What loans does MBNA offer?
If you want to borrow for a new car or home improvements, then MBNA might be worth considering. Our guide explains how the lender works and what it offers.
Who is MBNA loans?
Founded in 1982 as part of Maryland National Bank, MBNA originally stood for ‘Maryland Bank National Association’. It established UK headquarters in 1993 and was purchased by Lloyds Banking Group in 2017.
MBNA offers a range of financial products, including credit cards, personal loans, home insurance, and savings accounts.
What types of loans does MBNA offer?
MBNA offers personal loans, providing a fixed amount of credit over an agreed period. Borrowers make fixed monthly repayments, which include interest, ensuring predictability in managing finances.
The loan term and amount are agreed upon upfront, allowing customers to plan their budgets effectively.
How much can I borrow with MBNA?
MBNA offers personal loans ranging from £1,000 to £25,000, with repayment terms between one and seven years. You can check your eligibility and receive a personalised interest rate without affecting your credit score.
What is the eligibility criteria?
To be eligible for an MBNA personal loan, you must:
Be at least 18 years old
Be a UK resident (excluding the Channel Islands and Isle of Man)
Not be in full-time education
Be employed or have a regular income
Have not been declined for credit in the last month
Not have a history of bad credit
Not use the loan for speculative or illegal purchases, business-related expenses, purchasing or leasing land or property (including deposits), or timeshares/holiday clubs
Meeting these criteria does not guarantee loan approval, as applications are subject to further assessment
How quickly will I receive the money?
Upon approval, funds are typically transferred within two hours, though it may take up to three working days.
Are there any fees or charges?
There is no fee to set-up the loan and no charge to make extra payments, which could reduce the overall amount of interest you’ll pay. However, if you clear the loan early, you could be charged up to 58 days' interest.
Can I take a payment holiday?
You can apply for up to two one-month repayment holidays within any 12-month span, but you’ll still be charged interest for the months you don’t make repayments.
This means you’ll pay more interest overall and the loan term will increase. If you’re struggling to meet loan repayments, our guide can help point you in the right direction.
Can I borrow more from MBNA if I already have a loan?
Yes, you can either apply online for another loan that you’ll repay separately to your existing loan or you can replace your existing loan with a new larger loan, meaning you’ll have just one monthly fixed repayment.
There are a few factors to consider before deciding on the best route, including interest rates, repayment terms and early repayment charges on the existing loan. It’s worth contacting MBNA to discuss your options.
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