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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

300% 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:

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 declined. I phoned them 10 days later to be told they had not processed the Loan and said they would complete it for me. They performed a second Hard Search (This has a serious negative impact on your credit history if you have two within 6 months, I now had two within 10 days). When Equifax informed me that my credit file was damaged I contacted M&S Bank who claimed they would rectify the issue with them. Six months on and the Hard Search foot print is still on my file after M&S Bank trampled all over it. Every time I check the file Equifax highlight the damage caused, which I presume they highlight to any new agency that looks up my details for future finance. The credit agency will not remove it at my request, requiring M&S Bank to correct their mistake, and claimed it will negatively impact the likely hood of future credit and interest rates offered that could cost me greatly. As M&S Bank have failed now three times in basic process I am writing this negative review and filing a complaint with the Financial Ombudsman Service. Don't use M&S Bank, it's clear from the reviews that my experience is not unique. Reviewed on: 2nd May 2025

Don't use Marks & Spencer's Loans

I received an email stating i would get a 6% apr rate if i applied for a M&S loan. Went through the whole process and got accepted. Not at any point did it come up on screen saying that it had increased which increases the monthly payment. Got the email for the signing of documents at work and stupidly signed away without checking. When i got home and checked they had increased the apr to 10%. What a bunch of underhanded cretins. It only meant i would pay back nearly twice the interest but also increased the monthly payment by £40 a month. How do these people get away with this??! This has now put a hard credit check on my record (which i had nearly a top score for) so i cant apply for another loan for 6 months. Annoyed isn't the word! Use this misleading company at your peril. Reviewed on: 30th April 2025

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

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