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MBNA personal loans
Got plans for a new car, kitchen or holiday? See if an MBNA personal loan could help cover your expenses. Loan amounts between £1,000 and £25,000 starting from 8.7%.
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What is MBNA?
MBNA is a subsidiary of Lloyds Banking Group, and was originally founded in 1982 as the Maryland National Bank. It now offers financial products including credit cards and personal loans, but in the case of loans only acts as a broker, with Lloyds as the lender.
MBNA Limited loan rates at a glance
The MBNA Limited Personal Loan charges 8.7% APR representative on loans between £7,500 and £25,000. MBNA Limited offers the loan with repayment terms between 1 and 7 years, and applicants can apply to borrow from £1,000 to £25,000.
Quick overview of MBNA Limited personal loans
| Loan amounts | From £1,000 to £25,000 |
|---|---|
| Loan terms | From 1 year to 7 years |
| Age eligibility | 18 years and over |
| Application fee | No application fee |
| Repayment holiday | Repayment holiday not permitted |
Key features
| Loan type | Unsecured Personal Loan |
|---|---|
| Loan amounts | £1,000.00 to £25,000.00 |
| Loan terms | 1 Year to 7 Years |
| Loan rate type | Fixed |
| Product fee | 0% |
| Same-day funding available | |
| Instant decisions in most cases | |
| Soft-search facility available | |
| Joint applications | |
| Overpay without penalty | |
| Concurrent loans allowed | |
| Topping-up pays off existing loan and initiates a new loan | |
| Repayment methods | Direct Debit |
Am I eligible for an MBNA personal loan?
To be eligible for an MBNA personal loan, you’ll need to meet the following criteria:
- Be at least 18 years old
- Be a UK resident
- Employed or have a regular income
- Not a full-time student
- No history of bad credit
- Have not been declined for credit within the last month
What credit score do I need to get an MBNA loan?
MBNA typically offers loans to applicants with high credit scores. It's important to note that your credit record is just one factor that MBNA considers. However, if you don't have a high credit score, you're very unlikely to get approved for an MBNA loan.
A "Good" or "Excellent" credit rating would require a score of 881 or higher if you're referring to Experian's scale, 531 or higher if you're referring to Equifax's scale and 604 or higher if you're referring to TransUnion's scale.
Do MBNA loans give an instant decision?
Yes, MBNA offers instant decisions online in most cases. (Occasionally, more information may be required.)
Can I get a second MBNA loan?
Yes, MBNA allows you to have more than one loan running at the same time. Each application for credit will be considered on its own merit. Alternatively, MBNA also allows you to effectively "top up" your loan by closing your current loan and starting a new, larger loan. There's no penalty for repaying ahead of time, but bear in mind that any overpayments may be subject to up to 2 months of interest beyond the date on which you overpay. Because of this, it may work out cheaper to run a second loan alongside the first, rather than consolidating the 2.
Can I make overpayments on an MBNA loan?
Yes, you can make overpayments without incurring any penalty fee. However, MBNA can continue to charge interest for up to 2 months on any sums overpaid. So, although making overpayments stands to save you money in interest, you may not save quite as much as you'd imagined.
How do I apply?
If you've decided that a personal loan from MBNA Limited is right for you, you can head over to MBNA Limited's website to apply. Completing the secure online application form usually takes about 15 minutes. In most cases MBNA Limited will give an instant decision. Before you apply, check that you meet the eligibility requirements and have the information and documents you'll need to make the process as straightforward as possible.
You’ll need to provide personal and financial details, including your:
- Address details for the last five years
- Current employment details
- Monthly income and expenses
- Bank account details
If you’re approved for a loan, you’ll then receive the funds within five business days.
MBNA customer reviews
MBNA has received mostly negative reviews from customers, according to review platform Trustpilot. It currently has a rating of 1.4 out of 5, based on more than 1,000 reviews (updated June 2023). Customers cited poor customer service and delays when trying to contact staff.
Customer support
You can call customer support on 0330 678 1430. Lines are open 8am-8pm Monday to Friday and 9am-5pm Saturday and Sunday.
Frequently asked questions
We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.
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