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M&S Bank new deal offers £7,500 loan at rate of just 2.8% – but your credit history must be spotless

M&S Bank new deal offers £7,500 loan at rate of just 2.8% – but your credit history must be spotless

  • The loan period is between 12 and 36 months
  • Someone borrowing £7,500 over 36 months will repay £217.32 a month
  • Loans over a longer period will attract interest of 2.9 per cent

M&S Bank is offering rates as low as 2.8 per cent on personal loans of £7,500 or more taken out over 12 to 36 months.

The rate means someone borrowing £7,500 over 36 months will repay £217.32 a month and end up paying a total of £7,823.52.

Loans over a longer period – four to seven years – will attract interest of 2.9 per cent. 

Competitive: Someone borrowing £7,500 over 36 months will repay £217.32 a month

The deals are available to non-M&S Bank customers, but applicants must have annual income of at least £10,000. Anyone who has a blemish on their credit history may be offered a higher rate.

Rate scrutineer Moneyfacts says the new prices are among the most competitive available.

Over three years, only online bank Cahoot, part of Santander, matches M&S on price (for a £7,500 loan) while over five years, Cahoot is slightly cheaper (2.8 per cent, compared to M&S’s 2.9 per cent). M&S loan applications can be made online.

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Read more at DailyMail.co.uk


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