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

Name: Personal Loan
Rating: 2.08 (52 reviews)

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2.01

Based on 52 reviews, last reviewed 6th Mar 2025

No new 5 star reviews

in the past 90 days

100% increase in 1 star reviews

in the past 90 days

15%

10%

61%

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

A rating of one out of five does not do justice ... I'm also a victim of bait and switch from M&S as the loan rate switched from 9.9% to 14.9% and the loan repayments ballooned. I'm now at a crossroads ... Read more Reviewed on: 6th March 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 (52)

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

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

A rating of one out of five does not do justice ...

I'm also a victim of bait and switch from M&S as the loan rate switched from 9.9% to 14.9% and the loan repayments ballooned. I'm now at a crossroads as I've signatured my contract with the bank and they wrote to me to state that the money would take ''no longer than five working days'' to deposit. I'm into day SEVEN. I've left valuable feedback on other website and made the observation that M&S Bank, likewise, does not respond to reviews of their company. So be it. Should my loan amount successfully deposit then the whole process from day one will have taken close-on to three weeks to complete. Reviewed on: 6th March 2025

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

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 they advised no can change the rate after application. Absolutely disgraceful giving I would never have applied for this rate and is now showing on. My credit score Reviewed on: 14th March 2024

Excruciatingly and painfully slow.

Excruciatingly and painfully slow. Said they’d sign off agreement in 3 days… it took 5 and every time I rang up they kept saying ‘we’re expecting to hear back from the bank today’ lol WAY TOO HOPEFUL but gotta give it to the customer rep lol I couldn’t be that delusional myself. I am very thankful that they approved me so they’re getting a few stars for that but having to wait nearly 2 weeks for a loan is painful and I don’t think I’d put myself through it again. Reviewed on: 14th January 2024

Loan sharks

Absolutely outraged at M and S bank.I applied for a loan with a headline figure of 4.9 percent,loan application was excepted but with one small difference,the figure now was 10.9 percent!!!!!!!!! Absolutely outrageous. This is disgusting behaviour from a supposedly reputable brand. I will be boycotting all M and S products from now on. Reviewed on: 14th May 2023

Loan Sharks

Saw advert for M & S Bank on Money Supermarket for a personal loan at 4.9%. Applied and was accepted for the loan. As soon as I received the notification I was told the interest rat had gone up to 10.9% costing me an extra £30 per month. I called to cancel the load and was told that details of my loan application would still be passed onto the credit agencies. Disgraceful treatment of the public. They should be ashamed. Reviewed on: 15th April 2023

So good at travel insurance

They helped me in travel insurance and the customer service company was so helpful Reviewed on: 6th April 2023

Excellent service

The process for applying for a personal loan is stress free. They assessment process was quick and I didn't have to speak to anyone because the online application was straightforward and not complicated. I receive frequent mails updating me about the product and when I call to top up, the customer service is always good. I highly recommend them. Reviewed on: 5th April 2023

Good rates

Have been using this co. For a long time and they respect my high credit rating. Reviewed on: 3rd April 2023

Non Existence Customer Support

I want to pay off my loan. However, I cannot do this online or via the app, I have to call Customer Services. Tried numerous times to speak to someone and no one picked up the phone. I therefore requested a call back, when I was eventually called back I was told that I needed to speak to a different department, was then cut off. I only want to pay off my loan, absolute nightmare. Would not recommend. Reviewed on: 19th January 2023

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