Benefits of a debt consolidation loan

Bringing your borrowing together in one place with a personal loan could help you take control of your money and get on track to being debt-free. With a loan you could have:

  • 3.1% APR representative for loans of £7,500 to £15,000 over 1 to 5 years. The maximum APR you could be offered is 29.9% APR. Other amounts and terms are available at different rates. 
  • One fixed monthly payment.
  • One firm date for when your borrowing will be paid off.
  • One fixed interest rate.

Keep in mind that you may pay a higher rate of interest or make repayments over a longer term with a debt consolidation loan. This means that you may pay back more interest overall.

Here are a few things to think about before you take out a debt consolidation loan:

Your current borrowing

  • Have a look at all of your outstanding credit and loan commitments – which would it be sensible to move into a new loan?
  • Keep in mind you’ll pay interest on a loan, so check your interest rates – if they’re lower than we could offer, it might be worth leaving them where they are.
  • Do you have savings you could pay debts off with instead? Interest you pay on a loan is usually higher than any interest you earn from savings.

Apply for a debt consolidation loan

With MBNA you could apply for a loan and take control of your borrowing today. As with any loan, when you apply we'll need to make checks about your personal situation. This will affect our decision whether to offer you a loan, the amount we’ll lend you and the interest rate we offer.

How it works when you apply for a loan with us:

  • You can apply for between £1,000 and £25,000.
  • Choose to make your monthly repayments over 1 to 7 years.
  • It takes about 10 minutes to apply online and get a decision.
  • If you’re approved, you should have the money in your chosen account within 5 working days.

Representative example

If you borrow £10,000 over 5 years at an annual interest rate of 3.06% (fixed), you will make 60 monthly repayments of £179.94. The total amount payable will be £10,796.40. Representative APR of 3.1% (fixed).

The representative APR applies to loans of £7,500 to £15,000 over 1 to 5 years. Other terms and loan amounts are available at different rates. The maximum APR you could be offered is 29.9% APR.

The representative APR is the rate that at least 51% of people are expected to receive when taking out a loan within the stated amount and term range.

Coming soon