M&S Bank Personal Loan

UK Resident | |
Minimum Age | 18 years |
Minimum Income | £10,000 |
Credit Rating Accepted | good |
You could spread the cost of a loan over five or more years to help make your repayments more manageable.
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.
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 | 25 years |
Minimum Income | £15,000 |
Credit Rating Accepted | fair |
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.
Long term loans are loans that are paid off over five or more years.
With long term personal loans, spreading the cost over a longer time period can make the monthly repayments lower and easier to afford. That being said, it’s worth bearing in mind that longer term loans are usually more expensive overall, because you’ll end up paying more interest.
Even if you get a good interest rate from the best long term loans, the fact that you’re borrowing for longer means you’ll pay more overall.
If you want to apply for a long term loan, our comparison table above has loans which can be taken out for up to seven years.
When it comes to long term loans, direct lenders or banks may be happy to lend to you, depending on your circumstances.
Taking out a long term loan is a big decision and commitment. You’ll be making repayments for a long time and it’s hard to predict how your finances will be in the future. What if you change jobs? What if you lose your job? What if your marriage breaks down? Nobody knows what their financial situation will be in the future, so it’s worth bearing this in mind before you commit to a long term loan.
The best thing you can do is research longer loans thoroughly and make sure you fully understand the advantages and disadvantages of taking one out.
Banks will lend more money if you’re repaying it over a longer time period.
Low interest rates are common.
You can spread your loan over a longer time period, so it makes each monthly repayment lower.
Lots of banks offer long term loans.
You can choose how much to borrow over whatever time period suits you.
They have a higher borrowing cost. Even if the interest rate is low, the longer the loan period, the more you’ll pay in interest overall.
It can be more difficult to be approved for a loan
In some cases you’ll be charged for early repayments
Finding the right long term loan for you will largely depend on your financial situation but it’s also worth thinking about three main things when applying:
How much you need to borrow
How long you’re going to pay it back over
How much you can afford to pay back each month
Once you know how much you’d like to borrow and how long you need to pay it back, you can start doing a comparison.
The comparison table at the top of this page shows longer loans in the UK that can be paid back over several years. It’s important you read the terms and conditions of the different loans available and make sure you understand what will happen if you can’t make your repayments each month.
There are also a few other things to consider when taking out a loan over a long term, these include:
Whether the loan is secured or unsecured: It’s not uncommon for long term loans to be secured against your property. With long term secured loans, if you don’t keep up repayments on your debt, the bank could repossess your home and sell it to recoup its money. It can be hard to find a long unsecured loan if you’re borrowing for more than five years.
The type of interest rate: Most personal loans fix the rate of interest, but sometimes long term loans in the UK have variable rates. This means the rate can change during your loan, so check before you apply. With a variable interest rate, you’d need to make sure you were prepared for your monthly repayments to go up and down which can be tricky from a budgeting perspective.
Whether you can repay it early: Long term loans can be paid back early but some lenders might charge an early repayment fee for doing this. You should check before you apply. The option to pay it back early could save you money and help you clear your debts quicker if your situation changes.
The lender’s borrowing rules: Don’t forget to check the bank’s application guidelines before you apply.
Most people who are interested in a long term loans are looking to finance long term projects or a big expense such as:
Paying for a wedding
Home improvements
Purchasing a car
Long term debt consolidation
But remember that a long term personal loan shouldn’t be used for your business. You need to look specifically at long term business loans if the money is for your company.
When you take out any kind of loan, there are two types of interest rates to look out for.
A fixed interest rate means the interest rate stays the same throughout your term, even if market interest rates change. This makes it easier to plan your repayments. You won’t have to pay any more if interest rates rise. But remember that you also won’t benefit from lower repayments if interest rates go down.
A variable interest rate means the lender can increase or decrease the interest rate while you are paying off your loan. Your repayments would go up if market interest rates rose, but decrease if market interest rates went down. This can make it difficult to plan your finances. But if interest rates go down, you’ll benefit from lower repayments.
You can still get long loans if you have a bad credit history. But you should be aware that long term loans for bad credit usually have higher interest rates.
Long term loans can be a good way to consolidate existing debts, allowing you to easily manage one monthly repayment instead of paying several different lenders.
With long term loans for bad credit, lenders might look more closely at your credit rating. They’re more likely to want to secure your loan against your home and you’ll need to think about whether you’re prepared to do this.
If you’ve got bad credit history and are interested in long term loans, you might want to consider a guarantor. A long term loan without a guarantor could bebe problematic as many lenders will want to reduce the risk when lending to you.
Find out more about debt consolidation loans and loans with guarantors here.
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: 14 February, 2022