How much do you want to borrow?
£7,500 £15,000Over how many months?
12 months 60 monthsMonthly Repayment
Total Interest paid
Arrangement Fee
Total amount paid
6%
£7,500 - £15,000
Minimum Term 1 year
Loans up to £15,000 - 5 years
Direct Debit
3 - 5 working days from when they receive your forms back
No Fee
3 months payment poliday at the start of the loan
Transferred into your bank account
No
5th for APR of 423 loans in the UK (See Lender League Table By APR)
71st for Customer Satisfaction (See Customer Reviews)
Marks & Spencer can lend you between £7,500 and £15,000 for between 1 - 5 years. Repayments are made monthly and are taken via Direct Debit from your bank account. You will need to be an existing Marks & Spencer credit card holder or a charge card holder in order to be eligible to apply.
You can apply online or over the phone for a Marks & Spencer loan. The online application form will take about 10 minutes to complete. You will be given a provisional decision within 48 hours via email. If provisionally accepted, they will send documents and the loan agreement to your home address. You need to fill this in and send it back to them along with any extra documentation they may or may not require (Bank statements, wage slips etc). Once they have received the forms, the money is transferred to your account and will will be available within 3 - 5 working days. Your monthly repayments will stay fixed for the length of the loan.
Reviews from previous customers on comparison websites are on the whole pretty good. Special praise is reserved for their customer service department as their call centre staff seem well trained and polite, while if you send a query by email you can expect a response that day. The only bad point mentioned is that their online servicing seems to be a bit tedious to use but there is nothing you can't sort out over the phone. Their APR, is fairly competitive compared to other bank and high street lenders so if you fit their criteria, they could be a good option for you. Only apply if you know you have a good credit history otherwise you will more than likely get turned down.
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Early Settlement Fees |
Loans over 12 months - one month's interest Loans under 12 months - no charge |
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Late Payment Fees |
Charge for each occasion a Direct Debit Request is not met by your bank. - £15 Charge for each occasion a payment is missed - £15 Charge for tracing agent to locate you if needed. - £15 |
Average Customer Review:
(6 customer reviews)
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Very Pleased
John, Cleveland
1 year ago
I was really pleased with M&S Finance as a whole. Their loan repayments are very manageable and the APR was good! I got accepted via the online application form and I had signed my paperwork within a couple of days. Two days later, the money was in my account! My repayments are made by direct debit and it's so easy.
Personal Loan
Pat, London
6 days ago
Absolutely appalled at the moment with M&S Money! After seeing their offer on the website for 6% APR and after completing the application online which was later approved by email, I was absolutely shocked today when I received the contract offering me a 16% APR loan. Thinking that perhaps there was an error, I called M&S "customer service" and was informed...
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998 on credit score (out of 999) double advertised APR
Pej, Wales
2 months ago
Im an excellent creditor, as reflected in my near perfect experian score. Applied for car loan at advertised 6%APR (market leading), was approved in principle over email. forms came thorugh in 48hrs with an offer of 12% APR. rang the company, who basically refused to talk with underwriters "as they were very busy" and refused to enlighten me on the disparity between advertised and offered APR. All of their reasoning was rebutted with evidence of an excellent credit history and impecible history on all accounts held by me. repayment criteria were also easily met or exceeded.
I was extremely annoyed that this not only delayed the eventual loan i got (sainsburys bank 6.1% first time, no hassles by the way) but also put my credit soroe down to 998 becasue of the volume of searches on my account. If you are going to offer a headline of 6.0%, under exactly what conditions do you have to meet to achieve this ??? a 1000 score on the credit report??? The company was amature at best throughout and i'd advise thinking twice before applying as what is advertised is apparenlty very difficult to obtain in practice.
sainsburys bank by all comparrison were efficient, helpful and professional throughout. well worth the extra 0.1% apr
Great APR rate but very slow to release the funds
Lynsey, Aberdeen
7 months ago
Easy on-line application process, and fantastic APR rate, however two weeks later we still haven't received the money!
Speedy response!
Daniel, Essex
1 year ago
I spent a lot of time looking around their web site and I found M&S offer a range of financial services. I worked out how much I could afford to borrow and what would be the best loan for me. I applied and received an instant decision of “yes”, but they stated I did have time to change my mind which I thought was great.
Marks & Spencer Money, Customer Services Department, Kings Meadow, CH99 9FB
0800 363 400
Marks & Spencer Debt Help
http://www.debt-line.org.uk/Marks-and-Spenc...
