M&S Bank launches its lowest-ever loan rate
New and existing customers will be able to access rates as low as 3.9% APR.
M&S Bank has launched its lowest-ever personal loan rate of 3.9% on loans between £7,500 and £15,000.
This rate is open to both new and existing customers, depending on your credit rating, but only until 24th November.
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Comparison
This may be the lowest ever rate for M&S, but is it the lowest across the board? We’ve gathered the best deals on the market to let you see for yourself.
All are based on £7,500 loans repaid over five years (60 months).
|
Product and provider |
APR |
Monthly repayment |
Total repayment |
|
3.9% |
£137.56 |
£8,253.36 |
|
|
HSBC Existing Customer Personal Loan* |
3.9% |
£137.56 |
£8,253.36 |
|
3.9% |
£137.70 |
£8,262 |
|
|
4% |
£137.88 |
£8,272.80 |
|
|
First Direct Personal Loan* |
4% |
£137.88 |
£8,272.92 |
|
4.1% |
£138.21 |
£8,292.60 |
|
|
4.1% |
£138.21 |
£8,292.60 |
|
|
4.1% |
£138.21 |
£8,292.60 |
*Existing customers only
So M&S is now joint-cheapest.
Not everyone will get the rate
However, bear in mind that the rate you are offered will depend on your credit rating. The advertised rate only has to be offered to 51% of applicants and if your credit rating isn't spotless you could be offered a higher rate.
If you want to borrow a different amount, check out The cheapest personal loans for the best rates on small loans (£5,000-£7,499) and large loans (over £15,000).
Compare loans with lovemoney.com
More on borrowing:
Tesco offers 1,000 Clubcard points with new 0% credit card
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Comments
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Professionals said we could anticipate further drops in loan rates later on, due to competitors between creditors. I said - fill your boots. And if your boots are already overflowing from all your other debt, get the loan to buy another pair while you are in M&S and then fill them with any more you managed to get. But, remember to keep back at least £700 you will need that to clear the slate and start again. Not that it appeals to me, I'm too busy running up credit card and loans like http://vitaloans.co.uk/ bills to take advantage of all those cheap balance transfer offers. Never had it so good.
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31 May 2015