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Get 10% cashback with an M&S loan

Need a loan? You could get a 10% cashback reward when you take out a loan with Marks & Spencer Money.

Marks & Spencer Money (www.marksandspencer.com) is offering a 10% cashback reward to new loan customers.

Those who qualify for the offer will be given a refund of 10% of the interest they have paid, once their final repayment has been made.

This means, for example, that someone taking out a loan of £7,500 over 36 months will be rewarded with £112.62 at the end of the loan term, while someone taking out a loan of £15,000 over 60 months will be presented with £366.68.

When this cashback is taken into account, the typical rate of 8.7% APR on a £10,000 loan over 36 months is equivalent to a rate of 7.9%.

The offer is available to all new customers taking out loans over 36 months or more between 24 June and 11 August. If you repay your loan early you will not get the cash back and will be charged one month’s interest if the term of the loan is over 12 months.

Chris Eagle, commercial manager at CreditChoices.co.uk, said: “With the cashback taken into account, M&S is offering some of the cheapest loans on the market.

“And the way this deal works - providing a cash boost at the end of the loan term - will certainly be attractive to many people.”