M&S Money announces personal loans 'cashback'
A new personal loans offer has been unveiled by unsecured loans provider M&S Money.
The firm said yesterday that it will now be offering cashback on 25 per cent of the total interest paid on the personal loan, when repayments have been completed.
According to figures from M&S Money, this means that a £470 reward will be given for paying back a £7,500 loan over 36 months.
Repaying a £12,500 loan over the same period leads to cashback of £782, while a £15,000 loan renders almost £940.
Overall, the typical 8.9 per cent APR on the personal loan is cut to the equivalent of 6.9 per cent per year through the offer - making the loan much more competitive on the market.
However, the cashback reward is only available until June 3rd, meaning that bargain-hunting consumers looking to pay off credit cards or to pay off debt must move quickly.
Loans paid back in less than 36 months are also not eligible for the offer.
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