M&S Bank - Marks and Spencer Personal Loan Reviews

  Ratings based on 41 reviews       Last review 3 weeks ago    

M&S Bank - Marks and Spencer personal loan reviews on Smart Money People are honest reviews. If you're trying to determine whether this is the right personal loan for you, reading our M&S Bank - Marks and Spencer personal loan reviews can help you to find out what other people...

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M&S Bank - Marks and Spencer personal loan reviews on Smart Money People are honest reviews. If you're trying to determine whether this is the right personal loan for you, reading our M&S Bank - Marks and Spencer personal loan reviews can help you to find out what other people have to say. Smart Money People launched in October 2014 to help people like you to find the best personal loans. If you have used a M&S Bank - Marks and Spencer personal loan, we'd love you to write a quick review too.

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Your Personal Loan Reviews

41 reviews

Review M&S Bank - Marks and Spencer's Personal Loan now

A very fair service

I appreciate being considered for a personal loan where other banks/lenders were not so compromising. The service was old fashioned, fair, polite and very thorough. The interest rate was on the higher side, but by no means stratosphoric. I was kept in Read more

I appreciate being considered for a personal loan where other banks/lenders were not so compromising. The service was old fashioned, fair, polite and very thorough. The interest rate was on the higher side, but by no means stratosphoric. I was kept informed by mail and texts throughout the whole process. Even the telephone financial review was done in a friendly professional manner. The whole process took about two weeks.
Thank you M&S Bank

Reviewed on 10th November 2022
Brian Heward's avatar
Brian Heward

Horrendous

Absolutely disgusting customer service. During my loan payments took £926.71 from my account instead of £92.61. Then tried to blame me and make me pay back the £926 after they refunded it back to me. Customer service shocking especially if you have anxiet Read more

Absolutely disgusting customer service. During my loan payments took £926.71 from my account instead of £92.61. Then tried to blame me and make me pay back the £926 after they refunded it back to me. Customer service shocking especially if you have anxiety regarding phone calls. Loan closed 4 months ago yet they haven’t let the credit agencies know and it’s still on my account. When questioned they’re absolutely disgusting. Tried to make a complaint and got ‘we will not be responding.’ Avoid

Reviewed on 18th October 2022
aerials.pillows_0n@icloud.com's avatar
aerials.pillows_0n@icloud.com

Extremely slow and poor customer service

First referred my application to an underwriter who will get back to me within 5 working days. After the underwriter request more information, it takes another 5 working days for the underwriter to review the documents. Then it's approved for an agreement Read more

First referred my application to an underwriter who will get back to me within 5 working days. After the underwriter request more information, it takes another 5 working days for the underwriter to review the documents. Then it's approved for an agreement, it takes another 3 working days following further checks for M&S to counter-sign it. It's already checked by the underwriter why do they need to check it again after giving you the agreement, and why don't they countersign it in the first place?

After M&S have signed the document, it takes another 5 working days for the funds to be transferred!
In total 18 days to get your funds.

I've placed an order and reservation for a car, now it's likely to be gone. Not sure if I can get my reservation back, and if I cancel the application and apply elsewhere I don't know if it would affect my credit score.

Reviewed on 29th September 2022
hihi 2u2's avatar
hihi 2u2

Shockingly poor service - 2 weeks & still no funds

I wish I’d seen these reviews before applying - this whole experience has made buying our car way more stressful than it needed to be… I applied online 31-AUG. No confirmation email or text to say it was received. I called the helpdesk & they advised it Read more

I wish I’d seen these reviews before applying - this whole experience has made buying our car way more stressful than it needed to be…
I applied online 31-AUG. No confirmation email or text to say it was received. I called the helpdesk & they advised it “might” not have worked so I submit again - still no confirmation. 2 days later I get an acknowledgement email to sign the agreement (I did get the advertised rate) and another one advising the “duplicate” has been referred to underwriting.
I call the helpdesk again to be told they’ll pick up the duplicate at underwriting stage. Over the next week I called & was put on hold multiple times, given estimated dates / timescales that all passed without funds being received - the staff I spoke too were nice but clearly had no real visibility of when things would get resolved. We are now on 13-SEP and still no funds received - 2 weeks after my application.
Unless you can wait around for 2-3 weeks I would not recommend M&S Loans at all.

Reviewed on 13th September 2022
VC's avatar
VC

I got the Loan at the 2.9% but after 7 days I still don't have the money!

I signed the paperwork same day. They said they would sign and approve within 3 days. This turned into 5 days. Communication was terrible. I was told I would get the money after they signed and this would be within 3 days but likely same day, it wasn' Read more

I signed the paperwork same day. They said they would sign and approve within 3 days. This turned into 5 days. Communication was terrible. I was told I would get the money after they signed and this would be within 3 days but likely same day, it wasn't, Im still waiting! Do not use unless you are happy to wait 14 days for the money!!

Reviewed on 8th September 2022
Dirty Marks Cleaning Services's avatar
Dirty Marks Cleaning Services

Awful, Pathetic, Useless

Such a shame I couldn't award less than 1/10, otherwise it would have been -5 at best. Applied for a loan 21st July, today 12th Aug still waiting. Have rung numerous times to chase but after 24 mins, then 17 mins, then 18mins. Shocking service, particul Read more

Such a shame I couldn't award less than 1/10, otherwise it would have been -5 at best.
Applied for a loan 21st July, today 12th Aug still waiting. Have rung numerous times to chase but after 24 mins, then 17 mins, then 18mins. Shocking service, particularly as they insist on telephoning them to get various figures.

Reviewed on 12th August 2022
Barry Katz's avatar
Barry Katz

It will take your credit score down and mark a hard search on the report

It will take your credit score down and mark a hard search on the report, they won’t even tell you actual reason for rejection.

Reviewed on 10th August 2022
Travel vlog Channel's avatar
Travel vlog Channel

Easy - be prepared to wait though!

I applied online (Sunday) having done a quick eligibility check which gave me a 90% chance of securing a loan at 4.3% APR. Within seconds of submitting the full application it was accepted and the paperwork was sent via email for me to sign electronically Read more

I applied online (Sunday) having done a quick eligibility check which gave me a 90% chance of securing a loan at 4.3% APR. Within seconds of submitting the full application it was accepted and the paperwork was sent via email for me to sign electronically within minutes. It was a very easy process. Only after this did I read the reviews which did not fill me with confidence, I then got very worried as I had reserved a car which I had been hoping to buy the following weekend. I admit I rang nearly everyday to check on its progress (Monday - Wednesday) and I was told that my application had not been picked up; however, the lady on Wednesday did advise that they were working towards a 5 working day deadline so I should receive the funds by Friday. Sure enough on Thursday morning I received the signed agreement from M&S and decided to ring again to check all was well and query when I would be getting my money. Another helpful lady advised that it should be in my account by 12 noon the following day, sure enough after an anxious morning it was deposited promptly into my bank account just after 12 noon on the Friday. I was able to get my car!! I understand that most banks agree and send funds within hours, however M&S do clearly state their timescales so it would be sensible to bare that in mind if you do apply and are wanting money quickly. Overall a good easy experience.

Reviewed on 7th August 2022
Rainbow's avatar
Rainbow

Do not use

Applied for a loan last sunday, Still have no money despite me signing the online agreement within 12 hours. Had a message saying money will be paid within 3 working days on thursday. Rang today to see if there is any realistic chance of getting the money Read more

Applied for a loan last sunday, Still have no money despite me signing the online agreement within 12 hours. Had a message saying money will be paid within 3 working days on thursday. Rang today to see if there is any realistic chance of getting the money this weekend as I need the money to collect a car on monday and all they said was it takes up to 5 working days which longer than the agreement said. I have never had to wait such a prolong time for a loan to be paid, very poor service!

Reviewed on 7th May 2022
Ben's avatar
Ben

Waste of my time

Got accepted for loan,wrong phone number used to confirm offer,contacted twice and 2 more times they got wrong number,then they asked for copy of bank statements and photo to go with it.i am mortgage free and earn over 50k,how hard do they need to make i Read more

Got accepted for loan,wrong phone number used to confirm offer,contacted twice and 2 more times they got wrong number,then they asked for copy of bank statements and photo to go with it.i am mortgage free and earn over 50k,how hard do they need to make it,going elsewhere obviously!,

Reviewed on 12th April 2022
David.hammersley's avatar
David.hammersley

Loan eligibility

They entice you to check if you're eligible, you get a yes so you then apply and it's a no. What is the point. Not happy with false eligibility check.

Reviewed on 2nd April 2022
Jelena Backhouse's avatar
Jelena Backhouse

I received shocking service from M&S loans this week over the phone.

I called M&S loans this week to get a balance. In order to access my account I was asked for my account number, which I didnt have to hand, but the individual on the phone who answered was obviously not in the mood to be helpful that day. She proceeded to Read more

I called M&S loans this week to get a balance. In order to access my account I was asked for my account number, which I didnt have to hand, but the individual on the phone who answered was obviously not in the mood to be helpful that day. She proceeded to tell me to go into my banking app and to find it. I couldn't. So I asked if there was a better way and she then proceeded to ask me some DPA questions. These were as follows - my full name, age at next birthday, full address and postcode, Bank account number, sort code, DD amount, Mums maiden name, bank name, ACCOUNT PASSWORD etc etc. At which point, after giving all these details, I refused to give anymore details as In my opinion that amount of questions to gain an account is BEYOND reasonable. Then I got hung up on so I called back. Again I was asked around 5 DPA questions, which I passed and was told I would get a call back with the information I requested, I was told it would take a few hours. THIS WAS 2 DAYS AGO. Please get your act together Marks and Spencer because if you continue to offer this level of service your business will fail. Im still waiting for a call back with the information I need.

Reviewed on 18th March 2022
Antony Gilfoyle's avatar
Antony Gilfoyle

DON'T use if you want your money anytime soon...

Applied 3 days ago on a Monday for a loan to buy a car, thinking all will be fine for buying at the next weekend. Was accepted immediately and signed online 30 mins later. By Thursday no correspondence from them, phoned up and spoke to a rude English la Read more

Applied 3 days ago on a Monday for a loan to buy a car, thinking all will be fine for buying at the next weekend. Was accepted immediately and signed online 30 mins later. By Thursday no correspondence from them, phoned up and spoke to a rude English lady who told me it would take up to 5 WORKING days (not including Monday I applied) before they signed their agreement and a further 3 working days to get the funds and basically that was the way it was and there was nothing she could do about their processes, so in effect from Monday week 1, up to Thursday week 2. Back in the old days when loans were paper based they were quicker than this.... Fortunately spoke to my bank, First Direct, and managed to arrange the same loan with them at a similar interest rate and within FIVE minutes the money was in my account... Phoned up M&S loans and the foreign lady I spoke to was much more helpful and said she would try to chase the loan up for me to see if they could expedite it, I explained it was too late and she confirmed she had cancelled the application for me.

Reviewed on 10th March 2022
Ian Baker's avatar
Ian Baker

Useless!!!!

Applied for a loan with M&S and I thought great was accepted straight away, signed me copy of the documents digitaly and sent back. 4 days later and they still haven't signed their copy!!! Absolutely useless they are and I am now at risk of losing the car Read more

Applied for a loan with M&S and I thought great was accepted straight away, signed me copy of the documents digitaly and sent back. 4 days later and they still haven't signed their copy!!! Absolutely useless they are and I am now at risk of losing the car I wanted to buy do to their incompetence. If you a wanting a loan with cheap interest rates, then AVOID M&S loans because you may never get one!!!! I wouldn't recommend them to anyone

Reviewed on 27th January 2022
Mark's avatar
Mark

OUTDATED AND ANTIQUATED

I could live with the APR changing, I understand that it is subject to circumstance. Though it is backed by HSBC, who if I'd gone to direct, could have guaranteed me same day funds instead of waiting 5 days for a car purchase. You CANNOT manage your ac Read more

I could live with the APR changing, I understand that it is subject to circumstance. Though it is backed by HSBC, who if I'd gone to direct, could have guaranteed me same day funds instead of waiting 5 days for a car purchase.

You CANNOT manage your account anywhere, there is NO APP, NO ONLINE BANKING (unless you hold a personal account) and they sent a cheque/giro slip to make payment, this isn't the 80's. Get with the times M&S.
I sold the car, paid the loan back and went elsewhere, extreme but worth it to not have to deal with this company.

Reviewed on 4th January 2022
Ross Mack's avatar
Ross Mack

Wish I looked at the reviews first!

As previously mentioned! Mis leading APRs, can’t get a quote without bring credit scored each time! So can’t look at terms and figured, aprs without multiple applications which affect your credit score! AVOID!!!

Reviewed on 6th December 2021
Lauren Spicer's avatar
Lauren Spicer

top notch

As an old boy I have dealt with many financial institutions over the years and am delighted to say that my experience of applying for and obtaining a personal loan from M & S was superlative. Everything that they promised was fulfilled. The online appli Read more

As an old boy I have dealt with many financial institutions over the years and am delighted to say that my experience of applying for and obtaining a personal loan from M & S was superlative. Everything that they promised was fulfilled. The online application was simple and straightforward. Funds arrived promptly in my current account and I was astounded by the competitive rate of 2.8 per cent. Still am buzzing with pleasure from such a fantastic deal. If you have a decent credit rating this is the only place to go. Will not in future consider any other alternatives.

Reviewed on 4th September 2021
robert turcan's avatar
robert turcan

Total time wasters

I applied for a loan for a car purchase last Tuesday. I was accepted with a great interest rate of 2.9% and received an email to confirm this. Unusually for this day and age I also had to wait for paperwork to be posted, sign and return and I was informed Read more

I applied for a loan for a car purchase last Tuesday. I was accepted with a great interest rate of 2.9% and received an email to confirm this. Unusually for this day and age I also had to wait for paperwork to be posted, sign and return and I was informed that I would receive my funds 72hours after they receive my signed forms. It is now the Monday after my allocation and still I have not received any documentation from M&S Bank. Fortunately I didn’t lose the car I wanted to buy as on reading similar reviews I secured a loan with Sainsbury’s bank instead, who allowed me to complete online and I have purchased my new car. I’m just annoyed that I have an additional search on my credit file from a company who are completely stuck on the last century and so unbelievably inefficient. I’m actually surprised that M&S allow this kind of inefficiently.

Reviewed on 23rd November 2020
MrsAdams's avatar
MrsAdams

Fair, Upfront & Helpful

The application process was easy to understand, the approval was through quickly and the money in my bank in very promptly. The interest rates were good, everything was clearly explained in plain English. When I unfortunately was made redundant, they happ Read more

The application process was easy to understand, the approval was through quickly and the money in my bank in very promptly. The interest rates were good, everything was clearly explained in plain English. When I unfortunately was made redundant, they happily suspended my payments for 6 months with no additional interest and didn't pester or threaten me during this time. Very understanding and supportive company

Reviewed on 10th July 2020
RonTee's avatar
RonTee

misleading

applied for loan ,said i was accepted ,received direct debit form ,filled it in and sent back .sat waiting for loan that never arrived ,so rang customer services who couldnt understand a word i said except to say my loan was declined ,i said it has been a Read more

applied for loan ,said i was accepted ,received direct debit form ,filled it in and sent back .sat waiting for loan that never arrived ,so rang customer services who couldnt understand a word i said except to say my loan was declined ,i said it has been accepted but gave me no reason for it ,my experian score is 977 ,.these people called me a lot of hassle and im sure its breaking the law to say "loan approved " and then tell you its declined.!!!!

Reviewed on 10th March 2020
reepoman's avatar
reepoman