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M&S Bank - Marks and Spencer: Personal Loan reviews

Name: Personal Loan
Rating: 2.04 (54 reviews)

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1.87

Based on 54 reviews, last reviewed 2nd May 2025

No new 5 star reviews

in the past 90 days

300% increase in 1 star reviews

in the past 90 days

15%

63%

Latest highest rating:

5

Very clear Took a loan for my car. Very clear pricing and fair rate. Easy to deal with and helpful customer service. Reviewed on: 4th September 2024

Latest lowest rating:

1

Damaged my Credit file Applied for a loan with M&S Bank, they did a Hard Search on my credit file then nothing... They didn't contact me again to say I had been accepted or ... Read more Reviewed on: 2nd May 2025

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About this product

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.

M&S Bank - Marks and Spencer Personal Loan reviews (54)

Review of the M&S Bank - Marks and Spencer, Personal Loan:

Damaged my Credit file

Applied for a loan with M&S Bank, they did a Hard Search on my credit file then nothing... They didn't contact me again to say I had been accepted or declined. I phoned them 10 days later to be told they had not processed the Loan and said they would complete it for me. They performed a second Hard Search (This has a serious negative impact on your credit history if you have two within 6 months, I now had two within 10 days). When Equifax informed me that my credit file was damaged I contacted M&S Bank who claimed they would rectify the issue with them. Six months on and the Hard Search foot print is still on my file after M&S Bank trampled all over it. Every time I check the file Equifax highlight the damage caused, which I presume they highlight to any new agency that looks up my details for future finance. The credit agency will not remove it at my request, requiring M&S Bank to correct their mistake, and claimed it will negatively impact the likely hood of future credit and interest rates offered that could cost me greatly. As M&S Bank have failed now three times in basic process I am writing this negative review and filing a complaint with the Financial Ombudsman Service. Don't use M&S Bank, it's clear from the reviews that my experience is not unique. Reviewed on: 2nd May 2025

Non Existence Customer Support

I want to pay off my loan. However, I cannot do this online or via the app, I have to call Customer Services. Tried numerous times to speak to someone and no one picked up the phone. I therefore requested a call back, when I was eventually called back I was told that I needed to speak to a different department, was then cut off. I only want to pay off my loan, absolute nightmare. Would not recommend. Reviewed on: 19th January 2023

Bait and Switch

The rate of 4.9% and repayment amount looked really good on Compare the Market. I filled out the details, was approved and the APR went up to 9.9% and the final repayment amount went up by £1000. I chose a different loan instead which I was preapproved for and was also cheaper. Don't think I'll bother with M&S again. Reviewed on: 22nd December 2022

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 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

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 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

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, 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

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 “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

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't, Im still waiting! Do not use unless you are happy to wait 14 days for the money!! Reviewed on: 8th September 2022

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, particularly as they insist on telephoning them to get various figures. Reviewed on: 12th August 2022

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

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 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

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