M&S Bank - Marks and Spencer Personal Loan Reviews

  Ratings based on 25 reviews       Last review 1 month 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...

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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.

Overall Rating

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M&S Bank - Marks and Spencer Review Insight

What are people saying in their reviews?

Price & Interest Rates

43% of feedback is Process related

Customer profile

Top Age Profile: 25-34

Top Channel Preference: App

Your Personal Loan Reviews

25 reviews

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

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... 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... 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... 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... 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

Avoid. Mis-sell loans and APRs

I was preapproved for a loan at 2.9% which was great so applied for the full loan. This was approved fairly quickly but with a much higher apr. When questioning why this was the case given I have very low debts and an excellent credit score they said... Read more

I was preapproved for a loan at 2.9% which was great so applied for the full loan. This was approved fairly quickly but with a much higher apr. When questioning why this was the case given I have very low debts and an excellent credit score they said I couldn't ever get that rate because I wasn't an existing customer. Even though this was not stated on any of the pre-approval questionnaires or even on the advertising on the loan. All the other loans nectar etc... list the restrictions clearly. Now have to cancel the application and wait for my credit score to clear. Complete waste of time they blatantly mis-sell their products luring people in with unobtainable interest rates.

Reviewed on 1st October 2019
JJ's avatar
JJ

Absolute time wasters

Applied for a loan, had a call to request more additional information such as payslips, tax return(self employed) before application could be processed.Dragged on for 2 weeks then decided to tell me as I had only been self employed for 9 months they... Read more

Applied for a loan, had a call to request more additional information such as payslips, tax return(self employed) before application could be processed.Dragged on for 2 weeks then decided to tell me as I had only been self employed for 9 months they couldn’t give me a loan as it is ‘company policy’ to reject loans for people who have been self employed for less than 12 months.Would have happily accepted the explanation had they told me upfront and not strung me along for 2 weeks.Poor customer service.Avoid at all costs

Reviewed on 17th May 2019
Jonny's avatar
Jonny

Misleading and poor customer service

I wanted a debt consolidation loan for 2 credit cards to reduce the monthly interest I was... Read more

I wanted a debt consolidation loan for 2 credit cards to reduce the monthly interest I was paying.
I did an online search a came across M&S loans who were advertising loans at 2.9%.
I applied for a loan (having an Experian credit score of 999), went through the application process and supplied all the required information accurately.
The next day I received confirmation that I had been accepted for the loan at 6.9% and just needed to call up to confirm I wanted to proceed.
Although this was higher than the advertised interest rate it was still lower than what I was paying on my credit cards so decided to accept.
On that call I was asked to provide 2x payslips which I did. They stated they would call me back to confirm the slips were acceptable and confirm the loan was in place.
Having waited several hours for a call back which never materialized I called M&S again.
On this call I was told that I had been refused the loan because I had a high balance on 2x credit cards!
I explained that the whole reason for applying for the loan was to clear the credit card balances and pay less interest (which I also stated on my original application).
The woman on the phone would not listen and it got to a point where she was plain rude and told me that the decision was final.
Disgusting customer service.
Why tell someone they have been accepted for a loan to then pull the rug from under their feet 2 days later?
All the information I provided was 100% accurate and I was able to back that up with evidence when it was asked for.
I would avoid M&S loans like the plague, with customer service like this it's no wonder they are a struggling brand.

Reviewed on 24th April 2019
Dave S's avatar
Dave S

Really bad customer service

Applied for loan, met all their criteria. Received initial email that said I would have a decision within 5 days. Then nothing, no request for information. On the last day as it was getting close to them closing so I called to see if the application... Read more

Applied for loan, met all their criteria. Received initial email that said I would have a decision within 5 days. Then nothing, no request for information. On the last day as it was getting close to them closing so I called to see if the application was being dealt with, I waited ages to get through to be told that there was a request sat on the system for more information and that no-one had picked it up in order to send an email out to me. They said they would send the email out immediately and if I got the information to them I could call back in 15 minutes for a decision. I was told at this stage that my high credit rate had secured their lowest lending rate 2.9% and that I just had to send proof of self employment and bank statements. Received email and it clearly stated that I needed to send proof of self employment by means of SA302 form or business bank statement showing name and address. Also asked to send 3 months bank statements. I sent this through within half an hour. I left it an hour and called them back and had to wait in a queue again to eventually get through to someone and then get passed (holding again)through to the underwriting team who said I had been sent the wrong email and that I needed to send my entire tax return i.e. 30 odd pages that you would submit online or that your accountant would do on your behalf. The woman's manner was just simply rude and very abrupt when I asked if it was the actual entire tax return and not just the SA302 tax calculation that you get from HMRC. I stated that if it was proof of income that they were after I could send SA302 that is a calculation from the tax office confirming income that you are taxed on. She said no we need the entire tax return. Very odd as the tax return is something you do yourself / your accountant does. The SA302 is the document that is used by mortgage companies to confirm income for self employed. I'm not sure if she was confused with what the SA302 or was just having a bad day (It was Friday evening) but I ended up cancelling my application and went to my bank instead, higher rate but far less hassle. It has been a complete waste of time. The worst thing has been the lack of communication from them. If I hadn't rang the application would of just sat there pending waiting for goodness how long until someone decided to contact me to request the information. Maybe they don't like self employed people but they should state that in their initial criteria if that is the case. I met everything on their checklist. Bad service avoid.

Reviewed on 12th April 2019
I.Simpson's avatar
I.Simpson

REFUSED LOAN BUT TOLD TO RE APPLY IN A YEAR

I am retired and with a very good pension. Their criteria was earn over £10,000 and have a good credit score. I chose M&S because they consider people in retirement. The letter they sent refused my application even though I earn double what was ... Read more

I am retired and with a very good pension. Their criteria was earn over £10,000 and have a good credit score. I chose M&S because they consider people in retirement. The letter they sent refused my application even though I earn double what was required, have a very good score but they said that I had a late payment on a credit card - which I disagree with. I have a maxed overdraft but never go over and they told me to load Experian which I did and it gave me an excellent score - not good enough for M&S although they said feel free to apply again in a year. Why bother if they say No now they will say No in a year. Can't really work out how and why I did not get it. They did however say they are not ageist - sorry but don't believe that at all.

Reviewed on 12th November 2018
yvonne netherwood's avatar
yvonne netherwood

Why was I speaking to someone in Manilla who couldn't understand me!!

I have a loan with M & S and phoned to confirm that the last payment would be taken on a date in this month (October) After pressing 1 for this 2 for that etc.etc. and waiting ages I apparently got through to the wrong department. I was told I would... Read more

I have a loan with M & S and phoned to confirm that the last payment would be taken on a date in this month (October) After pressing 1 for this 2 for that etc.etc. and waiting ages I apparently got through to the wrong department. I was told I would be put through direct to the loans department. This did not happen had to start pressing 1 for this 2 for that etc. When I did get through I asked where the person I was talking to was - apparently Manilla! I asked when the final payment would be taken and was told the last payment was taken on a date in September. I asked the same question again and was told the next payment would be taken on a date in October. Slightly exasperated I explained that the loan was for 2 years and M & S had specified the last payment date but the person I spoke to said I had to cancel the d.d. with my bank or the payment would carry on being drawn by them! Presumably it is cheaper to outsource customer telephone queries to Manilla and to people who don't seem to understand a simple question asked by someone with an excellent English accent. There are many people here in the UK who are desperate for jobs.

Reviewed on 4th October 2018
JS's avatar
JS

Inept!!!!!!

After 3 days of waiting for my loan to be approved, I decided to phone to enquire on its progress. I was promised a fast track decision to be with me be lunchtime the following day. I ring up later afternoon the following day, application now... Read more

After 3 days of waiting for my loan to be approved, I decided to phone to enquire on its progress. I was promised a fast track decision to be with me be lunchtime the following day. I ring up later afternoon the following day, application now doesn't exist.

A complete shambles - Avoid...……………….

Reviewed on 2nd August 2018
Mark Henderson's avatar
Mark Henderson

Good rates and service

Good rates and service . I’ve had no issues with this Company

Reviewed on 8th June 2018
Alex Brownlee's avatar
Alex Brownlee

Dont bother

Applied for a £10k loan at 2.8%. Received email confirming acceptance and would receive agreement in 3 working days. Called call centre as wanted to ensure funds were available for me to purchase the new car and was advised to go into a branch and ... Read more

Applied for a £10k loan at 2.8%. Received email confirming acceptance and would receive agreement in 3 working days. Called call centre as wanted to ensure funds were available for me to purchase the new car and was advised to go into a branch and they could print the forms for me to sign. The call centre advised that they were unable to email me the forms form me to sign as they weren't up to that technologhy yet... really in 2018?? Anyway, went to branch gave them the reference nimber but the woman insisted in going through the whole application again and then deceided to congratulate me on getting the loan at 5.8%!!! I advised that this was not what I had applied for, it was for the 2.8 % to which she replied that it was 5.8 or nothing. I politely pointed out that their website an application process was a load of crap an that they should confirm in the email confirmation when you are accepted that it isnt for the rate that you have applied for. An hour an half of my like I wont get back! Went home and logged onto my lloyds bank account, apploed for a loan and within 10 minutes it was all done and the money in my bank. Moral of the story is, for the sales of saving a few pounx on a monthly payment dont bother with M&s

Reviewed on 23rd April 2018
Vicky's avatar
Vicky

Personal loan application

Applied for a personal loan that was pre approved after I applied and type in my details the application was refused even after snicking to my great credit score rubbish lenders

Reviewed on 16th March 2018
Mario Malheiro's avatar
Mario Malheiro

Slow to Pay Money

The application process was quick, but I don't see how it takes 7 elapsed business days to pay out the loan amount. In 2017, this should be a next day process.

Reviewed on 29th June 2017
Ian Fitzgerald's avatar
Ian Fitzgerald

Great Experience and Rates. Bad online presence.

I was able to get a large personal Loan to help consolidate my debts from M&S Bank. They were quick, helpful and have great rates. I wish they had a better online presence, as it is impossible for me to check the amount left on the loan. If this was... Read more

I was able to get a large personal Loan to help consolidate my debts from M&S Bank. They were quick, helpful and have great rates. I wish they had a better online presence, as it is impossible for me to check the amount left on the loan. If this was accessible online, that would be much better. it would be a 10/10 then

Reviewed on 29th June 2017
Alexander Cook's avatar
Alexander Cook

M & S Loan

Very quick to arrange considering had to wait for forms to arrive and be posted back. In my account within a... Read more

Very quick to arrange considering had to wait for forms to arrive and be posted back. In my account within a week.
Dropped one star, as I am sure other companied allowed me to complete online, but perhaps you need a bank account with them for that.
All agreed very quickly, but rates not confirmed until form recieved

Reviewed on 11th June 2017
Daphne Monk's avatar
Daphne Monk

Poor customer service

Attempted to take a personal loan out with M and S bank who told me I had poor credit. At the time of this I had consistently good credit and had been offered loans with other providers on the basis of... Read more

Attempted to take a personal loan out with M and S bank who told me I had poor credit. At the time of this I had consistently good credit and had been offered loans with other providers on the basis of this.
I called MandS bank who were very dismissive of my credit score and tried to account their refusal of loan on my 'poor rating'. Despite offers of evidence at my credit score I was told not to call back.

Disappointing service from a potentially great chance to gain another customer

Reviewed on 8th June 2017
Lauren Ellis's avatar
Lauren Ellis

Unhelpful, blunt service

I applied for a loan online via their website and was instantly rejected without an explanation. I was told a letter would follow to explain. The letter arrived but still did not explain why I was... Read more

I applied for a loan online via their website and was instantly rejected without an explanation. I was told a letter would follow to explain. The letter arrived but still did not explain why I was rejected.
A very impersonal service and not very customer friendly.

Reviewed on 30th May 2017
Stuart Keeler's avatar
Stuart Keeler

Once, Twice, Thrice ..... I have turned to M&S Bank for a Personal Loan

I have found M&S Bank easy to apply to for a personal loan and when I went to repay the previous two loans early it was very straightforward to get a settlement figure and to make the early repayment. I have found they dealt with each application... Read more

I have found M&S Bank easy to apply to for a personal loan and when I went to repay the previous two loans early it was very straightforward to get a settlement figure and to make the early repayment. I have found they dealt with each application promptly and there was no delay in payment being credited to my bank account. Also repayment details such as amount and dates such as first and last payment date are clearly set out and the annual statement they provide keeps me updated on the repayment progress. I am very satisfied with the overall service M&S Bank provide.

Reviewed on 27th May 2017
CAROL BUCHANAN's avatar
CAROL BUCHANAN