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M&S Bank launches new loan rates

10th January 2013 Print

M&S Bank is reducing the rate on its mid-value personal loans from 7.3 per cent to 7.0 per cent APR (representative). The offer applies to new personal loans between £5,000 and £7,499 over 12 to 60 months.

M&S Bank is also introducing a limited loyalty points offer for existing credit card and current account customers taking out a personal loan by Wednesday 6th February. Customers will receive 5,000 points on mid-value loans, worth £50 to spend in M&S. Customers taking out a loan between £7,500 and £15,000, which has a rate of 5.6 per cent APR (representative), will receive 10,000 points worth £100.

Colin Kersley, M&S Bank Chief Executive, said: "We're conscious of the need to reduce the cost of borrowing for our customers, so we're constantly reviewing our rates to ensure we're offering the best rates we can.  We're also pleased to be able to extend our loyalty point offering for a limited period to include loan applications from our existing current account and credit card customers, who already enjoy loyalty points on their credit card and debit card spend."

M&S Bank offers personal loans from £1,000 to £25,000, with flexible repayment terms and the option of making no payments for the first three months, subject to lending criteria. M&S points are automatically converted into M&S vouchers and sent out to credit and debit card holders every quarter.

For more information, visit marksandspencer.com/bank.