Break free from your bank this independence day

BREAK FREE FROM YOUR BANK THIS INDEPENDENCE DAY Special offer 8.5% APR loans from Marks & Spencer Financial Services Leading high street lender, Marks & Spencer Financial Services, is offering its customers a flat rate deal of 8.5% APR* on personal loans from 4th July 2002 until 4th August 2002. According to Marks & Spencer Financial Services Borrowing Britain Report, three quarters of borrowers with a personal loan have taken it out with their bank. This means that six million borrowers in the UK could be being ripped off by poor loan rates offered by the high street banks, instead of shopping around for a deal with more competitive direct providers. With the average personal loan being £4,840 according to Marks & Spencer Financial Services figures, borrowers could be paying hundreds of pounds extra in interest over the term of their loan by not shopping around for a competitive deal. On a loan of £4,000 for example, the Marks & Spencer Financial Services flat rate of 8.5% APR is considerably lower than that charged by Halifax and Lloyds TSB (15.9%)**. And Yorkshire Bank is charging customers an incredible 16.4% which would mean borrowers would be paying an additional £487.08*** in extra interest over the term of their loan. "The message we are trying to get across is very simple" said Mick O'Neill, Director of Credit at Marks & Spencer Financial Services. "The Borrowing Britain Report shows that borrowing has become part and parcel of everyday life, almost one in five people in the UK has a personal loan. We want borrowers to realise that if they are considering taking out a personal loan they should not automatically borrow the money from their bank as they could be paying well over the odds." The Borrowing Britain Report indicates that banks are taking advantage of the existing relationships they have with customers by offering them an uncompetitive deal. Nearly half (47%) of those borrowing through their bank say they do so because their existing relationship means they find it easier to talk to them about taking out a loan. O'Neill continued "Borrowers should not feel awkward about speaking to other lenders about their financial requirements. The British are well known for their unwillingness to talk about money, but consumers should take advantage of the competitive deals on the market, such as our 8.5% APR* flat rate, and not just stick with their banks - its time to be independent!" -Ends- For further information and copies of the Borrowing Britain Report, please contact: Liz Neild Lucy Cooke Media Relations Manager Press Officer Marks & Spencer Financial Marks & Spencer Financial Services Services Tel. 01244 686068 Tel: 01244 686693 Notes to Editors: The Marks & Spencer Financial Services Borrowing Britain Report: on behalf of Marks & Spencer Financial Services, ICM Research interviewed a random selection of 2002 adults aged 18+ by telephone, between 1st and 5th May 2002. Interviews were conducted across the country and the results have been weighted to the profile of all adults. To find out more about loans from Marks & Spencer Financial Services customers can visit msfsloans.co.uk and make use of the budget planner and loan calculator, phone free on 0800 363 400 or visit their local Financial Services Centre at a Marks & Spencer store. Written quotations available from Marks & Spencer Financial Services, Kings Meadow, Chester, CH99 9FB. All loans are subject to status. *Existing customers and through internet. 9.5% APR for all new customers. ** Source: Moneyfacts June 2002 Unsecured personal loans for M&SFS Chargecard holders June 2002 rates (Source: Moneyfacts) £500 £2000 MSFS 8. MSFS 8.5 5 MSFS 8. MSFS 8.5 (internet) 5 (internet) Barclayloan 14 Barclayloan 14.9 .9 Halifax 15 Sainsbury 14.9 .9 Lloyds TSB 15 Tesco 15.8 .9 HSBC 19 Halifax 15.9 .8 Natwest LloydsTSB 15.9 Sainsbury HSBC 17.9 Tesco Natwest 19.9 £4,000 £10,000 MSFS 8. Sainsbury 8.2 5 MSFS 8. MSFS 8.5 (internet) 5 Sainsbury 11 MSFS 8.5 .9 Barclayloan 12 Tesco 8.6 .9 Tesco 13 Halifax 8.9 .2 HSBC 14 HSBC 9.9 .9 Natwest Bank 14 Natwest 9.9 .9 Halifax 15 Barclayloan 10.9 .9 Lloyds TSB 15 Lloyds TSB 12.9 .9 *** Based on a loan of £4,000 repayable over 36 months, without insurance. Customers who do not meet our normal criteria may be offered a loan at a different APR to our standard rate. ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2002/07/02/20020702BIT00420/wkr0001.doc http://www.waymaker.net/bitonline/2002/07/02/20020702BIT00420/wkr0002.pdf