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

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

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 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

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 it,going elsewhere obviously!, Reviewed on: 12th April 2022

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

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 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

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 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

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 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

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 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

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

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 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

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