The offer, which was originally due to end on 11th August, is now being made available to all customers who take out a personal loan for a repayment period of between 36 months up to seven years. This gives customers a refund of 10% 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 8.7% APR on a£10,000 loan over a 36 month period is equivalent to a rate 7.9% p.a.

Monthly repayment £319.48 total interest £1,501.28 total amount repayable£11,501.28. The cashback reward is not available on refinanced loans, loans repaid early or loans terminated by M&S Money.

The extended offer is also available with the M&S Car Buying Plan, which means that the cashback reward offer is likely to be of particular value customers who are considering buying a new vehicle at the start of September. The M&S Car Buying Plan also allows customers to defer a fixed percentage of their loan, as well as giving them several options at the end of the term. Customers can 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 or sell the car and use the money to pay off the remainder of the loan.

Via EPR Network
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