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Published 12 May 2023

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 review are from our partners who compensate us. This may influence which products we write about and the product we choose in our ‘promotion’. However it doesn’t influence our reviews. Our opinions are our own.

M&S personal loans: At a glance 

M&S Bank offers the chance of an instant online decision and the option to delay starting your repayments for up to three months. 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. 

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

  • Representative APR
  • Representative Example
    Representative APR 4.9%. Based on a loan of £10,000 over 60 months at an interest of 4.9% p.a. (fixed). Monthly repayments of £187.77. Total amount payable £11,266.20.
  • Available amounts
    £1,000 to £25,000
  • Available Terms
    1 to 7 years
  • Joint Loans
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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.
  • You can change the monthly repayment date (but only twice per year).
  • There are multiple ways you can contact M&S Bank – by phone, email, live chat and online banking.


  • You may need to pay interest charges to pay off your loan early.
  • There are no payment holidays.
  • It can take between three and 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.

M&S loan overview

Launched in 2012, M&S Bank is a joint venture between HSBC and Marks & Spencer. It offers a range of finance products and services, including online banking, credit cards, insurance and personal loans.

With an M&S personal loan, you can borrow between £1,000 and £25,000. This can then be repaid for anywhere between one to seven years. You don’t need to have an existing account with M&S Bank to apply for its personal loan.

Loan amounts£1,000 to £25,000
Term lengthOne to seven years
Time to receive funds after approvalThree to five working days
Need to have an account with the provider?No
Customer supportPhone, online, social media
Trustpilot rating1.2 stars (19 April 2023)*

*Trustpilot reviews are for M&S Money, the former name of M&S Bank.

Where M&S personal loans stand out

Where M&S personal loans fall short

What types of loans does M&S offer? 

Unsecured loans

The personal loans offered by M&S Bank are unsecured loans – this means you don’t need to put forward an asset that you own as security for the loan. 

With an unsecured personal loan, the amount you borrow and the interest you’re charged is paid back in fixed monthly repayments. How many repayments must be made will depend on the loan term you choose when taking out the loan.

The interest rate charged for taking out an M&S loan depends on your personal circumstances, the size of the loan, and the length of the loan term. M&S Bank has a handy table on its website outlining the illustrative rates you could pay for various loan amounts across different terms. 

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. 

M&S personal loans can be used for a wide variety of reasons, including to buy a car, for debt consolidation, and to help pay for home improvements, holidays and weddings. 

» MORE: Try our personal loan calculator 

Joint loans

M&S Bank loans are only available to individual borrowers, so if you want to take out a joint loan with someone else, you’ll need to look to other lenders.

Be aware that if you take out a joint loan with someone, your credit files will be linked. You would both be jointly responsible for paying back the loan, and any missed payments will affect both of your credit scores. 

Bad credit loans

Unlike many other lenders, M&S Bank doesn’t specifically state you need a good credit score to apply, though it is likely this will give you a greater chance of getting approval for a loan. 

It’s important not to apply for loans you are unlikely to get because unsuccessful applications will harm your credit rating, making it harder to borrow money in the future.

M&S eligibility criteria

To qualify for a Marks & Spencer loan, you must:

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

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

You can check your eligibility for an M&S 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 loan features reviews

Managing repayments

An M&S loan offers some flexibility in managing your repayments.

Borrowers can change the date on which monthly repayments are taken, but only up to twice a year. You can also choose to delay the start date for making repayments by up to three months – the option to defer could be useful if you need some time out ahead of starting to pay back your loan. 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. 

A flexible feature that isn’t available is the option to take a payment holiday once your loan is up and running. But remember, taking a payment holiday will increase the overall cost of the loan in any case. 

Making overpayments

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

Paying off a loan early

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 potentially save interest overall. If you want to clear your debt early, you can call or write to M&S 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 or top up your existing loan.

If you choose to top up your loan, M&S will arrange a new loan for you based on your remaining balance and the extra amount you want to borrow, and use it to pay off your original loan. This means you may end up with a different interest rate.

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

Customer support

M&S Bank offers several ways for borrowers to get in touch, including by phone and post. If you have signed up for the bank’s internet banking or have the M&S banking app, you also 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 below-par rating of 1.2 out of 5, based on over 800 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 66% for the personal loan customer experience the bank delivers is the joint third highest score overall. 

This information was correct as of 19 April 2023.

How can I apply for an M&S personal loan?

You apply for a new M&S loan online but can also call for support if you find it difficult to complete your application.

When applying for an M&S loan, you’ll be asked to supply information and documentation, such as your income and employment details, your monthly outgoings, and your current address. This is so the bank has the information it needs to carry out various credit and affordability checks.

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 personal loan, you’ll be asked to share:  

» 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 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 loan to be paid into your bank account.

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 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 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 Ltd UK we base our reviews on the results of surveys we conduct to understand what key product features are important to those who use them, and align them to the product we review.

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 it is likely there are others available that we have not reviewed. The review is our opinion, but it does not constitute advice, recommendation or suitability of your financial circumstances.

You can view our review methodology here.

About the Author

Tim Leonard

Tim is a writer and spokesperson at NerdWallet who has over 20 years’ experience writing about almost all aspects of personal finance. During his career at Moneyfacts, Virgin Money and…

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