M&S Bank cuts personal loan rate to 5.8%

M&S Bank has cut the rate on personal loans between £7,500 and £15,000 from 6.0 per cent to 5.8 per cent.

The new rate is available until November 28th and the loans can be repaid over one to five years.

The rate cut comes as the Clydesdale and Yorkshire bank has announced that it is cutting rates on loans of the same value to 5.7 per cent.

M&S Bank offers personal loans from £1,000 to £25,000, with flexible repayment terms and the option of making no payments for the first three months, subject to lending criteria.

Colin Kersley, M&S Bank Chief Executive, said: "We're conscious of the need to reduce the cost of borrowing for our customers, so we're constantly reviewing our rates to ensure we're offering the best deal we can, and are pleased to be able to offer our lowest ever rate this Autumn.”