Marks & Spencer Loans

APR: 2.8% Representative
Loan amount: £1,000 - £25,000
Repayment duration: 12 - 84 Months
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Marks & Spencer Loans customer reviews

2.3 out of 5 from 46 reviews

Stay Clear Absoute Joke!!!!

16:46 02-03-2017

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Applied for a loan having seen 3.0% APR advertised and presumed having a credit score of 998 I would qualify. Having read these reviews I called them to try and cancel the application as didn't want them to perform a hard credit check and then for APR to be doubled. I asked for the progress on the application and gave my reason for calling and I had the most obnoxious call handler ask me what rate did I expect, I told him what was advertised when I had an exceptionally good credit score at 998. After arguing over this he paused and said your application has been declined, what a joke giving my credit score. Made another application immediately afterwards and was granted a loan immediately with a online decision. PLEASE STAY CLEAR THIS NOT A BANK BUT A DECEIVING LOAN SHARK!!!!


Slow to Pay Money

13:09 29-06-2017

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The application process was quick, but I don't see how it takes 7 elapsed business days to pay out the loan amount. In 2017, this should be a next day process.

Ian Fitzgerald


16:20 09-08-2016

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Absolute CON! Applied for loan, was approved. When paperwork arrived the apr had almost doubled from 3.3% to 6.3% I saw they checked my experian credit score. I have a PERFECT score: 999 out of 999. I have no mortgage or rent to pay, own the house outright. And my credit card is in great order. I am also a higher rate tax payer and have no other loans or debts. In fact my credit card limit is bigger than the loan I wanted but the balance on that is very small! The loan was well in their limits for the 3.3% rate. Rang them up: Was told that while they checked my score they based the increase on the fact that I am not a banking customer of theirs and that I have no apparent history of personal loans. I have had two prior car loans - both paid in full and no issues. DISGUSTING RIP OFF. They clearly just wanted to screw some more money out of people by sneakily raising the rate and hoping you don't notice. Needless to say they can &^%*&% off - I will pay for the car out of my savings instead. Only wanted the loan as rates are so low it seemed better not to break into the savings. Also phone service was poor - on hold for quite a while, first call center was foreign and the line went dead. Had to repeat the whole process of speaking to customer service again second time.


Great Experience and Rates. Bad online presence.

13:07 29-06-2017

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I was able to get a large personal Loan to help consolidate my debts from M&S Bank. They were quick, helpful and have great rates. I wish they had a better online presence, as it is impossible for me to check the amount left on the loan. If this was accessible online, that would be much better. it would be a 10/10 then

Alexander Cook

bad for exisiting customer

06:59 20-05-2016

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We've had a m&s loan for 4 yrs never missed a payment. With a year left on the loan we were looking to either pay off what was left and take out a new loan or do a top up. Spoke to an advisor who informed us of the early repayment fee and it would be better to do a top up loan. This way we could pay off what's left of the loan, borrow the extra and get the new lower advertised rate for all of it. Same thing as lots of others by the end of a 20 minute phone call and credit check we would only be offered twice the rate. The advisor clearly showed their annoyance when we declined their offer. Very disappointing customer service for what should be a valued customer. We will be taking our business elsewhere.


M & S Loan

13:09 11-06-2017

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Very quick to arrange considering had to wait for forms to arrive and be posted back. In my account within a week. Dropped one star, as I am sure other companied allowed me to complete online, but perhaps you need a bank account with them for that. All agreed very quickly, but rates not confirmed until form recieved

Daphne Monk

Stay well away

12:16 05-05-2016

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Dont apply for a loan because if you fail they'll tell Experian, my credit score has dropped today and only M&S have done this...

malcolm macdougall

Poor customer service

21:21 08-06-2017

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Attempted to take a personal loan out with M and S bank who told me I had poor credit. At the time of this I had consistently good credit and had been offered loans with other providers on the basis of this. I called MandS bank who were very dismissive of my credit score and tried to account their refusal of loan on my 'poor rating'. Despite offers of evidence at my credit score I was told not to call back. Disappointing service from a potentially great chance to gain another customer

Lauren Ellis


22:13 30-04-2016

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Thanks guys, you're comparison was great. Much appreciated and thanks!


Unhelpful, blunt service

20:44 30-05-2017

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I applied for a loan online via their website and was instantly rejected without an explanation. I was told a letter would follow to explain. The letter arrived but still did not explain why I was rejected. A very impersonal service and not very customer friendly.

Stuart Keeler

Our review of Marks & Spencer Loans

Our review by Alex
Written by: Alex
Consumer sentiment


M&S, the same place that does excellent food and comfortable shoes, offers loans at a reasonable representative APR of just 2.8%, one of the lowest rates on Choose Wisely. It’s unsurprising to find out that they require good credit history from applicants and you need to prove you can afford repayments by earning over £10,000 a year. It’s worth looking at this loan if you already bank with M&S as it means that you may be able to receive better rates.

If successful, then you can choose to defer your monthly repayments at the start of the loan, however if you do this you’ll still be charged the interest and will extend the loan term by three months, which means you’ll end up paying more in the long run. If you do want to take this option, then just bear that in mind and consider whether you actually want to defer to begin with.

Reviews for M&S Bank on Choose Wisely are mixed with a mid-range score of 2.4 out of 5. Some customers have had a positive experience and received the APR they were originally quoted, however quite a few of the bad reviews mention that the rate they were given was much higher than originally quoted even with a near-perfect credit score. This isn’t unusual for lenders as they will almost always take into account your personal circumstance such as how often you’ve moved house, when deciding the rate.

Overall verdict: M&S have a very competitive representative APR and offer flexibility with repayments on the loan. Their criteria for acceptance run deeper than just credit score, your other personal circumstances will be taken into account when applying for the loan so if there’s any doubt that you will be accepted then steer clear as being declined could have an effect on your credit score.


  • One of the UK's most-loved brands
  • Able to defer repayments for three months
  • No credit footprint left by online quote
  • Fixed monthly repayments
  • Payment holidays available

Minimum criteria

  • You will need to be aged 18 or over
  • You must be a UK resident
  • You need to have an income of over £10,000 per year
  • You will need to have good credit history


  • Maximum APR 18.5%
  • Arrangement fee: £0
  • Early repayment fee: £0
  • Late payment fee: £0

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About Marks & Spencer Loans

M&S offer personal loans between £1,000 and £25,000 at a representative APR of 2.8% over a period of one to seven years. Customers may receive a different APR to their advertised representative as they take into account amount borrowed, loan term and personal financial circumstances when making a decision. If you hold one of the main cards from M&S; M&S Credit Card, M&S Chargecard or M&S Budgetcard, or are a current account or existing loan customer, you are able to get better rates on their loans.

There are no arrangement fees and customers are able to apply over the phone or via their online application. To apply with M&S you will need to have good credit history, be a UK resident over the age of 18 and earn at least £10,000 a year. The application takes less than ten minutes and if you are successful then the funds can appear no more than five working days after the loan start date.

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