Debt consolidation loans

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

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What is debt consolidation?

Debt consolidation refers to combining multiple high-interest debts, such as outstanding credit card balances, personal loans, or store card credit into a single debt, leaving you with one monthly repayment to keep on top of.

Learn more about debt consolidation

What is a debt consolidation loan?

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.

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.

Benefits of a debt consolidation loan with 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.

Use our personal loan calculator to help you work out what you could afford to borrow.

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.

Already have a personal loan with M&S Bank? Manage your existing M&S Loan.

Debt Consolidation loan calculator

Calculate your estimated loan repayments

How much do you want to borrow?



Over how many months?



Existing customerFootnote 1

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
  • Total amount payable 
  • Representative 
  • Interest rate of  (fixed)

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.

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

  • Borrow between £1,000 and £25,000
  • The option to repay your loan over a period of 12 to 84 months
  • No arrangement or set-up fees
  • The option to make overpayments free of charge – this may reduce the amount of interest you pay

You can check your eligibility for an M&S Personal Loan with our Loan eligibility checker. 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

Debt worries

If you have an M&S Credit Card or M&S Personal Loan and you’re concerned about your financial situation, please call us on 0345 900 0900.

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Learn more about applying for a personal loan

Why you might need a personal loan?

A personal loan can be a good way to pay for home improvements or buy a new car.

What is a personal loan?

Learn more about a way of borrowing money to fund a big purchase.

How to apply for a personal loan

We explain how to apply for a personal loan, so you know exactly what to expect.