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M&S Bank reduces rates on mid-tier loans

Tom Belger | 12:30 Tuesday 7th March 2017

M&S Bank has reduced its rates on loans from £5,000 to £7,499 over 12 to 84 months to 36%.

The new lower rates are available to both new and existing customers.

All M&S Bank loan rates:

 

Loan amount Existing customers New customers
£1,000-2,999 18.5% 18.6%
£3,000-4,999 12.5% 12.6%
£5,000-7,499 3.6% 3.6%
£7,500-15,000 3% 3%
£15,001-25,000 6.7% 6.8%

 

Repayment examples:

 

Loan amount Term (months) APR Monthly repayment Total repayment
£5,000 60 3.6% £91.05 £5,463.00
£6,000 60 3.6% £109.26 £6,555.60
£7,000 60 3.6% £127.47 £7,648.20

M&S Bank offers personal loans from £1,000 to £25,000 and customer have the option of taking a payment holiday for the first three months, subject to lending criteria.

The bank – which is operates as a joint venture between HSBC and Marks & Spencer – offers a broad range of financial products.

These include current accounts, the M&S credit card and a range of loans as well as general insurance products.

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