M&S Bank has unveiled its lowest ever personal loan rate as it now offers a best-buy rate of just 4.7 per cent on loans between £7,500 and £15,000.
The deal is available exclusively to existing M&S current account, credit card and loan customers.
New customers will be able to secure a rate of 4.8 per cent for loans of the same value if they have a very good credit rating.
Existing M&S Bank customers can also benefit from the providers lowest ever mid-value and high-value loan rates, with exclusive rates of 6.1 per cent APR for loans between £5,000 and £7,499 and 6.7 per cent APR on loans between £15,001 and £25,000.
Colin Kersley, M&S Bank Chief Executive, said: “Being conscious of the need to reduce the cost of borrowing, we are always reviewing our rates to ensure that we’re offering the best rates we can; something we’ve once again been able to do for both new and existing customers.”
To qualify for an M&S Bank loan applicants must be aged over 30, be a homeowner and have an annual income of at least £10,000.
M&S Bank offers personal loans from £1,000 to £25,000 over 12 to 60 months with the option of making no payments for the first three months, subject to lending criteria.