Marks & Spencer Money Loans Review

Marks & Spencer Money Loans is more famously known as the United Kingdom’s “grand mall” retailers. Starting from a very humble beginning of having a stall in London to more than 450 outlets within the country itself, Marks & Spencer gradually managed to collaborate with a number of banking establishments in order to come up with the business idea of Marks & Spencer Money Loans.

Marks & Spencer Money Loans offers money loans to its consumers for almost every need of theirs. Right from personal to automobile loans, the range of services offered by Marks & Spencer Money Loans is huge. There are a number of loan options available which could vary from personal to not so personal purposes.

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Some of the loan options include:

• Marks & Spencer personal loan
• Marks & Spencer car loan
• Marks & Spencer secured loan

M & S Personal Loans

Marks & Spencer personal loans are available for almost any purpose right from giving a facelift to your home to going on a holiday with the family. It has been awarded the ‘Best Personal Loan Provider’ prize by Your Money Direct for the year 2008. Marks & Spencer personal loans are available for any amount ranging from £7,500 to £25,000 and come with typical APR of 9.9%.

Benefits

• These loans are available for almost any purpose.
• M & S personal loans come with a great rate – a typical APR of just 9.9%.
• There is an option to defer repayments for initial 3 months.
• The payment is to be made in easy fixed monthly instalments.

Limitations

• The loan is only available for residents of UK who are 18 years and above.
• If you defer payments for first three months you will have to pay interest for these 3 months also apart from the loan period.
• Those who do not meet the normal lending terms are offered loans at a different and higher rate of APR which depends on their financial situation.

Car Buying Plan

Marks & Spencer car buying plans are available for all purposes, be it a car, used car, motorbike, boat or even a caravan. You can apply online and avail these car buying plans for loan amounts varying from £7,500 to £25,000 at a typical APR of 9.9%.

Benefits

• Good rate of interest – a typical APR of just 9.9%.
• Payment in fixed monthly instalments.
• Option to choose payment terms for the deferred amount. You can pay it in lump sum, low monthly instalments or by selling the car, repaying the deferred amount and using the rest to buy a new car under another car buying plan.
• Repayment amount can be reduced by opting to defer payments for up to 60% of the loan amount.

Limitations

• The APR is different and higher for those who do not meet the normal lending terms.
• The loan is for UK residents of 18 years and above.
• The amount that you can defer is not variable and depends on the terms of your loan.
• M & S does not offer payment protection insurance. So you should always take into consideration your ability to repay in case of any untoward happenings like sickness, unemployment and accident.