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

Name: Personal loan
Rating: 2.12 (58 reviews)

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2.21

Based on 58 reviews, last reviewed 24th Nov 2025

100% decrease in 5 star reviews

in the past 90 days

100% increase in 1 star reviews

in the past 90 days

17%

10%

61%

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:

1

M&S loans do hard check 1st Loan companies do soft check prior rather than hard credit check. M&S will do hard check and leave mark on your credit score. Reviewed on: 24th November 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.

M&S Bank - Marks and Spencer Personal loan reviews (58)

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

Rapid service

Easy to apply and quick to be accepted and for the loan to be paid. Customer services are always efficient and able to answer queries. Reviewed on: 7th May 2017

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OUTDATED AND ANTIQUATED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

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

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