M and S Money offers 25% cashback reward on personal loans

Edited by the Insidemoneytalk editorial team Apr 2, 2008

Equivalent rate of 6.9% p.a.

M and S Money is offering a cashback reward to customers who take out a personal loan between 1st April and 3rd June 2008.The offer is available on all personal loans taken out over 36 months or more, giving back to customers 25% of the interest they have paid once their final repayment has been made.

When the cashback reward is taken into account, the typical rate of 8.9% APR on loans between £7,500 and £20,000 is equivalent to a rate of just 6.9% p.a.

Examples of cashback rewards: £7,500 loan over 36 months = £288.09, over 60 months = £469.24.

£12,500 loan over 36 months = £480.15, over 60 months = £782.07.

£15,000 loan over 36 months = £576.18, over 60 months = £938.48.

The offer is also available with M and S Car Buying Plan which allows customers to defer a fixed percentage of their loan, giving them the following options at the end of the term: Keep the car and carry on making monthly payments until the whole of the loan is repaid Keep the car and pay off the remainder of the loan with a lump sum.

Sell the car and use the money to pay off the remainder of the loan.

Anyone can apply for an M and S personal loan or Car Buying Plan by calling free on 0800 363 400 or going online at www.marksandspencer.com/loans.