Borrow more with your MBNA loan

Looking to borrow more? You could replace your current loan or take out a second loan.

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How it works

If you’d like to borrow more, you have two options.

Option 1 – Replace your current loan with us for a new loan

You can combine an existing loan and new borrowing into one manageable loan.

How combining the loan works:
  • Request a loan amount from £1,000 up to a maximum of £25,000.
  • Select a repayment term between one and seven years.
  • We’ll close the existing loan and move any outstanding balance to the new loan.
  • We’ll set up a direct debit for the new monthly payment.
  • You'll have a new interest rate, which might be more or less than the interest on your existing loan.
     
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Option 2 – Apply for another loan

You can borrow more by taking out a completely new loan.
 
How it works:
  • Request a new loan from £1,000 up to a maximum of £25,000.
  • Select a repayment term from one and seven years.
  • The new loan will run alongside your current MBNA loan.
  • Each loan will have its own interest rate and a different number of years to pay it back over.
     
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Things to consider

  • Deciding how much to borrow - will you be able to afford to pay the loan back if your circumstances change?
  • Your new loan could be charged at a higher interest rate over the new loan term you’ve selected. This means you could pay more interest overall. 
  • Refinancing your existing loan into a combined loan will result in the outstanding balance being moved into a new larger loan, at new rates. Early settlement charges won’t be applied when we close your existing loan to open the new one if this option is selected.

Can I borrow more?

  • You’ll need to meet our lending criteria and  need to have an MBNA loan in your name only.
  • You need to be registered for online services to borrow more. 
  • We can’t accept an application to borrow more if the existing loan is a loan in joint names. 
  • Just be aware, there are things you can't use a loan for.
  • Getting a quote won’t affect your credit score.
     

Good to know

If approved, the money could be in your account the same day, if you apply between 9am to 8.30pm, if not, next working day. 

Repayment holidays - apply to take up to two non-consecutive repayment holidays of one month each in a rolling 12-month period (subject to approval). 

You’ll need to have made at least one repayment towards your loan and have a direct debit in place before you can apply.

You won’t need to make your usual repayment during your repayment holiday, but we’ll still charge daily interest on your loan balance.
This means that you’ll end up paying more overall, and your loan’s end date will be extended by one month each time. 

Make extra payments with no extra charges.

Pay off your loan early if you want. We may charge up to 58 days' interest for early settlement.

Getting your quote

  • Log in to online services to get a personalised quote.
  • Tell us how much you want to borrow and over how long to get a quote.
  • This won't affect your credit score.
  • If you go on to apply, you’ll get a loan decision online.
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