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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

100% 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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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 (54)

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

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

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

Loan no go

Applied for a loan , i have excellent credit rating and was rejected in seconds, no real justification for wh y ? Reviewed on: 28th March 2016

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