M&S Bank launches new loan rates

M&S Bank is reducing its personal loan rate from 5.6 to 5.4 per cent APR (representative) on loans between £7,500 and £15,000 over 12 to 60 months, and will also reduce the rate on loans between £15,001 and £25,000 from 9.9 to 7.4 per cent APR (representative).
 
M&S Bank has also extended its loyalty points offer for existing current account and credit card customers taking out a personal loan. Customers will receive 5,000 points on loans between £7,500 and £15,000, worth £50 to spend in M&S and 7,500 points on loans between £15,001 and £25,000, worth £75.
 
From today, new M&S Credit Card customers can also take advantage of a 12 month 0% balance transfer offer.
 
Colin Kersley, M&S Bank Chief Executive, said: "We're continually reviewing our loan rates to ensure we're offering our customers the best deal we can. In addition, we're pleased to be able to extend our loyalty points offer so that our existing current account and credit card customers can enjoy additional points when taking out a personal loan."
 
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.