Cashback for consumers who take out personal loans
12/09/08
Marks and Spencer’s are offering a 25% cashback reward to consumers who take out a personal loan by 29th October 2008.
The consumer will be given a refund of 25% of the interest they have paid once their final payment has been made and this offer is only available on personal loans which have duration of 36 months or more.
The typical rate of 9.9% APR on a £10,000 loan over 36 months will reduce to the rate of 7.7% p.a. once the cashback is given back. Consumers can also use the offer with Marks and Spencer’s car buying plan which allows consumers to defer a fixed percentage of their loan, leaving them with the following options at the end of the term:
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,
Sell the car and use the money to pay off the remainder of the loan.
With the incentives Marks and Spencer’s have provided it will make it slights easier for the consumer to borrow money as they know they will get a little return at the end of the term.
