M&S Bank celebrates 25 years of lending with new loan rate of 4.1%

M&S Bank is marking the 25-year anniversary of its personal lending history by launching its lowest ever loan rate.

With the average loan value for an M&S loan customer over the 25-year period at just over £8,000, M&S Bank has taken the milestone year in its loan history to reduce its most popular loan tier (£7,500 and £15,000).
 
From Thursday 19th June, M&S current account, credit card and loan customers will be able to take advantage of an exclusive rate of 4.1 per cent APR (representative) on loans between £7,500 and £15,000.
 
New customers can also benefit from of a rate of 4.2 per cent APR (representative) for loans of the same value (£7,500 to £15,000).
 
In addition, M&S Bank has also introduced its lowest ever mid-value loan rates, with exclusive rates of 5.5 per cent APR on loans between £5,000 and £7,499 for existing M&S current account, credit card and loan customers, and a rate of 5.6 per cent for new customers.
 
M&S Bank customers take out loans for everything from holidays to weddings, but the top three reasons are home improvements, new car purchases and debt consolidation.
 
Sue Fox, CEO of M&S Bank, said: “We’ve been reducing the cost of borrowing for our customers for over 25-years and to mark the occasion we’re delighted to be able to introduce our lowest ever loan rate on our most popular loan tier.”
 
M&S Bank offers personal loans from £1,000 to £25,000 over 12 to 60 months and customers have the option of making no payments for the first three months, subject to lending criteria.