M&S offers personal loan incentive

Wed, 10 Sep 2008

Anyone taking out a personal loan with M&S Money will receive a 25 per cent cashback reward if they do so before October 29th 2008, it has been announced.

The offer is valid for all personal loans taken out over a term of 36 months or more.

Consumers opting for the deal will receive a refund of 25 per cent of the interest they have paid on the loan once the final instalment has been made.

According to the firm, the deal means that the typical rate of 9.9 per cent APR on a three-year personal loan is equivalent to 7.7 per cent.

The offer is also available on the M&S Money car finance plan.

Last month, Moneyfacts.co.uk warned that anyone planning on purchasing a new car on finance could end up paying over the odds if they do not shop around for the best deal.

According to the firm, the wrong choice of personal loan could cost as much as £2,400 extra.
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