M&S Bank loans

M&S Bank loans have a fixed interest rate, meaning the amount you pay back every month towards your loan balance will stay the same. This can make it easier to manage your monthly payments.

The interest rate you are offered will depend on how much you want to borrow, how long you want to borrow it for, and your overall financial circumstances, including your credit score.

Existing M&S Bank customers who have a current account, credit card or existing loan may be able to get slightly preferential interest rates.

Not all customers will be offered the interest rate advertised. While M&S Bank shows its representative APR, this only has to be offered to 51% of successful applicants.

Yes, you can have more than one personal loan with M&S Bank. If you already have an M&S personal loan and wish to borrow more, you can apply for a second loan online, resulting in two separate monthly repayments.

However, if you already have two M&S loans, you'll need to contact M&S to discuss further borrowing options.

Alternatively, you may consider consolidating your existing loan with the additional amount you wish to borrow into a single new loan, leading to one monthly repayment.

Approval for any additional borrowing is subject to M&S Bank's credit and affordability assessments.

Yes, M&S Bank is fully regulated by the Financial Conduct Authority (FCA), ensuring all lending practices meet strict standards. As a subsidiary of HSBC, M&S Bank benefits from the stability and reputation of a global banking group.

You can generally take out loans lasting between one and seven years, though this is likely to depend on the actual amount you’re taking out.

The interest rate you’ll be offered depends on a number of factors including the amount you want to borrow, the repayment term and your financial track record. Whether you are an existing customer of M&S may also be taken into account.

It could be higher than the representative APR shown, especially if you have a low credit rating. To understand more about APRs, read our guide.

Applying for a personal loan will leave a mark on your credit report and unsuccessful loan applications or multiple applications can damage your credit rating. When you compare loans with MoneySuperMarket, we perform a soft search that won’t harm your credit score.

We’ll show you which loans you’re pre-approved for, so you know that if you apply, you’ll definitely be accepted – and you’ll definitely get the deal you see.

Yes, you can repay your M&S Bank loan in full or make overpayments at any time. Overpayments can help reduce the amount of interest you pay and may shorten your loan term, although your monthly repayments usually stay the same.

If you choose to settle your loan early, M&S Bank will calculate a settlement figure that includes up to 28 days’ interest from the date you give notice. If your loan term is longer than 12 months, you’ll also pay an additional month’s interest. Always request a settlement quote before making a full repayment or large overpayment so you know the exact amount owed.

You may be able to take out a second loan or arrange a new loan to both repay your existing M&S Bank loan and provide you with the additional borrowing that you require. You’ll need to call 0800 363 400 to go through an application which involves a credit check and an assessment of your individual financial circumstances.