M&S Bank - Marks and Spencer Personal Loan Reviews

  Ratings based on 35 reviews       Last review 3 hours 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...

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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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35 reviews

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

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

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 I co 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 could 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 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 t 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 was b 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 requ 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 be p 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