Whether you’re looking for a £5,000 loan, a £10,000 loan or a £25,000 loan, one of the most important things you’ll need to consider is the potential interest rate you could pay over the duration of the loan period. Loan interest rates can vary depending on the amount you borrow and the loan term can also impact the loan rate you may be offered.
The table below outlines the illustrative APR and maximum APR you could pay if you apply and are accepted for an M&S Personal Loan:
| Loan amount | Term (months) | Illustrative APR | Maximum APR |
|---|---|---|---|
| £1,000 - £2,999 | 12 - 84 | 14.9% | 21.9% |
| £3,000 - £4,999 | 12 - 84 | 9.9% | 22.9% |
| £5,000 - £7,499 | 12 - 84 | 7.4% | 17.9% |
| £7,500 - £15,000 | 12 - 84 | 6.2% | 14.9% |
| £15,001 - £20,000 | 12 - 84 | 6.2% | 15.9% |
| £20,001 - £25,000 | 12 - 84 | 6.9% | 12.8% |
Credit subject to status to UK residents only. To apply you must have an annual income of at least £10,000 and be aged 18 or over. The loan amount and term you request will also impact the rate offered.
Interest
- Representative APR indicates the Annual Percentage Rate of charge, which includes interest and any fees associate 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.
- At the start of the loan, we calculate the total amount of interest payable (total cost of credit) over the term of the loan. We calculate the interest due from each monthly repayment based on the number of days between repayments and the outstanding capital balance. This means we collect a higher proportion of the total interest at the start of the loan, when the capital balance is bigger, and a lower amount towards the end.
- If there are delays between repayments, then more interest will accrue during that period. For example, this can happen if the payment date you choose is more than one month after the date you sign your agreement, or if you take a payment holiday that isn't shown in your credit agreement. Although we will never charge more total interest than shown on your credit agreement, this could mean that the rebate you get for settling your loan early is lower, or can go down to zero.
Interested in taking out a personal loan?
Use our personal loan calculator to see how much your repayments are likely to be on the amount you would like to borrow. Explore the possibilities of what you can do with a personal loan in our guide.
Loan management
Need to top up your loan? Thinking about an early settlement? If you've already got an M&S Personal Loan, we can help you manage it.
