Marks and Spencer Loans

Marks & Spencer are simply a phenomenon in British culture. Firstly they were known for their women’s underwear however they have diversified quite significantly since then, now becoming well-known for their high quality food and of course, financial services.

The money section of their website informs you of the products they currently supply in their portfolio with a rich and colourful design. Travel insurance, credit cards and savings products are all on offer in addition to personal loans.

Their current rates for personal loans borrowers are a low six point two percent for those wishing to borrow between ten and twenty five thousand pounds. Now one of the best features of the Marks & Spencer personal loans is your ability to take a repayment holiday. Whilst this feature can be common in mortgage loans it is rarely seen in personal products and is a highly useful feature. Think about it, you have a tight month coming up financially and then something unexpected occurs. This can be anything such as washing machine breakdown when not under warranty, car breakdowns, family emergencies which require some additional spending. It can happen to anyone but when finances have little room for management, especially with the personal loan payment necessary it can be extremely difficult to find the money. With payment holidays allowed you can waive payment and free up some money should you need it. A very well-thought out feature and should be considered for those who want reassurance they can spend the money (which would otherwise go towards personal loan repayment) elsewhere for a month or two if needed.

If you wish to use your personal loan for the purposes of car buying then Marks & Spencer offer additional features for this common use of credit. Here you can defer payment until the end of your loan, thus removing this sum from your loan. Because of this you will not pay interest on that portion, instead paying it in lump sum form at the end of the loan. So if you need a personal loan to buy a car, and anticipate later having finance available for this type of deal it should certainly be considered as it could save your money in interest payments.

Application for one of their personal loans is easy, with an online form available provided you have the necessary details required to fill it in completely.