Can I top up my existing loan?
If you've already got an M&S Personal Loan and you want to increase the amount you borrow, you can apply for a second loan online. Please note, this means you'll be making two loan repayments each month. If you already have two M&S Personal Loans you'll need to call us on 0800 363 400 to discuss the possibility of increasing your borrowing further.
If you would prefer to top up an existing loan, so that you have just one monthly repayment, please call us on 0800 363 400.
What are the personal loan rates today?
Can I settle my loan early?
You can repay your loan partially or in full at any time. If you choose to do this, there may be a reduction in the amount of interest you have to pay. If you repay part of the loan early, your monthly repayment will stay the same but you may repay the loan more quickly. If you wish to repay your loan early please call us on 0800 363 400 for a settlement figure.
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.
Making overpayments
Making overpayments to your existing loan may reduce the amount of interest you pay. Customers can transfer electronically from their current account or pay by debit card. You can make overpayments free of charge by contacting our Customer Services team on 0800 363 400.
FAQs
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