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.
