M&S Money reduces personal loan rate

Thursday, 24 February 2011 02:54

M&S Money has reduced the rate on its personal loans from 7.5 per cent APR to 6.9 per cent APR for finance between £7,500 and £15,000.

The firm - a top-ten credit card provider and the second-largest travel retailer in the UK - offers loans between £1,000 and £25,000 with flexible repayment terms over 12 to 84 months.

In addition to this, customers are given the option of making no repayments for the first three months, subject to lending criteria.

Colin Kersley, M&S Money chief executive, said; "Our new loan rate, together with the M&S Credit Card offer of 0 per cent for 15 months on shopping, makes our credit products highly competitive in the market".

For a loan of £7,500 with a rate of APR of 6.9 per cent across 60 monthly repayments of £147.41, the total payable amount would be £8,844.60.

Moneysupermarket.com commented that anyone looking to take out an unsecured personal loan at the present time is likely to benefit from a resurgence in the loans market.

Use Myfinances.co.uk comparison site to find the best deal on a personal loan  

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