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M&S PERSONAL LOANS FOR DEBT CONSOLIDATION

Want to keep on top of your finances? A personal loan from M&S Bank may help.

Debt consolidation loans

Want to take back control of your finances? While many of us have debt, it can be harder to keep on top of what you owe when you have outstanding balances in lots of different places.

A debt consolidation loan is the process of merging debts into one loan, which may help simplify repayments into one single monthly repayment. It could also potentially save you money.

How do debt consolidation loans work?

Maybe you have outstanding credit card or store card balances, or perhaps you still need to pay off a loan you took out a while ago. Whatever the reason, with a debt consolidation loan you could gather your outstanding debts into a single personal loan with one monthly repayment.

By moving your debts from multiple places into one debt consolidation loan, you could also avoid paying the (potentially higher) interest rates on your other loans or credit card balances.

The benefits of a personal loan from M&S Bank

A personal loan from M&S Bank could help you manage your debts by keeping your total outstanding balance in one manageable place.

Take a look at our personal loan calculator to help you work out what you could afford to borrow:

Personal loan calculator

How much do you want to borrow?



Over how many months?



Existing customerFootnote 1
Start repaymentsFootnote††

Footnote 1[1] Enhanced rates on certain loans may be available to customers with an existing M&S loan, current account or card (where you’re the main cardholder).

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.

View more information on our loans rates and tiers

Representative example

Borrowing over months:

  • Monthly repayment £179.94
  • Total amount payable £10,796.40
  • Representative 3.1% APR
  • Interest rate of 3.1% p.a. (fixed)

Is a debt consolidation loan the best option for me?

Taking out a loan to pay off debt is a big decision. Always check and consider your options carefully before you change your borrowing arrangements.

If you are using any part of the 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 the 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.

By consolidating your debts with an M&S Personal Loan, you could benefit from:

  • The option to repay your loan over a period of 12 to 84 months on loans between £1,000 and £20,000, or over a period of 12 to 60 months on loans between £20,001 and £25,000
  • No arrangement or set-up fees
  • The option to make overpayments free of charge – this may reduce the amount of interest you pay
  • The option to defer payments for the first three months, while you get settled

To apply for an M&S Loan, you must have an annual income of at least £10,000, be a UK resident and be aged 18 or over. Customers who do not meet our normal lending criteria may be offered a loan at a different APR. This will depend on your personal circumstances. The loan amount and term you request will also impact the rate offered.

You can check your eligibility for an M&S Personal Loan with our Personalised Loan Quote tool. This can give you an indication of the terms on which we may be able to lend to you, without affecting your credit rating in any way.

Find out more about M&S Personal Loans about M&S Personal Loans