M&S Money reduces personal loan rate

M&S Money is reducing the rate on its personal loans from 7.5% APR to 6.9% APR (representative). The offer applies to personal loans between £7,500 and £15,000.

Loans are available between £1,000 and £25,000 with flexible repayment terms over 12 to 84 months. Customers have the option of making no repayments for the first three months, subject to lending criteria.

Colin Kersley, M&S Money Chief Executive, said; "Our new loan rate, together with the M&S Credit Card offer of 0% for 15 months on shopping, makes our credit products highly competitive in the market".

The offer is also available with M&S Car Buying Plan which allows customers to defer a fixed percentage of their loan, giving them the following options at the end of the term:

Keep the car and carry on making monthly payments until the whole of the loan is repaid
Keep the car and pay off the remainder of the loan with a lump sum
Sell the car and use the money to pay off the remainder of the loan

To apply for an M&S Personal Loan or Car Buying Plan, visit marksandspencer.com/loans