Marks and Spencer Loans Review

Branch out your online shopping to also include online banking.

Marks & Spencer (AKA M&S, AKA Marks & Sparks, AKA St Michael) is a British institution founded in Leeds in 1884, also known as M&S, which is best known for its homewares, apparel, and high-end foods, now offer a variety of financial services such as travel money, current accounts, credit cards, and personal loans.

Best UK Loan Companies

Marks & Spencer Bank, a subsidiary of Marks and Spencer, offers personal loans of up to £25,000 that comes with repayment terms that last up to 84 months. Other financial products offered by M&S Bank include credit cards and insurance.

Table of Content

1 Marks and Spencer Loans Overview
2 Services Offered By Mark and Spencer Loan
3 Mark and Spencer Contact Details
4 Mark and Spencer Reviews
5 Summary
6 All UK Loan Companies

Marks and Spencer Loans Overview

Mark and Spencer (or M&S) Bank began operations in 2012, building on the roots of M&S Money, which was founded more than 35 years ago as Marks & Spencer Financial Services to bring the trusted Marks & Spencer brand values to banking. M&S Bank is a joint business venture between HSBC and Marks & Spencer that operates today. M&S Bank, on the other hand, has its own banking license and board.

M&S has grown its banking and lending services to become a popular alternative to traditional retail banks among many customers since its founding in 1985 as Marks & Spencer Financial Services. M&S Money was sold to HSBC in 2004 and is now known as M&S Bank. It provides a variety of financial services, such as current accounts, credit cards, insurance, and loans.

Services Offered By Mark and Spencer Loan

Marks & Spencer (marksandspencer.com) has become a prominent player in the financial sector in addition to being one of the top retail names on the UK high street.

Here are some of the services offered by Mark and Spencer:

Personal Loan. M&S Bank personal loans provide fixed monthly repayments over a certain length of time, making it easier to manage your finances. By using our customised loan quote tool, you can examine the lending terms you might obtain on your unsecured loan without damaging your credit rating before you apply. Repay your loan over a 12- to 84-month period if it’s between £1,000 and £20,000, or 12 to 60 months if it’s between £20,001 and £25,000.
Personal Loan for a Car. You may cover the cost of a new car in a variety of ways. Many people choose car financing through their dealership, but this might result in high interest rates and the fact that you won’t own the vehicle until your payments are completed. This makes reselling difficult, and you may end up owing more than the property is worth. Choosing a car loan allows you to purchase your new automobile outright, ensuring that the price your merchant quotes is the amount you’ll pay, and allowing you to sell your car at any time without worry.
Personal Loan for Home Improvements. Not everyone can afford to pay for home upgrades with their own money upfront. Home upgrades can be paid for in a variety of ways, and it’s vital to pick one that works best for you. You can pay for labour and materials on a month-to-month basis, but this may alter the timeline of your project. You may save ahead of time, but this isn’t always possible – especially if your home requires immediate maintenance.

How to Apply for a Personal Loan with Mark and Spencer

To apply for a loan from M&S Bank, you must be 18 years old or older, have a yearly income of at least £10,000, and be a UK resident. Customers who do not fulfil the standard lending criteria may be offered a loan with a different APR, but this will depend on the individual circumstances of each customer.

M&S Bank customers can apply for a personal loan over the phone or online and receive an immediate response. There are no additional fees for arrangements or setup. Customers can also ask for a three-month payment deferment at the start of their loan, giving them some breathing room before having to start repaying the loan. If you elect to take a three-month payment break, you will still be charged interest on the loan during those months.

The M&S Bank website’s “Eligibility Checker” is the easiest way to see if you will be approved and if you will obtain M&S Bank’s best rate (the advertised “representative APR”). You will need to supply your address information for the last three years, which it will use to perform a “soft” check on your credit file, which means it will not damage your credit score and won’t be seen by other lenders.

Mark and Spencer Loan Amount and Loan Terms

M&S Bank offers a variety of flexible personal loans to its customers, including two different options for M&S cardholders and non-cardholders. Customers who currently have an M&S store card can take advantage of exclusive personal loan packages and offers, including a potential 4.1% APR average on loans between £7,500 and £15,000 repaid over 12 to 60 months for qualified candidates.

Although all interest rates are fixed for the duration of your repayment period, the rate you are offered is determined by criteria such as the amount you request for, the loan term, your credit score, and your income. It might not be the same as the stated “Representative APR.”

Mark and Spencer Loans and Customer Credit Score

M&S Bank boasts some of the greatest rates on the market, but it, like any other lender, has a limited amount of money to hand out. As a result, it will lend first to those it considers to be the safest with relation to their annual income. This means that you’ll need an excellent credit score to get an M&S loan.

The M&S Bank website’s “Eligibility Checker” is the easiest way to see if you’ll be approved and if you’ll obtain M&S Bank’s best rate (the advertised “representative APR”). You’ll need to supply your address information for the last three years, which it will use to perform a “soft” check on your credit file, which means it won’t damage your credit score and won’t be seen by other lenders.

Mark and Spencer Contact Details

We discovered the following information about Marks & Spencer Financial Services Plc through investigating Companies House and their website. Use these contact details to reach out to the company if you have any questions about your personal loans, the transactions in your bank account, or if you want to log a complaint.

Address: Kings Meadow, Chester Business Park, Chester, United Kingdom, CH99 9FB

Telephone Number: +443459000900

Website: bank.marksandspencer.com

FCA Registration Number: 151427

Data Protection Registration Number: Z7484152

Mark and Spencer Reviews

Read about the bank loan experience of some existing loan customers from the following reviews.

Very happy with M&S credit card I have the card with them and never I have any issue, will be great in the next update if you can introduce for credit card customers the option to frozen the card in the app and report lost /stolen card in the app as well. Thank you -Cristian Buzan

I have found M&S Bank easy to apply to for a personal loan and when I went to repay the previous two loans early it was very straightforward to get a settlement figure and to make the early repayment. I have found they dealt with each application promptly and there was no delay in payment being credited to my bank account. Also, repayment details such as amount and dates such as first and last payment date are clearly set out and the annual statement they provide keeps me updated on the repayment progress. I am very satisfied with the overall service M&S Bank provide. – Carol Buchanan

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 companies allowed me to complete online, but perhaps you need a bank account with them for that. All agreed very quickly, but rates were not confirmed until form received. – Daphne Monk

Summary

As we made this Marks and Spencer loan review, we found that this loan service provider is compassionate. M&S does not charge an arrangement or set-up fee, unlike some other suppliers. There are no fines for paying off part or all of your loan early, but this will not necessarily save you money on interest; verify the early repayment terms before applying for an M&S personal loan.

As continued proof of leniency, customers can also delay payments for the first three months at M&S, giving you a little more time to straighten out your money. Keep in mind that this will cost you more in the long run because you will still be charged interest during this time. All in all, Marks and Spencer Loans are a great solution for your credit search if the risks it presents are acceptable for you.

All UK Loan Companies

Please see the latest list of UK Loan Companies 2024