M&S Loans

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CONNOR CAMPBELL WRITER AND SPOKESPERSON

Launched in 2012, M&S Bank is a joint venture between HSBC and Marks & Spencer. It offers a range of finance products and services, including online banking, credit cards, insurance and personal loans.

With an M&S loan, you can currently borrow between £1,000 and £25,000 over 12 to 84 months at a fixed interest rate.

As long as you meet the lender’s eligibility criteria and pass the relevant credit checks, you can use your M&S loan for a variety of purposes, including buying a car, paying for your wedding, or consolidating your debt.

Read on below to find out more about M&S loans, including how much you can borrow and how to apply.

M&S personal loans

M&S loans are unsecured, meaning you do not need to provide an asset as security in order to apply.

» COMPARE: Personal loans

How much can I borrow?

Through M&S, you can borrow between £1,000 and £25,000. The exact amount you can borrow will depend on your financial situation.

The length of your M&S loan can be as little as 12 months, and as long as seven years.

What are the interest rates on an M&S loan?

For the lifetime of your M&S loan, your interest rate, as well as your monthly repayments, will be fixed.

What interest rate you are offered will depend on your financial circumstances, how much you want to borrow, and for how long.

Lenders advertise a representative APR (annual percentage rate) to customers before they apply. This is the rate offered to at least 51% of successful applicants.

APR can be a useful tool when comparing loans. However, it’s important to remember that representative APR is only a guide, and isn’t guaranteed for all applicants. 49% of customers could be offered a higher rate, based on their specific circumstances.

Can I get a joint loan from Marks & Spencer?

At present, you cannot apply for a joint loan from M&S.

A joint loan allows more than one person to sign onto, and therefore become liable, for a loan.

Joint loans can include personal loans, as well as mortgages and overdraft facilities on joint bank accounts.

Can I get a secured loan from Marks & Spencer?

Currently M&S does not offer secured loans.

Secured loans require you to put up an asset of value, such as your home, as collateral when applying for the loan. An unsecured loan does not require this sort of security.

» COMPARE: Secured loans

Pros and cons of M&S loans

M&S loans have a number of advantages and disadvantages.

Pros

  • No arrangement or set-up fees.
  • Repay over a maximum of seven years.
  • No charges if you make overpayments to your M&S loan.

Cons

  • You cannot get a joint loan or secured loan with M&S Bank.
  • You may be charged additional interest if you pay off your loan early in full.
  • You cannot request a loan repayment deferral.

How do Marks & Spencer loans work?

Once you have completed your loan application, M&S Bank will carry out the required credit checks and affordability assessments.

If you are successful, you will receive a loan agreement by email – including your interest rate and APR – that you will need to sign and return. This will unlock your funds.

You will then start paying your loan back in monthly instalments, with interest. Once you have made your first repayment, it is possible to change your monthly repayment date. However, you can only do this twice in any 12-month period.

What if I miss a payment?

If you miss a repayment or are worried about your financial circumstances, M&S encourages its customers to contact the lender as soon as possible to discuss their situation.

If you do miss a payment, it may negatively affect your credit score. You may also incur charges every time you miss a payment.

Similarly, you can also contact organisations such as StepChange, the National Debtline or Payplan for help.

Can I pay off an M&S loan early?

It is possible to pay off your M&S loan early, whether you clear your debt in full, or choose to make overpayments. This can help reduce the amount of interest you pay overall.

If you do choose to repay your loan in full early, M&S Bank calculates the reduced amount of interest it can charge as if it was charging interest from the date you received the loan to the date that is 28 days after you have given notice of intention to repay it in full. If your loan is repayable over a period of more than 12 months, you will be charged an additional month’s worth of interest.

However, if you just make overpayments, you will not be charged a fee.

What can I use an M&S loan for?

There are a number of uses for your M&S personal loan. These include:

Buying a car

If you need a new car, a personal loan can be a way to spread the upfront cost of buying the vehicle over a number of months or years.

Home improvements

Conservatories, extensions, remodelled kitchens and loft conversations – all projects you could undertake with your M&S loan.

Weddings

When planning a wedding, payments can come thick and fast. Using a personal loan can help you book your venue, DJ or caterer upfront, and ensure they’re available for your big day.

Debt consolidation

If you have multiple debts across different lenders, you may consider debt consolidation. This is when you pay off your existing debts using a new loan to streamline your monthly payments.

Before you consolidate your debts, it is important to calculate the cost benefits of doing so versus continuing to make multiple payments. This will include comparing the interest rate on a new loan to your existing debts, as well as researching any early repayment fees.

Cost isn’t the only factor, however, and you may still decide to consolidate your debts even if it is more expensive in order to create an easier-to-manage budget.

Restricted uses

The lender specifies that an M&S loan cannot be used for the following:

  • funding or part-funding the purchase of a property
  • gambling
  • share dealing
  • business purposes

» COMPARE: Business loans

M&S loan eligibility criteria

To qualify for a Marks & Spencer 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.

Can I get an M&S loan with bad credit?

It can be harder to apply for a personal loan if you have a poor or limited credit history. If you are successful, you may be subject to a higher interest rate than you would if you had a stronger credit score.

» COMPARE: Bad credit loans

Can I top up an M&S loan?

If you need extra funds, you can either take out a second loan with M&S or top up your existing loan.

If you choose to top up your loan, M&S will arrange a new loan for you based on your remaining balance and the extra amount you want to borrow, and use it to pay off your original loan. This means you may end up with a different interest rate.

How to apply for a loan from M&S

  1. Complete your application form. When applying for an M&S loan, you will be asked to supply information and documentation, such as your income and employment details, your monthly outgoings, and your current address.
  2. The lender will carry out various credit and affordability checks.
  3. If successful, M&S Bank will send you a loan agreement by email to sign and return to the lender.
  4. Once you have signed and returned the loan agreement, you will receive your funds within three to five working days.

How long does it take to receive your M&S loan?

After returning your loan agreement, it can take between three to five working days for your M&S loan to be paid into your bank account.

Can I change my mind after taking out an M&S loan?

Once the loan agreement has been signed, you have 14 days to withdraw from the loan if you change your mind.

If you do withdraw from your loan agreement, you will have 30 days to repay the full amount, starting the day after you tell M&S Bank you want to withdraw from the agreement.

If you return the loan in full within 14 days of the loan being provided, you will not be charged any interest.

M&S Bank customer reviews

Marks & Spencer Money, the former name of M&S Bank, has a Trustpilot rating of 1.1 out of 5, based on over 800 reviews.

This information is correct as of 28 September 2022.

M&S loan FAQs

How long does it take to get a Marks & Spencer loan?

Once you have signed your loan agreement and returned it to the lender, it should take three to five working days to receive your funds.

Does M&S have a bank account?

Yes, it is possible to get an M&S bank account. However, you do not need an M&S Bank account in order to apply for an M&S loan.

» COMPARE: Current accounts

About the author

Connor Campbell
Connor is a writer and spokesperson for NerdWallet. Previously at Spreadex, his market commentary has been quoted in the likes of the BBC, The Guardian, Evening Standard, Reuters and The Independent. Read more

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