Marks & Spencer Small Loans
Summary
Good:
Application and loan process is really straightforward and they don't push other products on you
Bad:
You may be offered a high APR even if you have a good credit history
Verdict:
Must have an M&S credit card or M&S charge card - the smaller the amount you borrow, the higher the interest rate becomes, only ever borrow as much as you need so may be best to look elsewhere
Marks & Spencer can lend you between £1,000 and £7,499 for between 1 - 7 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.
How much will it cost to repay a Marks & Spencer Small Loans?
7499
1000
84
12
12.9
100
6
months
2000
24
Loan Calculator (Representative 12.9%APR)
Loan Amount £
Loan Term months
Monthly Repayment
£
Total Repayment
£
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Customer Reviews (14)
"The biggest Con on record"
A W Craddock , Rhos-on-Sea North Wales
An ongoing loan with Marks and Spencer is due to finish (our second or third over the years). Despite this and our squeaky clean credit history we were actually refused a further loan. Absolutley the end with Marks and Spencer as far as we are concerned with everything (will shop at Next for clothes and Asda/Sainsburys for food). Contacted our bank Lloyds and was offered a loan over the phone, it would be interesting to hear of anyone who was actually succesful in obtaining a loan (probably their own employees).
An ongoing loan with Marks and Spencer is due to finish (our second or third over the years). Despite this and our squeaky clean credit history we were actually refused a further loan. Absolutley the end with Marks and Spencer as far as we are concerned with everything (will shop at Next for clothes and Asda/Sainsburys for food). Contacted our bank Lloyds and was offered a loan over the phone, it would be interesting to hear of anyone who was actually succesful in obtaining a loan (probably their own employees).
"In response to Marks review"
john , London
Mark, you have been sold a story there. I had the same conversation with them and despite having a near perfect credit score, they wouldnt budge. I promptly was offered 6.1% with another lender with EXACTLY the same credentials. If you took the 9% then i believe you were missold. Its all sales misrepresentation to get you to believe 9% is all you can get in my opinion.
Mark, you have been sold a story there. I had the same conversation with them and despite having a near perfect credit score, they wouldnt budge. I promptly was offered 6.1% with another lender with EXACTLY the same credentials. If you took the 9% then i believe you were missold. Its all sales misrepresentation to get you to believe 9% is all you can get in my opinion.
"same story march 2012"
Pete , Wales
To reitterate the others. i have a 998 of 999 credit score. 6% apr advertised. offered 12%. rang them and they were unhelpful in their reasonining for their decision. a waste of time and an extra search on your credit history. avoid this company. got 6.1% with sainsburys bank no concerns (as i should do with my impecible credit score). They are misleading company. buyer beware.
To reitterate the others. i have a 998 of 999 credit score. 6% apr advertised. offered 12%. rang them and they were unhelpful in their reasonining for their decision. a waste of time and an extra search on your credit history. avoid this company. got 6.1% with sainsburys bank no concerns (as i should do with my impecible credit score). They are misleading company. buyer beware.
"Very Helpful and Informative"
Mark , Bristol
I applied for a £7500 loan with M&S at 6% but was also offered a 9% rate. I called up to query this and the advisor I spoke to was very helpful and explained why the rate had been increased. I have an excellent Experian creditscore however it turns out this is only Experians assessment of a customer...Makes sence seeing as they're not the ones lending money..It was explained to me that although I pay everything on time, because I had recently moved jobs, moved homes, had creditcards running close to limits ( however all paid on time ) and my recent credit searches, that was what had an affect on my application. Although I didn't get the advertised 6% I now understand why. Maybe this gives some clarity to the above complaints with regards to the rate change
I applied for a £7500 loan with M&S at 6% but was also offered a 9% rate. I called up to query this and the advisor I spoke to was very helpful and explained why the rate had been increased. I have an excellent Experian creditscore however it turns out this is only Experians assessment of a customer...Makes sence seeing as they're not the ones lending money..It was explained to me that although I pay everything on time, because I had recently moved jobs, moved homes, had creditcards running close to limits ( however all paid on time ) and my recent credit searches, that was what had an affect on my application. Although I didn't get the advertised 6% I now understand why. Maybe this gives some clarity to the above complaints with regards to the rate change
"MISLEADING ADVERTISING"
Kevin D , Glasgow
In exactly the same position as Stewart and Paul - in these times of financial hardship and austerity, if we are lucky enough to have decent incomes and an excellent credit rating but STILL can't get the advertised 6% rate, then who does qualify for it? 6% advertised but 9% offered. 9% is simply not competitive...
In exactly the same position as Stewart and Paul - in these times of financial hardship and austerity, if we are lucky enough to have decent incomes and an excellent credit rating but STILL can't get the advertised 6% rate, then who does qualify for it? 6% advertised but 9% offered. 9% is simply not competitive...
"Terms offered not the same as advertised"
Paul McGowan , Ealing
I would not advise anyone to apply for an M&S personal loan because it is a waste of time. I have an excellent credit rating and earn over £60k a year but when I applied for an M&S loan for a new car, and was accepted, I was told that the rate they could offer me was different to the 6.0% advertised online. It turned out to be 3% higher, at 9%, so I refused, and successfully applied for a much more competitvely priced loan through my own bank. This has undermined my faith in the M&S brand and I will not be applying for any of their financial products again. Avoid!
I would not advise anyone to apply for an M&S personal loan because it is a waste of time. I have an excellent credit rating and earn over £60k a year but when I applied for an M&S loan for a new car, and was accepted, I was told that the rate they could offer me was different to the 6.0% advertised online. It turned out to be 3% higher, at 9%, so I refused, and successfully applied for a much more competitvely priced loan through my own bank. This has undermined my faith in the M&S brand and I will not be applying for any of their financial products again. Avoid!
"You wont get the advertised rate"
Stewart G , Glasgow
I needed a loan to pay for a new car and so checked online for the best rates, M&S came top with an advertised 6.0%. I checked my credit rating with experian prior to submitting an application and was told i had 999 Excellent credit rating. Only debt i have is my mortgage, always paid every credit car bill that month and never missed a payment on anything ever. So i apply for a 5 year loan for 13k and im happy when i get an email saying I have been approved, however the email mentioned that im not getting the advertised rate. Slightly confused but i await my forms in the post expecting to be told im only getting 6.4 or something similar which most other lenders were advertising. Extremely annoyed to be told that they can offer me a 6.5 year loan at 9%!!! Dont know why they increased the term of the loan i asked for and no idea why i didnt get the advertised amount. Will be writing a letter of complaint to the ombudsman as they are a disgrace and should stick to clothes/food.
I needed a loan to pay for a new car and so checked online for the best rates, M&S came top with an advertised 6.0%. I checked my credit rating with experian prior to submitting an application and was told i had 999 Excellent credit rating. Only debt i have is my mortgage, always paid every credit car bill that month and never missed a payment on anything ever. So i apply for a 5 year loan for 13k and im happy when i get an email saying I have been approved, however the email mentioned that im not getting the advertised rate. Slightly confused but i await my forms in the post expecting to be told im only getting 6.4 or something similar which most other lenders were advertising. Extremely annoyed to be told that they can offer me a 6.5 year loan at 9%!!! Dont know why they increased the term of the loan i asked for and no idea why i didnt get the advertised amount. Will be writing a letter of complaint to the ombudsman as they are a disgrace and should stick to clothes/food.
"Absolute Crap"
Grahame , Wigan
Applied for the loan because of the apr 6.4% My credit score is 999 at the time of applying and got declined? how I ask! Never missed a payment on anything, have a secure full time job and am married with my own house, don't apply if you value your credit score!!!!
Applied for the loan because of the apr 6.4% My credit score is 999 at the time of applying and got declined? how I ask! Never missed a payment on anything, have a secure full time job and am married with my own house, don't apply if you value your credit score!!!!
"To Echo everyone else"
David Weir , Leeds
Excellent credit rating, high paid secure job, home owner (with less than 50% mortgage), single.. just wanted a new car and thought I would take advantage of a low rate rather than save. 6.9% rate quickly became 16.9%!!!! I thought to advertise an APR, the rate must not be lower than the average rate obtained by at least 60% of their customers… who are these people??? To add salt into the wound they took over a week to decide, and send out the paper work, went with my Bank instead, who “guess what” gave me the advertised rate…. Maybe that’s because they are an actual Bank, and obey the code of conduct , as opposed to being a retailer using SALE tactics just to get people through the door. Please let me know if anyone get the mythical 6.9% Advertised, think bank ombudsmen should take note.
Excellent credit rating, high paid secure job, home owner (with less than 50% mortgage), single.. just wanted a new car and thought I would take advantage of a low rate rather than save. 6.9% rate quickly became 16.9%!!!! I thought to advertise an APR, the rate must not be lower than the average rate obtained by at least 60% of their customers… who are these people??? To add salt into the wound they took over a week to decide, and send out the paper work, went with my Bank instead, who “guess what” gave me the advertised rate…. Maybe that’s because they are an actual Bank, and obey the code of conduct , as opposed to being a retailer using SALE tactics just to get people through the door. Please let me know if anyone get the mythical 6.9% Advertised, think bank ombudsmen should take note.
"Absolute con M&S loans"
Neil , Manchester
My credit history is good and I checked it prior to application with M&S. Rate advertised at 6.9% and got a reply saying I had been accepted but not at the rate advertised. I was absolutely gobsmacked when the offer turned out to be for 16.9%. An absolute con. I rang to complain and was told it was there internal credit scoring system, which dictated the rate not the credit history. Asked about complaining and was told to write in but not much I can do. Avoid this like the plague.
My credit history is good and I checked it prior to application with M&S. Rate advertised at 6.9% and got a reply saying I had been accepted but not at the rate advertised. I was absolutely gobsmacked when the offer turned out to be for 16.9%. An absolute con. I rang to complain and was told it was there internal credit scoring system, which dictated the rate not the credit history. Asked about complaining and was told to write in but not much I can do. Avoid this like the plague.
"Very Poor"
Andy , Manchester
I have an excellent credit rating and before I applied for a Marks & Spencers loan I ran a full credit check and everything came back clean with a high credit score. Confident I would be accepted, after running my credit check, I applied for the loan and have been subsequently turned down. This will have a detrimental effect on my rating now and I am extremely annoyed. Their checks appear to be very inaccurate and there system needs a complete overhaul.
I have an excellent credit rating and before I applied for a Marks & Spencers loan I ran a full credit check and everything came back clean with a high credit score. Confident I would be accepted, after running my credit check, I applied for the loan and have been subsequently turned down. This will have a detrimental effect on my rating now and I am extremely annoyed. Their checks appear to be very inaccurate and there system needs a complete overhaul.
"Wasn't happy with the APR"
Kevin , Larne
My credit history has always been great so when I applied for a loan with M&S, I was told I should qualify for 8.7% APR as most customers get this rate. I was very shocked to be offered a ridiculous rate of 12.7% APR stating I was high risk. Now I have a footprint on my file – if I would have known I wouldn't have bothered.
My credit history has always been great so when I applied for a loan with M&S, I was told I should qualify for 8.7% APR as most customers get this rate. I was very shocked to be offered a ridiculous rate of 12.7% APR stating I was high risk. Now I have a footprint on my file – if I would have known I wouldn't have bothered.
"I wanted to go back to university"
Myrtle
I had taken a loan out with M&S a couple of years ago and at that point I was in a full-time job. I decided that I wanted to go back to university and obviously I was worried about how I would make the repayments every month. But, I contacted them to discuss my circumstances and they were very helpful and supportive.
I had taken a loan out with M&S a couple of years ago and at that point I was in a full-time job. I decided that I wanted to go back to university and obviously I was worried about how I would make the repayments every month. But, I contacted them to discuss my circumstances and they were very helpful and supportive.
"Great thing about M&S"
Kierian , London
Ever since I have had a loan with Marks & Spencer, I have been really happy with the whole process. The best thing is that they never call you to hassle you or try and offer you other services, it's great.
Ever since I have had a loan with Marks & Spencer, I have been really happy with the whole process. The best thing is that they never call you to hassle you or try and offer you other services, it's great.
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Loan Details
APR
12.9% - 19.9%
Representative APR
12.9%
Loan Amount
£1,000 - £7,499
Repayment Period
Minimum Term 1 year
Loans £1,000 - £7,499 up to 7 years
Loans £1,000 - £7,499 up to 7 years
Repayment Method
Transferred into your bank account
Speed to Payout
3 - 5 working days from when they receive your forms back
Arrangement Fee
-
Payment Holidays
3 Months Payment Holiday at the start of the loan
Income Protection Available
No
Average Customer Review
Acceptance Criteria
- You must have an email address
- Must provide 3 months bank statements
- You need to have an M&S Credit Card OR M&S Charge Card
- Must have details of 3 years previous addresses.
- Must provide income and employment details
- You must be at least 30 years old OR a homeowner
Charges
Late Payment Fees
- Charge for missed Direct Debit - £15
- Charge for missed payment - £15
- Charge for tracing agent if needed - £15
Early Settlement Fees
- Loans over 12 months - one month's interest
- Loans under 12 months - no charge
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