How much do you want to borrow?
£1,000 £7,499Over how many months?
12 months 84 monthsMonthly Repayment
Total Interest paid
Arrangement Fee
Total amount paid
12.9% - 19.9%
12.9%
£1,000 - £7,499
Minimum Term 1 year
Loans £1,000 - £7,499 up to 7 years
Direct Debit
3 - 5 working days from when they receive your forms back
No Fee
3 Months Payment Holiday at the start of the loan
Transferred into your bank account
No
75th for APR of 423 loans in the UK (See Lender League Table By APR)
150th for Customer Satisfaction (See Customer Reviews)
Marks & Spencer can lend you between £1,000 and £7,499 for between 1 - 7 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 missed Direct Debit - £15 Charge for missed payment - £15 Charge for tracing agent if needed - £15 |
Average Customer Review:
(14 customer reviews)
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Very Helpful and Informative
Mark, Bristol
3 months ago
I applied for a £7500 loan with M&S at 6% but was also offered a 9% rate. I called up to query this and the advisor I spoke to was very helpful and explained why the rate had been increased. I have an excellent Experian creditscore however it turns out this is only Experians assessment of a customer...Makes sence seeing as they're not the ones lending...
Read full review >
Absolute Crap
Grahame, Wigan
9 months ago
Applied for the loan because of the apr 6.4% My credit score is 999 at the time of applying and got declined? how I ask! Never missed a payment on anything, have a secure full time job and am married with my own house, don't apply if you value your credit score!!!!
The biggest Con on record
A w craddock, Rhos-on-sea north wales
1 month ago
An ongoing loan with Marks and Spencer is due to finish (our second or third over the years). Despite this and our squeaky clean credit history we were actually refused a further loan. Absolutley the end with Marks and Spencer as far as we are concerned with everything (will shop at Next for clothes and Asda/Sainsburys for food). Contacted our bank Lloyds and was offered a loan over the phone, it would be interesting to hear of anyone who was actually succesful in obtaining a loan (probably their own employees).
In response to Marks review
John, London
2 months ago
Mark, you have been sold a story there. I had the same conversation with them and despite having a near perfect credit score, they wouldnt budge. I promptly was offered 6.1% with another lender with EXACTLY the same credentials. If you took the 9% then i believe you were missold. Its all sales misrepresentation to get you to believe 9% is all you can get in my opinion.
same story march 2012
Pete, Wales
2 months ago
To reitterate the others. i have a 998 of 999 credit score. 6% apr advertised. offered 12%. rang them and they were unhelpful in their reasonining for their decision. a waste of time and an extra search on your credit history. avoid this company. got 6.1% with sainsburys bank no concerns (as i should do with my impecible credit score). They are misleading company. buyer beware.
M&S Money, Customer Services Department, Kings Meadow, CH99 9FB
0800 363 400
Marks & Spencer Debt Help
http://www.debt-line.org.uk/Marks-and-Spenc...
