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

Name: Personal loan
Rating: 2.14 (57 reviews)

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2.29

Based on 57 reviews, last reviewed 9th Sep 2025

No new 5 star reviews

in the past 90 days

No new 1 star reviews

in the past 90 days

18%

11%

58%

Latest highest rating:

5

Best around would let my friend and family Best around would let my friend and family Reviewed on: 25th August 2025

Latest lowest rating:

2

applied for a loan then within my rights decided I n... applied for a loan then within my rights decided I no longer needed it. followed the instructions on the T&Cs to settle/cancel it to the letter. follo... Read more Reviewed on: 9th September 2025

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About this product

With an M&S personal loan you can borrow between £1,000 and £25,000.

You can repay your loan over a period of 12 to 84 months and there are no set up fees for your M&S personal loan. Before applying, you can check to see the lending terms you might receive, without affecting your credit rating.

M&S personal loan reviews help you find out what it’s really like to be a customer. If you’ve used M&S Bank before, you can also leave a review and share your experience.

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M&S Bank - Marks and Spencer Personal loan reviews (57)

OUTDATED AND ANTIQUATED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

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 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

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 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

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 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

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