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
[SPOTLIGHT] 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).
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