Manage your loan digitally
If your M&S Personal Loan sort code and account number is 14-digits long (starting 40) you can register for the M&S Bank app. In the app you can review your loan account information, request a loan settlement figure and make additional payments. To get started download the M&S Bank app and follow the steps to register.
Top up your existing loan
If you've already got an M&S Personal Loan and you want to increase the amount you borrow, you can apply for a second loan online. Please note, this means you’ll be making two loan repayments each month. If you already have two M&S Personal Loans and want to discuss your borrowing further or if you’d prefer to top up an existing loan, so that you have just one monthly repayment, visit our contact us page for details on how to get in touch.
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Settle your loan early
You can repay your loan partially or in full at any time. If you choose to do this, there may be a reduction in the amount of interest you have to pay. If you repay part of the loan early, your monthly repayment will stay the same but you may repay the loan more quickly.
If your M&S Personal Loan sort code and account number is 14 digits long (starting 40), you can register for the M&S Bank app. Within the app you can request a settlement figure by selecting your personal loan, ‘Make a payment’, ‘Request settlement amount’.
Your settlement figure is valid for 28 days. If you choose to settle your loan early, you will be charged 1 months’ worth of interest, which is included in the settlement figure.
If you cannot register for the M&S Bank app and you wish to repay your loan early, visit our contact us page for details on how to get in touch to request a settlement figure.
Overpayments
Making overpayments to your existing loan may reduce the amount of interest you pay.
You can make a payment via Pay by bank within the M&S Bank app. To make the payment, select your M&S Personal Loan and then ‘Make a Payment’ and follow the steps.
If you cannot register for the app, you can make online payments from your current account, the same way you’d pay a bill or person.
Repay your loan in full early
At the start of your loan, we will work out the amount of interest we can charge. Regulations set out the formula we need to use to work this out.
The formula allows us to charge daily interest from the date we gave you the loan up until 28 days after we receive your notice that you want to repay all of the loan early. It also allows us to charge an additional month of interest if your loan agreement said that your loan was repayable over a period of more than 12 months.
Usually, the amount of interest we can charge will be reduced as a result. In these cases, we’ll refund you the difference between the interest included in the total amount payable and this reduced amount of interest. We will refer to this refund as a ‘rebate’ in our communications with you.
Delayed repayments
Sometimes we might not reduce the amount of interest we can charge. This could happen where your loan lasts longer than we state in your loan agreement. For example, where you have selected a repayment date that is later than one month after we give you the loan, and as a result your first repayment is delayed, or you have been late making your monthly payments.
If this happens, your monthly repayments towards the start of the loan will pay off more of the interest amount compared to if your loan lasted as long as we state in your loan agreement. But we’ll never actually charge you more interest than is included in the total amount payable. So once you’ve paid the amount of interest included in the total amount payable, your remaining monthly repayments will just pay off the loan amount.
This is why we might not reduce the amount of interest we can charge. Because even though you’re repaying your loan early, the full amount of interest will have already been paid or become payable.
