M&S Money has announced that its 10% cashback reward offer to customers who take out a personal loan is being extended until 7th September 2009.
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.*
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.
Notes to Editors:
* 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.
Credit subject to status to UK residents aged 18 and over.
About M&S Money:
M&S Money (the trading name of Marks & Spencer Financial Services) was founded in 1985 as the financial services division of Marks and Spencer Group plc. The company is now a top ten credit card provider and the second largest travel money retailer in the UK. M&S Money also offers a range of insurance cover, including home insurance, car insurance and pet insurance, as well as loans, savings and investment products.
In November 2004, Marks & Spencer sold M&S Money to HSBC. The Group serves customers worldwide from around 9,500 offices in 86 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa. With assets of US$2,527 billion on 31 December 2008, HSBC is one of the world's largest banking and financial services organisations. HSBC is marketed worldwide as 'the world's local bank'.
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