M&S Cut Personal Loan Rates

Mon, 09 Nov 2009

At a time when interest rates on personal loans are creeping up, M&S Money has reduced rates on its personal loan products by more than 1 per cent. Although still 1 per cent behind the best buy deals of 7.7 per cent, personal loans from M&S now have an interest rate of 8.7 per cent – a rate which is also available on the M&S Car Buying Plan. The rates apply to loans of between £7,500 and £15,000.

The M&S Car Buying Plan gives new car buyers the option to defer a fixed amount of their loan. Borrowers are also given the choice of paying back the remainder of their loan in a lump sum or monthly instalments, while they can also sell the car and use the money to pay off the rest of their debt . The deal is the latest incentive for borrowers to opt for M&S rather than car finance deals, after a 10 per cent cashback reward which was offered to customers in the summer for loans used for new car registrations .

M&S Money was bought by HSBC in 2004 having been founded by the financial services division of Marks and Spencer Group plc. in 1985.
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