During these times of inflation and unstable economic conditions, it is hard to achieve your financial goals. But you will still find some platforms helping and making way for the locals, where banks are the most prominent ones. These financial institutions play a major role in empowering businesses and individuals through various financial services. One such, which is in demand, is offering loans. Whether you need money to start a business, want some cash for personal causes, or in any other emergency situation, loans are always a good idea.
Among the famous banks is the M&S Bank, which is known for offering M&S Bank loan, among other services. You can enjoy facilitating yourself through its different services, including personal loans, credit cards, mortgages, and other insurance products. If you need cash in hand to fulfill your financial needs, then look no more M&S Bank is undoubtedly a great option. Find more about this bank, their loan policies, eligibility criteria for the loans they provide, and much more on this platform.
What is M&S Bank?
M&S Bank, or Marks and Spencer Bank, is a retail bank based in the United Kingdom. It is the financial division of the famous Marks and Spencer retailers in the United Kingdom. They have been known to provide loans since 1989. In 2012, M&S Bank opened its first branch in Marble Arch. They offer different financial services such as personal loans, travel insurance, and other insurance products like cars, mortgages, and credit cards etc.
Types of M&S Bank Loans
The two main types of loans provided by M&S Bank are mentioned here in detail:
Personal Loans
A personal loan is used for any reason you need a large amount of cash. Whether you want to buy something or are planning an event, you can get a personal loan without relying on any of your savings. A personal loan could be used for the following reasons:
- For buying a car.
- For home renovations.
- To pay for a wedding.
- To go on a holiday.
- For any emergency medical condition.
A repayment term is agreed upon before getting the loan, and you can repay the bank over this period. The amount of money you repay at each repayment depends upon the amount of loan you get. M&S Bank offers unsecured personal loans, which means you do not need to offer any of your assets as a security. You just have to repay the bank in fixed monthly payments.
Bad Credit Loans
M&S Bank loan does not require or demand proof of good credit. Although this helps in the approval of the loan, you can still get a loan from them if you have bad credit. Make sure to avoid applying for loans that you are unlikely to get, as they can badly affect your credit rating.
What are the Requirements for a Personal Loan?
The requirements for a personal loan may vary for each individual. However, some requirements they consider while granting a personal loan are mentioned here:
Credit Score
This is your financial history. The higher your credit score, the higher your chances of getting a loan with lower interest rates.
Income
You need to have a stable income to get a loan from M&S Bank. They will check your debt-to-income ratio to see whether you will be able to repay them. A low debt-to-income- ratio suggests that you will be able to pay the loan comfortably.
Credit Report
Lenders also check your credit report to see how you dealt with money in the past. Any record of late payment or bankruptcy can affect your repute and make it hard for you to get a loan.
Eligibility Criteria for M&S Bank Loan
To be eligible for an M&S Bank loan, you need to fulfill the following criteria:
- You must be 18 years or older.
- You must be a resident of the United Kingdom.
- You must have an annual income or pension of about £10,000 before tax.
- You must go through an eligibility checker before applying for the loan.
- You need to pass other affordability assessments and credit checks before getting approved for a loan.
How to Apply for an M&S Bank Loan?
You can apply for the loan through their website online. If you need any assistance while filling out the application form then you can also contact them for support. You will need to provide some information to the bank that they require for affordability and credit checks. After analyzing your complete application, the bank will send you a loan agreement in your email for you to sign and send it back.
What Information is Required to Apply for a Loan?
The information required to apply for the loan includes:
- You need to provide your bank account number or sort code.
- You need to provide your email ID.
- You need to provide them with your current address.
- They require your employment and income details.
- They also require details of your monthly expenditures.
Pros of M&S Bank Loans
- You can borrow between £1,000 and £25,000.
- You have the advantage of repaying the loan in over 12 to 84 months.
- There are no arrangement or setup fees.
- Loans are available for existing customers as well as for new ones.
- There are no late payment fees.
- They offer market-competitive annual percentage rates (APRs).
- M&S Bank has positive ratings when it comes to customer experience.
- If you are not comfortable managing your finances online, you can also get quotes from the bank over the phone.
- You can choose to delay the start of your repayments for three months.
Cons of M&S Bank Loans
- You need to have an income of £10,000 to apply for the loan.
- There are some annual percentage rates (APRs) that are reserved for existing M&S Bank customers with loans or credit cards.
- They do not provide joint loans, so if you are looking to get a joint loan with your partner, then you need to choose another lender.
- It takes 3 to 5 working days for you to have the loan in your account.
- You can get a maximum loan of £25,000, so if you need more than that M&S Bank is not the right choice for you.
Additional Features of M&S Bank
M&S Bank has some additional features that make it more reliable as a lender. The following points explain these additional features in detail.
Offer to Manage Repayments
M&S Bank offers flexibility to manage repayment dates. Customers can change their repayment dates, but only twice a year. Customers can even choose to delay their first repayment for up to three months. However, changing the repayment dates can affect the interest rate on your loan.
Allow for Overpayments
This bank allows you to make overpayments for a loan. This will not reduce your upcoming payments, but you can pay your loan earlier than the usual repayment term. By making overpayments, customers have to pay a lower interest rate.
Allow Early Loan Payment
M&S Bank allows its customers to make an early payment at any time during their repayment period. Customers can clear off their loans fully at any time they want. In this way, you can save yourself from paying the overall interest.
Offer Additional Borrowing
M&S Bank offers additional borrowing. If you think you need extra funds at any time, you can contact the bank for an additional loan. In this case, the bank will arrange a new loan for you, but this will affect the overall interest rate. You can choose to top up your existing loan or get a new loan; it is up to you.
Good Customer Support
There are different ways to contact the bank. They have excellent customer support. You can contact them through phone or email, and if you have their mobile banking app, you can use online chat to connect with a representative.
Conclusion
Banks are important financial institutions as they help people to deal with their financial troubles. M&S Bank is one such bank offering great financial services to its customers. From providing them with personal loans to handing out travel insurance and offering other products such as credit cards. Based in the United Kingdom, this bank is well-regarded for its M&S Bank Loan offerings. They offer loans of up to £1,000 and £25,000 that you can repay over 12 to 84 months. To apply for an M&S Bank Loan, customers simply need to complete an online form. Once approved, the funds will be transferred to their accounts within 3 to 5 working days.
Frequently Asked Questions (FAQs)
Following are some frequently asked questions about M&S Bank loans:
How long does it take to get a loan from M&S Bank?
Your loan grant decision is taken within two days, and if it is approved, the loan will be transferred to your bank accounts within 3 to 5 working days.
How much money can you borrow from M&S for a personal loan?
You can borrow between £1,000 and £25,000 with an M&S personal loan.
Is it possible to withdraw from a loan agreement?
You can withdraw from an agreement within 14 days. You don’t need to inform them why you want to withdraw, just call them or post them within 14 days after the agreement.
How long is the repayment term for a personal loan?
The repayment term for a personal loan is 12 to 84 months.
