M&S has launched its lowest ever personal loan rates for new and existing borrowers.
M&S has launched the lowest-ever rates on its small- and medium-sized loans.
Rates have been reduced by up to 0.6% for new customers and 0.5% for existing customers.
That means that borrowers can get 3.6% APR on loans between £7,500 and £15,000 and 4.9% on loans between £5,000 and £7,499.
But hurry, you only have until 16th February to get in on the deal.
Personal loan best buys
Now that M&S has the lowest rates on the market, how does the competition shape up?
Medium loans (£7,500-£15,000)
We’ve based these figures on a £10,000 loan paid back over five years (60 months).
|
Loan |
Representative APR |
Monthly repayment |
Total amount repayable |
|
3.6% |
£182.11 |
£10,926.60 |
|
| HSBC Existing Customer Personal Loan** | 3.9% | £183.41 | £11,004.60 |
|
3.9% |
£183.41 |
£11,004.60 |
|
|
3.9% |
£183.41 |
£11,004.60 |
|
|
3.9% |
£183.43 |
£11,005.80 |
|
| First Direct Personal Loan*** | 3.9% | £183.58 | £11,014.91 |
|
4% |
£183.84 |
£11,030.40 |
|
|
4.1% |
£184.28 |
£11,056.80 |
*Available to existing account holders only
**Available to HSBC current account customers only
***Available to 1st Account customers only
Small loans (£5,000-£7,499)
These are based on a £5,000 loan repaid over five years (60 months).
|
Loan |
Representative APR |
Monthly repayment |
Total amount repayable |
|
4.9% |
£93.88 |
£5,632.80 |
|
| Santander 123 World Loan** | 4.9% | £93.97 | £5,638.20 |
| First Direct Personal Loan*** | 4.9% | £93.97 | £5,638.25 |
|
4.94% |
£93.97 |
£5,638.20 |
|
|
5.2% |
£94.54 |
£5,672,40 |
|
|
5.2% |
£94.55 |
£5,673.00 |
|
|
5.24% |
£94.63 |
£5,677.80 |
|
|
5.3% |
£94.76 |
£5,685.60 |
|
|
5.4% |
£94.98 |
£5,698.80 |
*Available to existing customers only
**Available to Santander 123 or Select customers only
*** Available to 1st Account customers only
You may not get these rates
Just be aware that lenders only need to give 51% of successful applicants the representative APR quoted in the tables above. So if you have a less than perfect credit record, you may be offered a higher rate. To ensure you always have the best chance of getting the lowest rates, read How to build an excellent credit history.
Compare loan rates with lovemoney.com