Marks & Spencer Loans

72 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.

72 reviews

1.8 out of 5 stars

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!!!!


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.


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.


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

22:13 30-04-2016
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Thanks guys, you're comparison was great. Much appreciated and thanks!


08:49 29-04-2016
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I have a perfect credit score and bank with Marks and Spencers. The application was referred to the underwriter which i strongly believe to be a ruse to have a salesperson negotiate further. the 3.3 % advertised became 9.6% because they could not find my address? But I gave them my Card number at the start......Hmmmm doesn't sound right does it! After telling the 'Underwriter' this he corrected himself and offered 6.6. The 3.3 does not exist!


15:42 29-04-2014
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Applied for a loan to pay of existing loan, to take advantage of favorable rates and borrow a little extra for home improvements. Called them up and made the application over the phone, unlike most online companies they area able to take into account 2nd incomes. All in all took about 1/2 an hour and the rate I quoted was what is got. There availability on the phone, rates and customer service to me has always been excellent.

M Hudson

The most Disorganised Bank
01:22 24-11-2013
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How difficult can it be to move a Direct debit day from 30th of the month to the 15th - almost all the banks and building societies I have were quite happy to move my DD since the firm I worked for changed their salary payment day since we were taken over by a southern hemisphere company who pay on the 15th ( 2 wks in advance

Richard Tatton

Brilliant service!
12:22 02-08-2012
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We applied for a M&S loan and within 24 hours had heard we had been accepted, but rate to yet be decided. Got the documents through within a couple of days confirming acceptance at 6.0% and after sending the forms back, the money was in the account after 2 days. The credit score is the crux but M&S DO NOT make any promises when they first text, they just say they'll respond once credit checks done. If you've got excellent credit history, you're likely to get the 6.0% APR rate. I do not have one complaint about this service.


Personal Loan
22:46 15-05-2012
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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 that this was the rate being offered to me and I should take it or leave it! I decided to leave it (of course)! Very disgusting, unhelpful staff and an outrageous misrepresentation on their part! I've taken my business elsewhere where I can at least be treated with a little more respect!!!


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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