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

Name: Personal Loan
Rating: 2.1 (51 reviews)

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2.18

Based on 51 reviews, last reviewed 4th Sep 2024

100% increase in 5 star reviews

in the past 90 days

No new 1 star reviews

in the past 90 days

16%

10%

60%

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

M&S interest % doubled M&S advertised loan at 6.2% applied for loan and was accepted however with a rate of 12.9% - I called customer service as I assumed it was mistake and... Read more Reviewed on: 14th March 2024

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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 (51)

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

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

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

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 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

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 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

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 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

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 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

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