M&S Bank Personal Loan

Credit rating accepted | good |
Flexible rescheduling | |
Guarantor required | false |
Managed in branch | |
Managed online | |
Managed over phone | |
Minimum Age | 18 years |
Minimum income | £10,000 |
Online decision | |
UK Resident |
You could get a £5,000 loan from these lenders that offer unsecured personal loans, and choose a low APR to save money in interest.
Checking won't affect your credit score
Looking through a range of options gives you more chance of securing a great deal. You'll only find results from genuine companies. Our data experts check each company before we add them to our comparisons.
1
Check your eligibility
Answer a few quick questions. This will not impact your credit score.
2
Compare personalised loans
See the exact amount you’ll need to pay each month – no estimates.
3
Apply online
Complete your application on the lender website. You could get your money in hours.
With real interest rates you'll see exactly how much you’ll need to pay each month. And which lenders will pre-approve your application before you apply.
Credit rating accepted | good |
Flexible rescheduling | |
Guarantor required | false |
Managed in branch | |
Managed online | |
Managed over phone | |
Minimum Age | 18 years |
Minimum income | £10,000 |
Online decision | |
UK Resident |
Credit rating accepted | good |
Existing customers only | |
Guarantor required | false |
Managed online | |
Minimum Age | 21 years |
Minimum income | £12,000 |
Online decision | |
UK Resident |
Credit rating accepted | good |
Guarantor required | false |
Managed online | |
Minimum Age | 21 years |
Minimum income | £12,000 |
Online decision | |
UK Resident |
Credit rating accepted | good |
Guarantor required | false |
Managed online | |
Minimum Age | 21 years |
Minimum income | £12,000 |
Online decision | |
UK Resident |
Credit rating accepted | good |
Flexible rescheduling | |
Guarantor required | false |
Managed online | |
Minimum Age | 20 years |
Minimum income | £12,000 |
Online decision | |
Social lending | |
UK Resident |
Credit rating accepted | fair |
Guarantor required | false |
Managed online | |
Minimum Age | 18 years |
Online decision | |
UK Resident |
Credit rating accepted | poor |
Flexible rescheduling | |
Geographical restrictions | |
Guarantor required | false |
Joint loan | |
Managed in branch | |
Managed online | |
Managed over phone | |
Maximum Age | Unlimited |
Minimum Age | 18 years |
Minimum income | £7,000 |
Online decision | |
Self employed accepted | |
Social lending | |
UK Resident |
Credit rating accepted | poor |
Flexible rescheduling | |
Guarantor required | false |
Managed online | |
Managed over phone | |
Minimum Age | 18 years |
Online decision | |
UK Resident |
Credit rating accepted | poor |
Guarantor required | false |
Joint loan | |
Managed in branch | |
Managed online | |
Minimum Age | 21 years |
Minimum income | £15,000 |
Online decision | |
UK Resident |
We are classed as a credit broker for consumer credit, not a lender.
Our services are provided at no cost to you. We may receive a commission from the companies we refer you to, but this does not affect what you will pay for the product you choose.
Your personalised bad credit loan results are powered by Monevo. They make sure you only see real interest rates. Not just estimates like some lenders show you.
Borrowing £5,000 is something many people may need to do at some point in their lives. It could be to consolidate debt, purchase a car, go on a honeymoon, or to make repairs around the house.
As long as you have a clear plan on how you're going to pay it back, a £5,000 loan can be a useful facility to fund large expenses.
But before you borrow £5,000 you also need to know the cheapest way to borrow. You'll have to decide whether to use a credit card, or take out a loan.
At £5,000, you're probably at the higher end of the threshold for using a credit card to borrow. Not to mention, credit cards have much higher interest rates compared to loans and are meant for more short term borrowing. This is why a loan may be a better option to borrow £5,000.
A £5,000 loan can last between one and seven years, but some lenders do offer shorter terms of just six months, or longer loans of more than seven years.
With personal loans, the longer the term your loan, the smaller your monthly repayments will be. However, the longer you take to repay your loan the more you'll end up paying in interest over all.
For example, let's say you borrow £5,000 at 8% APR ...
If you repay the loan over 3 years: your monthly repayment will be £156.04 and you'll pay £617.44 in interest over all.
If you repay the loan over 5 years: your monthly repayment will be £100.72 and you'll pay £1,043.20 in interest over all.
To avoid burdening yourself, it's better to make sure you choose the shortest loan term that results in repayments you can afford on a monthly basis for the duration of the loan.
Since you know how much you want to borrow you can follow these three steps:
Work out how long you need to pay the £5000 loan back
Compare rates online to find the cheapest loan
Make sure you meet the lender's rules before you apply
You can see which will be the cheapest and see how much you will pay each month using our loan calculator.
Every lender has a list of requirements all their borrowers have to meet before they lend to them, so it pays to check you fit the bill before you apply.
Typical requirements can include:
Every time you apply for credit, it leaves a mark on your credit report. If you're rejected for a loan application, it's important to try to find out why before you apply again.
It's also vital that you don't make many applications at once, as that may give the impression that you are struggling financially.
This is where our comparison service can help, as you can compare find the deals that you can afford and that you're more likely to be accepted for.
Exactly what is a loan? What can you use it for and how do you get one? Find answers to all your questions about loans here.
Read MoreYou can get a personal loan with bad credit, but the rates will likely be high. It can be harder to get a loan with bad credit, and it may be worth trying to improve your score before you apply for a loan.
Read MoreYour credit record has a big impact on the type of loan you can get and how much it will cost. Here is how your credit history affects your loan application and what you can do about it.
Read MoreShould you borrow against your house? Find out if taking out a secured loan against your home is sensible or something to avoid.
Read MoreChoosing the right way to borrow money can make it cheaper and easier to manage. Here is when you should use a credit card, loan or overdraft.
Read MoreWhen you miss a payment on your loan, you'll be charged a fee. You may be issued with a County Court Judgement or have to declare yourself bankrupt if you continue to miss payments.
Read MoreComparing loans could help you save money. Our award-winning loan comparison service makes sure you get our best interest rates. Our aim is to provide you with the most up-to-date information, as well as useful tools and calculators so to help you make life's most important decisions and take control of your money.
We have always aimed to provide the best possible services to bridge the gap between our users and our clients. Over the years, we have been thrilled to be recognised by various prestigious bodies and organisations for those efforts.
Last updated: 30 March, 2022