Marks & Spencer Money has announced that it is reducing the interest rates on its personal loans. The company will offer a typical annual percentage of 6.4% on personal loansto its customers. The company offers personal loans ranging from £1,000 to £25,000. The rate cut has a part of Marks & Spencer Money’s plan to increase its personal loan business during Christmas and New Year.

Savings on insurance will accompany the reduced loan rates. This scheme is valid from December 27, 2005 till February 28, 2006. Marks & Spencer Money is also offering 10% discount on car and home insurance. Moreover, there are some incentives for those who will apply for Marks & Spencer Money’s credit card.

Marks & Spencer Money is financial services division of Marks & Spencer Group PLC. The company offers several financial products in the credit, investment, insurance and savings sectors.