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Published 26 April 2024
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M&S Loan Review: Pros, Cons & Features

An M&S Bank loan offers the potential of quick approvals and the ability to delay starting your repayments for three months. Learn more in our M&S loan review.

Many or all of the products and brands we promote and feature including our ‘Partner Spotlights’ are from our partners who compensate us. However, this does not influence our editorial opinion found in articles, reviews and our ‘Best’ tables. Our opinion is our own. Read more on our methodology here.

An M&S Bank loan gives you the option to delay starting your repayments for up to three months, which isn’t a common feature among the loans that we’ve reviewed. Depending on your circumstances, this could be useful, but choosing to do so will mean your loan costs more to repay over its full term. 

Its application process performs well, with clear and detailed information on its website. You may get an instant decision and there’s a calculator you can use to check how much a loan may cost you over different payment terms. 

But if you’re looking for a larger loan or the fastest turnaround time to get your funds, bigger and quicker loans are available elsewhere.

» MORE: Compare best personal loan providers

NerdWallet Review Rating


M&S Bank

See how we rate our lenders below.

Important information: Neither the review nor the star ratings considered the lender’s lending rates or representative APR, and therefore does not reflect how much they charge to borrow with them. The rates on this page have been provided as additional information. Always check and compare a lender’s rates against others on the market when considering a loan. The rate you are offered will be dependent on your personal circumstances, loan amount and term and may differ from the representative APR.

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Remember, if you’re considering a loan it’s sensible to only borrow what you need and pay it back as quickly as possible based on what you can comfortably afford to repay each month.

M&S Bank Personal Loans

M&S Bank Personal Loans
  • Representative APR
  • Representative Example
    Representative APR 6.2%. Based on a loan of £10,000 over 60 months at an interest of 6.2% p.a. (fixed). Monthly repayments of £193.47. Total amount payable £11,608.20. Maximum APR 22.9%
  • Available amounts
    £1,000 to £25,000
  • Available Terms
    1 to 7 years
  • Joint Loans

Always check terms & conditions for suitability before applying.

Eligibility Criteria
  • Must be over 18
  • Must be a UK resident
  • Must have an annual income of at least £10,000

Learn more about how we bring you our review.

M&S loans pros & cons


  • You can defer the repayment start date by up to three months (but it will mean your loan costs more to repay over its full term).
  • There are multiple ways to contact M&S Bank – by phone, live chat and online banking.


  • You may need to pay interest charges to pay off your loan early.
  • It can take three to five working days to get the loan in your account.
  • Joint loans are not available.

The pros and cons featured here are chosen by us based on a combination of our expert opinions from our research of the personal loans market and an exclusive survey of UK consumers conducted on behalf of NerdWallet UK in February 2023 to identify the features of personal loans that people feel are most important. They are unlikely to be the only product features and restrictions that you should consider. Pros and cons are subjective and you should align them to your personal circumstances. Information was correct at the time of publication but may have changed since.ut can also call for support if you find it difficult to complete your application.

M&S loans overview

Amount borrowable£1,000 to £25,000
Term lengthOne to seven years
Time to get a decisionInstant
Time to receive funds once approvedThree to five working days
Need to have an account with the providerNo
Customer supportPhone, online, social media

How do we rate personal loans from M&S Bank?

We’ve assessed a selection of UK loan providers and rated each against a set of criteria that take into consideration what loan customers tell us are the most important product features. 

Here’s what we review and how M&S Bank performs:

CriteriaStar rating
Flexibility3 stars
Application process5 stars
Available customer support3 stars
Overall (The overall score is weighted in favour of the features borrowers told us they consider most important)3.5 stars

NerdWallet’s star rating assessment criteria does not include the lender’s product lending rates or fees. Always check and compare a lender’s rates against others on the market when considering a loan.

Category definitions


A flexible loan gives customers a choice of funds, terms and payment options. That means offering a wide range of loan amounts and repayment term options, allowing the borrower to change their payment date and make overpayments, for example.

Application process

The best application processes are quick and easy, with clear eligibility criteria, soft checks and multiple ways to apply to suit different customers’ needs.

Available customer support 

Good customer support can include clear information on the lender’s website and a customer service team that’s available most of the time and can be reached in multiple ways.

Where M&S loans stand out

A wide range of loan terms 

M&S Bank offers a fairly extensive range of repayment terms spanning from one to seven years. It is possible to find a term of up to 10 years elsewhere, but equally, some lenders only offer loans for up to five years.      

You could delay the start of repayments 

With an M&S Bank loan, you can choose to delay making your first repayment for three months. This is a useful option if you need a bit of time before starting to pay back your loan. 

You could get a quote over the phone

For those who are unable to sort their finances online, or aren’t entirely comfortable with it, there is the option to get a quote for an M&S Bank loan over the phone as well as online.  

M&S Bank ranks well for a positive customer experience

M&S Bank places third in Fairer Finance’s ranking of lenders for customer experience, scoring loan providers on factors such as customer happiness and customer trust. The review site’s ratings are specific to personal loan providers and correct as of 24 April 2024.

Where M&S loans fall short

It takes time to get funds

M&S Bank says it will take three to five working days for the funds to land in your account once you’ve signed and returned your loan agreement. If you need the money in a hurry, some lenders promise to deliver funds within hours of approval.   

It offers smaller loan amounts

The most you can borrow with an M&S Bank personal loan is £25,000. This might be enough, but for those looking for a larger loan, you could apply for up to £50,000 with other lenders we’ve reviewed.  


You could borrow as little as £1,000 using an unsecured personal loan from M&S Bank, up to a maximum of £25,000. It’s possible to choose a repayment term of between one and seven years. 

The loan amounts and repayment periods available from M&S Bank are typical of other lenders we’ve reviewed, however if you’re looking to fund a bigger spend, there are larger loan amounts available elsewhere.

You can choose to apply for an M&S Bank loan for a variety of reasons, for example to help pay for a holiday, home improvements, or a wedding.

Joint loans

M&S Bank doesn’t give you the option of applying for a joint loan – you can only apply for a loan as a single applicant. If you want to apply with a partner, family member, or other individual, you’ll have to look for an alternative lender.


When you take out a loan from M&S Bank, you can choose to defer your first payment for three months. This is not a common feature among the loans that we’ve reviewed, so M&S Bank could be worth considering if you need some time before starting to pay back your loan. But be aware interest is still accrued before you begin making repayments, so deferring will mean your loan costs more to pay back over its full term.

However, M&S Bank doesn’t offer as much flexibility as some of the lenders that we’ve reviewed. For example, it’s not possible to choose your payment date when applying, though you can change it during the loan term (but only twice in any 12-month period). 

Keep in mind that changing your payment date could result in paying more or less, depending on how the interest is charged on the loan.

Extra repayments

You can make overpayments on an M&S Bank loan without incurring a charge by calling or writing to the lender. Overpaying won’t lead to a reduction in your future monthly payments but does mean you could pay off your loan quicker. This could help lower the interest you’d otherwise pay overall. Always check the terms of your loan, because overpayment amounts can be capped.

It is possible to fully pay off your loan at any time. While a charge equal to one month’s interest is payable on the amount that is being repaid early, you could still save interest overall. If you want to clear your debt early, you can call or write to M&S Bank and ask for a settlement figure, or contact the bank online through internet banking or the mobile app.

Additional borrowing

If you need extra funds, you may be able to take out a second loan with M&S Bank or top up your existing loan. 

Taking out a second loan with M&S Bank means that you will have two monthly repayments. Topping up your loan will typically pay off your existing debt and replace it with a new loan so that you only have one monthly repayment, but you may pay a different rate of interest.

Any additional borrowing is likely to be assessed based on your current circumstances at the time you apply for your new loan.

Application process

The M&S Bank loan application process is only let down by the time it takes for the funds to reach your account. After being approved for a loan and sending back your loan agreement, it can take three to five working days for your M&S Bank loan to be paid into your bank account. Other lenders we’ve reviewed can pay the funds into your account instantly, or in a matter of hours.

Otherwise, M&S Bank’s application process is typical of other lenders we’ve reviewed. You apply for a new M&S Bank loan online but can also call for support if you find it difficult to complete your application.

There is a simple loan calculator you can use to get an idea of the monthly repayments you might make and the amount you could repay overall. You can also get an instant decision, and M&S Bank’s website is clear about who is eligible for a loan.

If your application is successful, M&S Bank will send you a loan agreement by email to sign and return. 

What information do I need?

When applying for an M&S Bank personal loan, you’ll be asked to share:  

  • your bank account number and sort code 
  • your email address 
  • details of your current address (and previous address if you’ve been there under three years) 
  • employment and income details
  • details of your monthly expenditure

» MORE: How to get a personal loan

How long does it take to apply?

As long as you provide all of the information required when you apply, and M&S Bank doesn’t need to make any additional checks, it’s possible to get an instant approval decision on your application. The bank aims to make contact about a decision within two working days. 

If you’re approved and return your loan agreement, it can take three to five working days for your M&S Bank loan to be paid into your bank account.

Availability of customer support

We’ve scored an M&S Bank loan three stars for the availability of customer support, which falls short of other lenders that we’ve reviewed. While you can speak to a customer service representative over the phone, and M&S Bank responds to customers through dedicated social media accounts, M&S Bank doesn’t list an email address that you can use to contact them.

If you have signed up for the bank’s internet banking or have the M&S Bank app, you do have the option to use online chat.

Customer ratings

Reviews of M&S Bank are mixed, depending on where you look. 

On Trustpilot, Marks & Spencer Money, the former name of M&S Bank, has a ‘Bad’ rating based on over 1,000 reviews. It is worth noting that the reviews relate to M&S Bank’s services as a whole, and not just its personal loans.

On the other hand, Fairer Finance, which produces ratings specifically for personal loans, is more positive. A rating of 68% for the customer experience the bank delivers for its loans is the joint third highest score overall. 

This information is correct as of 26 April 2024.

Am I eligible for an M&S loan?

To qualify for a Marks and Spencer bank loan, you must:

  • be over 18 years old
  • be a resident of the UK
  • have an annual income or pension of at least £10,000 before tax

You will then also need to pass the relevant credit checks and affordability assessments the lender carries out. 

If you don’t meet its normal eligibility criteria, M&S Bank says you might be offered a different interest rate to those it offers as standard. 

You can check your eligibility for an M&S Bank loan and get a personalised quote without affecting your credit rating on the bank’s website or over the phone. A credit check will only be carried out if you decide to formally apply for a loan. 

As an alternative, you could consider using a loans eligibility service to conduct a soft credit search across multiple lenders. This would show you the likelihood of a successful application against several different loans, without affecting your credit score. But check the details of the service you use to make sure it only uses soft searches and how many lenders it checks.

» MORE: Am I eligible to get a personal loan?

M&S Bank frequently asked questions

What is the cooling-off period for an M&S loan?

You have 14 days to withdraw from an agreement for an M&S Bank personal loan. You must contact the bank by phone or post within those 14 days but you don’t need to give a reason why you want to withdraw.

How do I contact M&S loans? 

If you already have an M&S Bank loan and are registered for digital banking, you can access a customer service agent live online through internet banking or its mobile app. Alternatively, you can contact M&S Bank over the phone or by post.

Review methodology

At NerdWallet UK, we base our reviews and our ‘Best’ pages on the results of surveys we undertook about what was important to people who use these products. This allows us to look at products impartially of any commercial arrangements we have and fairly rate the products on the same set of criteria.

Best means our ‘Best’ and is based only on what products we have aligned to our surveys, which form the basis of our reviews and ratings. This means that there will be other products on the market that we have not included in our ‘Best’ pages. Best does not mean it’s best for you, nor does it mean the ‘cheapest’.

Our reviews may display lenders’ rates. This additional information has not been included in our evaluations but is still very important when choosing a product. Rates offered can depend on circumstances, amount and term. Always check details before proceeding with any financial product.

Product details reflect the information that was available at that time but may have changed since. We strive to give you a review on as many products as possible, but there will be products not included on the market. The review is our opinion, but it does not constitute advice, recommendation or suitability for your financial circumstances.

You can view our full review methodology here.

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