your loan early.
- It can take three to five working days to get the loan in your account.
- Joint loans are not available.
While we aim to provide accurate information, we cannot guarantee that all details will remain applicable to your specific circumstances. Product terms and conditions can change and you should conduct your own research before applying for any product. This information should not be considered a recommendation, always check the provider’s official terms.
Am I eligible for an M&S loan
To qualify for a Marks and Spencer bank loan, you must:
- be over 18 years old
- be a resident of the UK
- have an annual income or pension of at least £10,000 before tax
You will then also need to pass the relevant credit checks and affordability assessments the lender carries out.
If you don’t meet its normal eligibility criteria, M&S Bank says you might be offered a different interest rate to those it offers as standard.
You can check your eligibility for an M&S Bank loan and get a personalised quote without affecting your credit rating on the bank’s website or over the phone. A credit check will only be carried out if you decide to formally apply for a loan.
As an alternative, you could consider using a loans eligibility service to conduct a soft credit search across multiple lenders. This would show you the likelihood of a successful application against several different loans, without affecting your credit score. But check the details of the service you use to make sure it only uses soft searches and how many lenders it checks.
» MORE: Am I eligible to get a personal loan?
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Other loans may be available in the UK loans market that are not included in this service.
M&S Bank frequently asked questions
You have 14 days to withdraw from an agreement for an M&S Bank personal loan. You must contact the bank by phone or post within those 14 days but you don’t need to give a reason why you want to withdraw.
If you already have an M&S Bank loan and are registered for digital banking, you can access a customer service agent live online through internet banking or its mobile app. Alternatively, you can contact M&S Bank over the phone or by post.