M&S Money offers cashback on personal loans
Consumers looking to compare loans may be interested to know that those who take out personal loans with M&S Money are being offered a 25 per cent cashback reward.
Consumers looking to compare loans may be interested to know that those who take out personal loans with M&S Money are being offered a 25 per cent cashback reward.Available until October 29th, the offer applies to all loans taken out over 36 months or more. It is also available with the M&S Car Buying Plan.
Once customers have made their final loan payment, they will be given a refund totalling 25 per cent of the interest they have paid on their loan.
So a customer taking out a £15,000 loan over 36 months at a typical rate of 9.9 per cent APR would receive cashback of £641.57.
This means they would be paying a rate equivalent to 7.7 per cent per annum, M&S Money points out.
Meanwhile, it has been reported that the crackdown on payment protection insurance by the Financial Services Authority has led to an increase in personal loan rates.
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