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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