Marks & Spencer Loans

66 reviews

2.9% Representative

Will lend between: £1,000 - £25,000

Over: 12 - 84 Months

Representative example: If you borrow £10,000 over 60 months at a representative rate of 2.8% APR and an annual interest rate of 2.8% (fixed), you would pay 60 monthly instalments of £179.07. The total charge for credit will be £744.80 and the total amount payable will be £10,744.80.

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Marks & Spencer Loans customer reviews.

66 reviews

2.2 out of 5 stars

Stay Clear Absoute Joke!!!!
16:46 02-03-2017
ImageChoose Wisely

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!!!!


22:00 12-11-2018
ImageSmart Money People

I am retired and with a very good pension. Their criteria was earn over £10,000 and have a good credit score. I chose M&S because they consider people in retirement. The letter they sent refused my application even though I earn double what was required, have a very good score but they said that I had a late payment on a credit card - which I disagree with. I have a maxed overdraft but never go over and they told me to load Experian which I did and it gave me an excellent score - not good enough for M&S although they said feel free to apply again in a year. Why bother if they say No now they will say No in a year. Can't really work out how and why I did not get it. They did however say they are not ageist - sorry but don't believe that at all.

yvonne netherwood

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.


Why was I speaking to someone in Manilla who couldn't understand me!!
16:38 04-10-2018
ImageSmart Money People

I have a loan with M & S and phoned to confirm that the last payment would be taken on a date in this month (October) After pressing 1 for this 2 for that etc.etc. and waiting ages I apparently got through to the wrong department. I was told I would be put through direct to the loans department. This did not happen had to start pressing 1 for this 2 for that etc. When I did get through I asked where the person I was talking to was - apparently Manilla! I asked when the final payment would be taken and was told the last payment was taken on a date in September. I asked the same question again and was told the next payment would be taken on a date in October. Slightly exasperated I explained that the loan was for 2 years and M & S had specified the last payment date but the person I spoke to said I had to cancel the d.d. with my bank or the payment would carry on being drawn by them! Presumably it is cheaper to outsource customer telephone queries to Manilla and to people who don't seem to understand a simple question asked by someone with an excellent English accent. There are many people here in the UK who are desperate for jobs.


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.


16:46 02-08-2018
ImageSmart Money People

After 3 days of waiting for my loan to be approved, I decided to phone to enquire on its progress. I was promised a fast track decision to be with me be lunchtime the following day. I ring up later afternoon the following day, application now doesn't exist. A complete shambles - Avoid...……………….

Mark Henderson

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

Good rates and service
22:01 08-06-2018
ImageSmart Money People

Good rates and service . I’ve had no issues with this Company

Alex Brownlee

22:13 30-04-2016
ImageChoose Wisely

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


Dont bother
17:39 23-04-2018
ImageSmart Money People

Applied for a £10k loan at 2.8%. Received email confirming acceptance and would receive agreement in 3 working days. Called call centre as wanted to ensure funds were available for me to purchase the new car and was advised to go into a branch and they could print the forms for me to sign. The call centre advised that they were unable to email me the forms form me to sign as they weren't up to that technologhy yet... really in 2018?? Anyway, went to branch gave them the reference nimber but the woman insisted in going through the whole application again and then deceided to congratulate me on getting the loan at 5.8%!!! I advised that this was not what I had applied for, it was for the 2.8 % to which she replied that it was 5.8 or nothing. I politely pointed out that their website an application process was a load of crap an that they should confirm in the email confirmation when you are accepted that it isnt for the rate that you have applied for. An hour an half of my like I wont get back! Went home and logged onto my lloyds bank account, apploed for a loan and within 10 minutes it was all done and the money in my bank. Moral of the story is, for the sales of saving a few pounx on a monthly payment dont bother with M&s


Our review of Marks & Spencer Loans

M&S, the same place that does excellent food and comfortable shoes, offers loans at a reasonable representative APR of just 2.9%, 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.

Written by: Alex


  • 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 2.9% 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.

Company information

Registration number: 01772585


Kings Meadow, Chester Business Park, Chester, Cheshire, CH99 9FB

FCA registration

Reference No: 151427

Trading names: Marks & Spencer Financial Services PLC, M & S Bank

Place of business: Kings Meadow, Chester Business Park, Chester, Cheshire CH99 9FB

Data protection registration

Registration No: Z7484152

Data controller: Marks & Spencer Financial Services PLC

Address: Kings Meadow, Chester Business Park, Chester, Cheshire CH99 9FB

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