M&S provides a lot of personal loans. Its loans are available for a period of 1-7 years in amounts up to £15,000 or over a period of 1 to 5 years in the amount up to £25,000. This post introduces to readers some benefits of the M&S personal loans.

M&S personal loans
Three benefits of M&S personal loans attract customers

In the previous post, Info Credit Free introduces people to some of the necessary information that is useful for getting the Sainsbury’s Bank personal loans, to get more information people can read the article Four steps to get the Sainsbury’s Bank personal loans online. Now, let find knowledge about the M&S personal loans in the post today.

M&S PERSONAL LOANS

Just like a lot of article posts such as best loan companies for poor credit, where can you check your credit score, low monthly payment loans, loans for very poor credit rating… this post about the M&S personal loans also includes some main parts. They are:

1. Some information about M&S personal loans

M&S provides a lot of unsecured personal loans – meaning they are based on credibility, instead of using assets or other assets as collateral. Its loans are available for a period of 1-7 years in amounts ranging from £ 1,000 to £ 15,000 or over a period of 1 to 5 years in the amount of from £ 15,001 to £ 25,000.

Even though the M&S rate is often competitive, the designated representative APR may not be the actual rate you will receive: M&S will give you a price based on the financial situation.

  • The loan term is from 1 to 7 years. Or 1 to 5 years if you borrow more than £ 15,000.
  • Loan amount from £ 1,000 to £ 25,000.
  • Check loan eligibility. M&S offers a simple online checker so you can see the type of loan you can get without credit rating.
  • Fixed monthly repayment. The amount you pay will be fixed monthly, so it’s not surprising and you know how much the loan will make you pay.
  • Option to delay your repayment in 3 months. Although this will cost you more because you will still accumulate interest during this period.
  • There are no setup fees.
  • Endow. If you trade with M&S, you can get a higher interest rate on selected loans.

All interest rates are fixed during your repayment period, however, the interest rate you offer will depend on factors such as the amount you register, the term of the loan, the credit rating, and your income. It may be different from the AP Representative advertised as APR.

For example, you borrow £10,000 over 60 months:

  • Monthly repayment £179.07
  • Total amount payable £10,744.80
  • Representative 2.9% APR
  • Interest rate of 2.9% p.a. (fixed)
M&S personal loans
Three benefits of M&S personal loans attract customers

2. Some benefits of the M&S personal loans

Unlike some other providers, M&S does not charge for arranging fees or setup fees. In addition, there is no fee to return some or all of your loans early, however, this will not necessarily save you money – check the terms of repayment before registering a loan of M&S.

M&S also offers customers the opportunity to postpone their payments for the first three months, so you can have a little more time to arrange your finances. Remember that this will cost you more money, however, because you will still be charged interest during this period.

  • Repay your loan over a period of 12 to 84 months for loans of between 1,000 and 20,000 pounds or for a period of 12 to 60 months for loans between £ 20,001 and £ 25,000
  • Option to delay your repayment for 3 months
  • There are no arrangements or setup fees

3. Some steps to apply for M&S personal loans

First, customers need to check your eligibility with some following criteria:

  • You must be over 18 years old.
  • Has an annual income of at least 10,000 pounds.
  • Be a UK resident.
  • Having a bank based in the UK or building a social account can pay direct debits.
  • Willing to undergo credit registration search and credit scoring.

Then, customers make sure that they have some following information useful for their application:

  • The address details for the past three years.
  • The current income and details of the monthly activities.
  • Sort code and account number of the bank or social account.
  • After that, just fill out the form on M & S’s website and wait for a response.

This post is about M&S personal loans. We provide this information to offer you some of the necessary information that is useful for getting M&S personal loans. Also if you are looking for information about insurance in the UK, please read some posts such as comprehensive car insurance, health insurance companies… we just provided in the previous article. 

Hillary (Team Content) – Info Credit Free