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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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2.21

Based on 51 reviews, last reviewed 4th Sep 2024

100% decrease 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.

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M&S Bank - Marks and Spencer Personal Loan reviews (51)

Slow to Pay Money

The application process was quick, but I don't see how it takes 7 elapsed business days to pay out the loan amount. In 2017, this should be a next day process. Reviewed on: 29th June 2017

Great Experience and Rates. Bad online presence.

I was able to get a large personal Loan to help consolidate my debts from M&S Bank. They were quick, helpful and have great rates. I wish they had a better online presence, as it is impossible for me to check the amount left on the loan. If this was accessible online, that would be much better. it would be a 10/10 then Reviewed on: 29th June 2017

M & S Loan

Very quick to arrange considering had to wait for forms to arrive and be posted back. In my account within a week. Dropped one star, as I am sure other companied allowed me to complete online, but perhaps you need a bank account with them for that. All agreed very quickly, but rates not confirmed until form recieved Reviewed on: 11th June 2017

Poor customer service

Attempted to take a personal loan out with M and S bank who told me I had poor credit. At the time of this I had consistently good credit and had been offered loans with other providers on the basis of this. I called MandS bank who were very dismissive of my credit score and tried to account their refusal of loan on my 'poor rating'. Despite offers of evidence at my credit score I was told not to call back. Disappointing service from a potentially great chance to gain another customer Reviewed on: 8th June 2017

Unhelpful, blunt service

I applied for a loan online via their website and was instantly rejected without an explanation. I was told a letter would follow to explain. The letter arrived but still did not explain why I was rejected. A very impersonal service and not very customer friendly. Reviewed on: 30th May 2017

Once, Twice, Thrice ..... I have turned to M&S Bank for a Personal Loan

I have found M&S Bank easy to apply to for a personal loan and when I went to repay the previous two loans early it was very straightforward to get a settlement figure and to make the early repayment. I have found they dealt with each application promptly and there was no delay in payment being credited to my bank account. Also repayment details such as amount and dates such as first and last payment date are clearly set out and the annual statement they provide keeps me updated on the repayment progress. I am very satisfied with the overall service M&S Bank provide. Reviewed on: 27th May 2017

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

I don't understand their credit rating

I tried once to apply for a loan there but without success. I don't know why this happened because my credit rating was good, I never missed any payment for anything, my salary is above the average and I was already more then 3 years in UK and more then 4 years with the same employer. Nobody explained me anything, I just got declined. Funny was that Halifax accepted my loan without any doubts. Reviewed on: 20th April 2017

Straight-forward

I took out a personal loan online with M&S bank. Pros: * Straight-forward online application * Cheaper rates (at the moment) * Longer term (at the moment) * Funds put into your account through electronic transfer on the day they receive your signed forms back Cons: * You can only apply for a loan in a sole name (not joint names) * Speed of completion depends on post (cannot draw down loan until you receive and sign the forms in the post and they receive them back through the post - you cannot drop the forms into your local M&S bank) Reviewed on: 21st June 2016

APR is a marketing cover - not the rate you'll actually be offered

I applied online for a personal following a link from MSE. Firstly the application process is cumbersome, you have to wait 5 days for a review, then then they post the forms which you then have to to return by post and wait a further 5 days for the money - not great when you've found a car to buy! When the paperwork did come through, they had doubled the APR that they had shown online, which added £2k to the repayment amount. I phoned to question it and they said the online figure was only representative. I have an excellent credit rating, plenty of equity on my house and no outstanding debts. This just felt like a marketing scam. Went to an alternative lender (Ikano) got a better rate and forms all processed online. Reviewed on: 25th May 2016

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