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M&S Bank Loans

What loans do M&S Bank offer?

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Written by  Victoria Russell
5 min read
Updated: 02 Feb 2024

M&S has been providing loans since 1989, offering a range of loan amounts and term lengths for which you can apply

M&S Bank: A Trusted Name in Personal Finance Since 1985

The financial landscape is constantly evolving, but some institutions have stood the test of time, adapting and growing to meet the needs of their customers. M&S Bank is one such institution, with a history that traces back to its inception in 1985 as St Michael Financial Services in Chester. Undergoing a rebranding in 1988 to become Marks and Spencer Financial Services Limited, it wasn't long before the bank made its mark by launching its first personal loans in 1989.

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A Milestone in Banking: M&S Bank's First Branch

Fast forward to 2012, and M&S Bank opened the doors to its first physical branch in Marble Arch, London. This marked a significant step in bringing its financial services closer to the public. Today, M&S Bank is renowned for providing a comprehensive suite of financial products, including personal loans, mortgages, credit cards, and a variety of insurance options, catering to the diverse needs of its customers.

What Loans Can I Get from M&S Bank?

When it comes to borrowing, M&S Bank stands out with its offering of fixed-rate, unsecured personal loans. These loans are designed to be as flexible as the reasons you might need one, whether it's for purchasing a car, making home improvements, or even funding a special occasion like a wedding. M&S Bank understands that these life events are significant, and their loan options reflect a commitment to helping you make them happen.

M&S Bank's personal loans are not just versatile but also tailored to fit different financial situations. Customers have the liberty to choose repayment terms that align with their budgeting plans. What's more, if you're already part of the M&S family, having an existing loan, current account, or credit card with them could unlock preferential rates, making your borrowing experience even more rewarding.

Compare Loans with MoneySuperMarket

In the quest for the perfect loan, comparison is key. That's where MoneySuperMarket shines, providing a platform where users can effortlessly compare loan deals. The process is straightforward: provide details about the loan you're interested in, including the amount and the term, and MoneySuperMarket will conjure up a list of deals that are customized to your specific needs.

On MoneySuperMarket, you can sift through options with ease, comparing the nitty-gritty of each deal from interest rates to the overall loan cost, and even gauge the likelihood of acceptance upon application. Once you've pinpointed the loan that ticks all your boxes, a simple click through to the provider's website is all that stands between you and completing your application.

M&S Bank offers fixed-rate, unsecured personal loans that cater to a variety of needs, from buying a car to paying for a wedding. It's a testament to their understanding that financial needs are as individual as the customers themselves.

Finding a better loan deal is a breeze when you compare on MoneySuperMarket. The platform does the heavy lifting by tailoring a list of deals to your requirements, allowing you to make an informed decision without the hassle of visiting multiple lenders.

M&S Bank has evolved from its humble beginnings to become a stalwart in personal finance, offering products that resonate with the needs of modern consumers. Whether you're an existing customer or new to the bank, M&S Bank's personal loans are designed with your aspirations in mind. And with tools like MoneySuperMarket at your disposal, securing the right loan is simpler and more transparent than ever. Here's to making informed financial decisions that pave the way for your dreams and goals.

Frequently asked questions

What interest rate will I get with an M&S Bank loan?

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 show their representative APR, this only has to be offered to 51% of successful applicants.

How long do M&S loans last?

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.

What determines my APR?

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

Will applying for a M&S Bank loan affect my credit rating?

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.

How long will it take for my loan be approved?

M&S Bank say they try to approve loan applications within 48 hours, but depending on demand it may take three-to-five days. 

Can I change my mind after taking out a loan?

Yes, you may cancel your loan agreement within the first 14 days of receiving your loan agreement letter – known as the cooling off period. You don’t need to explain why you’re cancelling and you won’t need to pay an early settlement fee to cancel.

Can I pay off a M&S Bank loan early?

Yes, you can settle the loan early. However, you’ll also have to pay an extra 28 days’ interest from the date you give notice, plus an additional month’s interest if the loan is longer than 12 months.

Can I increase my M&S Finance loan?

You may be able to take out a second loan or arrange a new loan to both repay your existing M&S 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.

Am I eligible for a M&S Bank loan?

To qualify for an M&S Bank loan, you should be: 

  • Over 18 years old 

  • A UK resident

  • Earning at least £10,000 a year

How do I apply for a M&S Bank loan?

Visit the M&S Bank website where you can choose how much you wish to borrow over how many months. There’s also an option to say whether you’re an existing M&S customer to earn better rates.

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