Please note: You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.
Late repayments can cause you serious money problems. See our debt help guides.
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.
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.
| 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 |
| 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 |
To be eligible for an MBNA personal loan, you’ll need to meet the following criteria:
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.
Yes, MBNA offers instant decisions online in most cases. (Occasionally, more information may be required.)
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.
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.
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:
If you’re approved for a loan, you’ll then receive the funds within five business days.
MBNA has received mostly negative reviews from customers, according to review platform Trustpilot. It currently has a rating of 1.3 out of 5, based on more than 1,200 reviews (updated May 2024). Customers cited poor customer service and delays when trying to contact staff.
You can call customer support on 0330 678 1430. Lines are open 8am-8pm Monday to Friday and 9am-5pm Saturday and Sunday.
While it’s not MBNA’s longest 0% offer, this card comes with the benefit of a reduced balance transfer fee.
Thinking of using an MBNA card overseas or for non-sterling purchases? Learn what fees apply plus our hacks for avoiding them.
Compare live rates and fees from a range of cards.
Enjoy an interest-free period on funds that you transfer from this card to other accounts.
Enjoy lengthy introductory 0% deals on both purchases and balance transfers with this “matched” card.