Marks & Spencer bank bags top spot for Britain's cheapest loan at 3.9 per cent
MARKS & SPENCER bank has taken the lead in the battle to offer Britain's cheapest loans.
M&S is offering personal loans of between £7,500 and £15,000 at just 3.9 per cent interest a year.
The deal is open to new and existing customers, provided they earn at least £10,000 a year, and runs until November 24
The deal is open to new and existing customers, provided they earn at least £10,000 a year, and runs until November 24.
Borrowers can take out loans for between one and five years but not all applicants will be eligible for the lowest rate. Those with damaged credit records may even be rejected or offered a higher rate.
With this deal M&S has become the first bank to offer a loan at below 4 per cent, although peer-to-peer lender Zopa, which allows private individuals to lend money to each other, also recently introduced a 3.9 per cent loan.