M&S Bank began as St Michael Financial Services, launching in Chester in 1985. It changed to Marks and Spencer Financial Services Limited in 1988, and launched its first personal loans in 1989.
M&S Bank opened its first branch in Marble Arch in London in 2012 and offers a range of financial services, including personal loans, mortgages, credit cards, and multiple insurance products.
What loans can I get from M&S Bank?
M&S Bank offers fixed-rate, unsecured personal loans in a range of amounts, suitable for various purposes including buying a car, undertaking home improvements or paying for a wedding.
M&S Bank loans can be repaid over a selection of term lengths, and improved rates may be available for customers with a current M&S loan, current account or credit card.
Frequently asked questions about M&S Bank loans
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.