M&S Bank Personal Loan

UK Resident | |
Minimum Age | 18 years |
Minimum Income | £10,000 |
Credit Rating Accepted | good |
Organise and clear your debts with a debt consolidation loan. Designed to help you move multiple existing debts to one simple monthly repayment, our best debt consolidation loans could help you become debt-free quicker. Check out the table below to see interest rates and loan terms.
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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.
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.
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UK Resident | |
Minimum Age | 18 years |
Minimum Income | £10,000 |
Credit Rating Accepted | good |
UK Resident | |
Minimum Age | 21 years |
Minimum Income | £12,000 |
Credit Rating Accepted | good |
UK Resident | |
Minimum Age | 21 years |
Minimum Income | £12,000 |
Credit Rating Accepted | good |
UK Resident | |
Minimum Age | 21 years |
Minimum Income | £12,000 |
Credit Rating Accepted | good |
UK Resident | |
Minimum Age | 20 years |
Minimum Income | £12,000 |
Credit Rating Accepted | good |
UK Resident | |
Maximum Age | Unlimited |
Minimum Age | 18 years |
Minimum Income | £7,000 |
Credit Rating Accepted | poor |
UK Resident | |
Minimum Age | 20 years |
Minimum Income | £12,000 |
Credit Rating Accepted | good |
UK Resident | |
Minimum Age | 18 years |
Credit Rating Accepted | fair |
UK Resident | |
Minimum Age | 18 years |
Minimum Income | £8,400 |
Credit Rating Accepted | poor |
UK Resident | |
Minimum Age | 18 years |
Credit Rating Accepted | poor |
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.
Debt consolidation loans allow you to merge all your debts into a single loan by allowing you to borrow money to pay off all your existing debts. Once your debts are merged, you’re able to switch to just one monthly repayment to a single lender.
Debt consolidation loans can be used to pay off credit cards, store cards, overdrafts, buy-now pay later debt and other personal loans.
The goal of a consolidation loan is to simplify your repayments, as well as hopefully save you money on interest.
There are two principal types of debt consolidation loan - secured and unsecured.
The majority of debt consolidation loans are only available to homeowners, so they tend to be secured loans.
But unsecured consolidation loans do exist and can still save you money on your debts.
Unsecured consolidation loans are not secured against anything you own, such as a property or vehicle, so they are more reliant on your credit score.
You can find out more information on how credit scoring works here.
When you start looking for debt consolidation loans, there are a few steps you can take to make sure you get the right one for your needs.
Decide how much you need to borrow: Add up all the debts that you want to pay off with your debt consolidation loan. Don’t forget to include any extra charges you’ll need to pay to pay your debts off early.
Think about how long you’ll need to pay it back: The longer you take to pay back your debt consolidation loan, the lower your monthly payments will be. But, of course, the longer you take to pay it off, the more interest you’ll end up paying back overall.
Look for the lowest interest rate: The interest rate is the biggest cost on consolidation loans, so it’s important to find the lowest rate you can. Lenders advertise their representative APR, but that’s just the rate they promise to give to 51% of borrowers. The rate they offer you could be higher or lower depending on your credit history and other factors.
Our debt consolidation loans go up to £25,000. That means you could consolidate up to £25,000 of debts using an unsecured debt consolidation loan.
You’ll find that debt consolidation loans usually offer terms of between one and five years. However, some of the UK’s leading lenders do offer up to seven years. In general, longer loan terms require you to borrow a larger amount of money, so they may not be available if your consolidation loan amount is less than £10,000.
It’s only worth doing debt consolidation if you can find a debt consolidation loan that gives a cheaper interest rate than you’re already paying cumulatively on your debts.
Our loan repayment calculator can help you to see how changing the term can affect your monthly payments and in turn make it cheaper in the long run. By trying out different term lengths and interest rates, you can see if debt consolidation is suitable for you.
"When working out if an unsecured debt consolidation loan can save you money, make sure you take any early repayment charges on existing debts into account.
"If you don't do this, you could see your new loan end up costing you more than your old ones."
A debt consolidation loan may not be your only option. Even the cheapest consolidation loans might not be the best way to consolidate debt, depending on your situation. It’s sensible to look into alternatives as well.
And remember, if your debts are getting on top of you, or you don't have the best credit rating, you can get free debt advice from a range of charities in the UK¹.
You can use these to move money into your back account, for a small transfer fee. And then you pay them back, interest free, over a set amount of time.
These are good for people with credit card debts. You move what you owe onto a single, new card, for a small fee. Then you can pay them back, interest free, over a set period.
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.
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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 MoreBy comparing loans, you could save money on your interest payments. 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.
¹Stepchange debt charity offers free expert debt advice, along with National Debtline and Citizen's Advice.
Last updated: 31 January 2022