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June 23, 2009    

M&S gives 10% cashback on personal loans

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by David Masters
M&S gives 10% cashback on personal loans

M&S Money is offering 10% cashback to new customers taking out a personal loan.

Borrowers will be given a 10% refund on the interest they’ve paid once their final repayment has been made.

The offer is available until 11 August, and applies to loans paid back over a period of at least 36 months.

Customers who repay the loan early will not receive the cash back.

M&S currently offers a typical rate of 8.7% APR for a £10,000 loan repaid over 36 months.

However, with the cashback reward, this interest rate drops to the equivalent of 7.9% per annum.

Founded in 1985 by Marks and Spencer, M&S Money was sold to HSBC in 2004.

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