8 September 2008
M&S Money is offering cashback on the interest paid by customers taking out its personal loans between now and October 29th. Available on all personal loans taken out over 36 months or more, the offer could see customers receive cashback of over £1,000. Under the deal, customers will receive a 25 per cent refund on all the interest they have paid on the loan once they make their final repayment. This means the typical loan rate of 9.9% APR will be equivalent to a rate of 7.7% once the cashback reward is taken into account. A customer taking out a £15,000 loan over 36 months will receive a refund of £641.57, while a customer taking out the same amount over 60 months will be given £1,047.82 cashback. Recent research by uSwitch.com revealed that rates on unsecured personal loans have increased by 1.3% in just over a year.