Marks & Spencer
Good:
One of the lowest interest rates on the market
Bad:
You must be aged 30 or over OR a homeowner to be able to apply
Verdict:
Must have an M&S credit card or M&S charge card - M&S is highly recommended as a fast service, simple application process and affordable repayments, the interest rate is one of the lowest
Marks & Spencer can lend you between £7,500 and £15,000 for between 1 - 5 years. Repayments are made monthly and are taken via Direct Debit from your bank account. You will need to be an existing Marks & Spencer credit card holder or a charge card holder in order to be eligible to apply.
You can apply online or over the phone for a Marks & Spencer loan. The online application form will take about 10 minutes to complete. You will be given a provisional decision within 48 hours via email. If provisionally accepted, they will send documents and the loan agreement to your home address. You need to fill this in and send it back to them along with any extra documentation they may or may not require (Bank statements, wage slips etc). Once they have received the forms, the money is transferred to your account and will will be available within 3 - 5 working days. Your monthly repayments will stay fixed for the length of the loan.
Reviews from previous customers on comparison websites are on the whole pretty good. Special praise is reserved for their customer service department as their call centre staff seem well trained and polite, while if you send a query by email you can expect a response that day. The only bad point mentioned is that their online servicing seems to be a bit tedious to use but there is nothing you can't sort out over the phone. Their APR, is fairly competitive compared to other bank and high street lenders so if you fit their criteria, they could be a good option for you. Only apply if you know you have a good credit history otherwise you will more than likely get turned down.
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Easy on-line application process, and fantastic APR rate, however two weeks later we still haven't received the money!
I was really pleased with M&S Finance as a whole. Their loan repayments are very manageable and the APR was good! I got accepted via the online application form and I had signed my paperwork within a couple of days. Two days later, the money was in my account! My repayments are made by direct debit and it's so easy.
I spent a lot of time looking around their web site and I found M&S offer a range of financial services. I worked out how much I could afford to borrow and what would be the best loan for me. I applied and received an instant decision of “yes”, but they stated I did have time to change my mind which I thought was great.
The process with M&S is fairly simple and made easier with the online application. The money was deposited really quickly and was within 3 days of the start of the application, other loan companies can do it quicker but I did apply for £12,000 so I think it was a fair wait period. I would use them again.
Loans up to £15,000 - 5 years
- You must be aged over 30 years old OR a homeowner
- You must have an email address
- You need to have an M&S Credit Card OR M&S Charge Card
- Must provide 3 months bank statements
- Must have details of 3 years previous addresses
- Must be able to provide income and employment details
- Charge for each occasion a Direct Debit Request is not met by your bank. - £15
- Charge for each occasion a payment is missed - £15
- Charge for tracing agent to locate you if needed. - £15
- Loans over 12 months - one month's interest
- Loans under 12 months - no charge
