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Dan Jones

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

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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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