M&S offers cashback reward on personal loans
Saturday, 06 Sep 2008 00:00
M&S offers cashback reward on personal loans
M&S Money has confirmed it is to offer M&S Money 25 per cent cashback to customers who take out a personal loan.
Valid until October 29th, the offer is available on all personal loans taken out over 36 months or more, giving customers a refund of 25 per cent of the interest they have paid once their final repayment has been made.
According to M&S Money, when the cashback reward is taken into account, the typical rate of 9.9 per cent APR on a £10,000 loan over a 36 month period is equivalent to a rate 7.7 per cent p.a.
For example, those borrowing £7,500 over 36 months will receive £320.78 cashback at the conclusion of the loan.
Borrowing £15,000 over 60 months sees borrows receive £1,047.82 at the end of the loan.
The offer is also available with M&S Car Buying Plan which allows customers to defer a fixed percentage of their loan.