If you’re looking to borrow money whatever the reason, you might have been looking into Marks and Spencer loans to see if they are right for you.

Marks and Spencer loans key information:

To apply you must have an annual income of at least £10,000 and be a UK resident aged 18 or over.

Marks and Spencer loans are known as personal or unsecured loans, this means they are not secured against an asset like your home.

Although the maximum amount you can take out with this plan is £25,000 how much the lender will be willing to give you is dependent on your credit score and financial circumstances, this will also affect the APR an lender will give you.

Taking out a loan from any lender and of any size is big long term commitment so it’s important you get the best deal you can.

You can use the calculator on this website to compare over 200 different loans from over 20 different providers, to help you see what the different options for you are.

Homeowner loans

If you are a homeowner who wishes to borrow a larger sum of money a homeowner loan might be better for you. As you have place an asset (such as your home or other property) as security banks are normall willing to lend more, usually up to £250,000. The actual amount you can borrow is dependent on the value of your home and how much equity you have if you have a mortgage.

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it. If you are at all unsure of the suitability of a particular product for your circumstances you should seek independent financial advice

Things to consider before taking out a loan

Whatever the reason for your desire to get a loan before you decide on a plan you should consider if there are any alternatives that might suit you better, For example if you currently have any savings it may be better to use them, this is because the interest you need to pay on a loan may be greater than any interest you are earning from your savings.

There are also other types of lending to personal and secured loans such as authorised overdrafts and credit cards.

if you are thinking of taking out alone to consolidate debt remember that spreading your payments over a longer term means you may ultimately be paying more overall than with your existing arrangements, even if the interest rate on this new loan is less than the rates you have at the moment.