M&S Money reduces its loan rate to 6.4%

Published on 1 January 1970 by Raffick Marday

M&S Money customers can now enjoy a reduced rate on its personal loans from 6.7% to 6.4% APR. This offer only applies to personal loans between £7,500 and £15,000, according to the leading credit card provider.

M&S offers personal loans that go from £1,000 to £25,000. All of them have flexible repayment terms over 12 to 84 months and the option of making no payments for the first three months.

All new clients will be able to see a lower market loan rate, since the company reduced to 6.4% those clients asking for a loan between £7,500 and £15,000.

"We're committed to adapting to meet the changing needs of our customers and we understand that the current economic climate is difficult for most families. We've therefore reduced our loan rate to ensure we're able to offer our customers the best rate possible on our personal loans," Colin Kersley, M&S Money Chief Executive.

M&S Money is a top-ten credit card provider and the second-largest travel money retailer in the UK. Among its services, M&S Money offers a range of insurance cover, including home insurance and car insurance, as well as loans, savings and investment products.

Comparing banking products

M&S Money claims that this new loan rate is “leading in the market.” It is important for British banking customers - or future customers - to know and compare all the current offers that different providers have out there.

Ignorance can lead us to waste our money. In fact, a recent poll from a leading comparison site concluded that over half of the British population is wasting money in paying for benefits they don’t even use.

As it revealed, although 40% of British bank customers are paying for their current bank accounts, only 53% of them make use of the package of benefits that come with the accounts.

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