You are about to apply for an M&S Personal Loan online.

As a responsible lender we work with you to ensure you can afford your borrowing over the whole Loan term.

If you can foresee changes in your circumstances that may increase your outgoings or reduce your disposable income then please get in touch with our Customer Service team via our contact us page.

Changes to consider are:

• Employment situation changes; imminent retirement, maternity, paternity or extended leave.
• Reduction in working hours; fixed contracts end dates or zero hour contracts.
• Increase in living costs; rent or mortgage repayments.

If you are using any part of this loan to pay off or reduce existing loan(s)/debts (including combining these into a single loan), it is important to consider not just the interest rate and monthly repayments, but also the term of this loan compared to the remaining term of your existing loans/debts.

Spreading your payments over a longer term means you could end up paying more overall than under your existing arrangements, even if the interest rate on this new loan is less than the rates you are currently paying.

You should also consider if any early repayment charges apply and if this form of borrowing is appropriate for your circumstances.

Loan settlement 

If your M&S Personal Loan sort code and account number is 14 digits long (starting 40), you can register for the M&S Bank app. Within the app you can request a settlement figure by selecting your personal loan, ‘Make a payment’, ‘Request settlement amount’.

If you cannot register for the app, visit our contact us page for details on how to get in touch.

Repaying your loan in full early

At the start of your loan, we will work out the amount of interest we can charge. Regulations set out the formula we need to use to work this out.

The formula allows us to charge daily interest from the date we gave you the loan up until 28 days after we receive your notice that you want to repay all of the loan early. It also allows us to charge an additional month of interest if your loan agreement said that your loan was repayable over a period of more than 12 months.

Usually, the amount of interest we can charge will be reduced as a result. In these cases, we’ll refund you the difference between the interest included in the total amount payable and this reduced amount of interest. We will refer to this refund as a ‘rebate’ in our communications with you.

Impacts of a past delayed repayment

Sometimes we might not reduce the amount of interest we can charge. This could happen where your loan lasts longer than we state in your loan agreement. For example, where you have selected a repayment date that is later than one month after we give you the loan, and as a result your first repayment is delayed, or you have been late making your monthly payments.

If this happens, your monthly repayments towards the start of the loan will pay off more of the interest amount compared to if your loan lasted as long as we state in your loan agreement. But we’ll never actually charge you more interest than is included in the total amount payable. So once you’ve paid the amount of interest included in the total amount payable, your remaining monthly repayments will just pay off the loan amount.  

This is why we might not reduce the amount of interest we can charge. Because even though you’re repaying your loan early, the full amount of interest will have already been paid or become payable.

Representative APR indicates the Annual Percentage Rate of charge, which includes interest and any fees associated with a loan. You can use it to compare different credit and loan offers. Please note, there are no fees associated with this loan.

Interest rate per annum (fixed) indicated the amount you have to pay back on top of the amount you borrow, described as a percentage.

Repaying your loan in full early

At the start of your loan, we will work out the amount of interest we can charge. Regulations set out the formula we need to use to work this out.

The formula allows us to charge daily interest from the date we gave you the loan up until 28 days after we receive your notice that you want to repay all of the loan early. It also allows us to charge an additional month of interest if your loan agreement said that your loan was repayable over a period of more than 12 months.

Usually, the amount of interest we can charge will be reduced as a result. In these cases, we’ll refund you the difference between the interest included in the total amount payable and this reduced amount of interest.  We will refer to this refund as a ‘rebate’ in our communications with you.

Impacts of a past delayed repayment

Sometimes we might not reduce the amount of interest we can charge. This could happen where your loan lasts longer than we state in your loan agreement. For example, where you have selected a repayment date that is later than one month after we give you the loan, and as a result your first repayment is delayed, or you have been late making your monthly payments.

If this happens, your monthly repayments towards the start of the loan will pay off more of the interest amount compared to if your loan lasted as long as we state in your loan agreement. But we’ll never actually charge you more interest than is included in the total amount payable. So, once you’ve paid the amount of interest included in the total amount payable, your remaining monthly repayments will just pay off the loan amount.

This is why we might not reduce the amount of interest we can charge. Because even though you’re repaying your loan early, the full amount of interest will have already been paid or become payable. 

When we check your details with a credit reference agency, a search/enquiry is registered to say that you've applied for credit today. As part of our checks, we link your name with individuals associated with you financially, and any previous names you've provided. The credit reference agencies will record details of your application which will form part of your credit history whether or not you proceed, and if you make several applications for credit within a short period of time, this may temporarily affect your ability to obtain credit.

We'll also check your details with a fraud prevention agency to prevent fraud and money laundering. If you've provided false or inaccurate information (and fraud is identified) we'll pass your details to fraud prevention agencies. If you want, we can explain how your information held by fraud prevention and credit reference agencies may be used.

Credit is subject to status. Customers who do not meet our normal criteria may be offered a different APR to our standard rates. The amount and term you request will also impact the rate offered.

When borrowing with an M&S Personal Loan you should consider your ability to maintain the monthly repayments should your circumstances change.

M&S Bank does not currently sell payment protection insurance to protect you in the event of unemployment, sickness or accident. However, there are products in the market that will do this and insurers who sell this cover.

You can find useful information on the MoneyHelper website including information about payment protection insurance.

Your gross annual income is the amount you receive before tax, national insurance and any other deductions. This includes self-employed income and any pensions.

If you receive income from a zero hours' contract, please include your average earnings for the last 12 months with the same employer.

Please include any benefit income when guaranteed for the duration of the lending. These include, but are not limited to:

• Universal credit (not including job seekers allowance).
• Working family tax credits & child tax credits.
• Any maintenance or child support payments.
• Benefits for those with a disability or caring for a dependent.
• We may need to see evidence of these payments.