How to manage your personal loan
Helping you to stay on track
Lots of things about a personal loan are set in stone, but life isn’t, so take a look at the range of services and benefits to make managing your loan that little bit easier.
Staying up to date
You won’t receive a monthly loan statement as your monthly repayments are fixed for the full term. You can keep track by getting in touch and of course you’ll be sent updates about your loan as you go, including an annual statement so you know where you’re up to.
Making additional loan payments
You need to have a Direct Debit in place to cover your fixed monthly loan repayments, but you can make additional payments at any time to reduce your interest costs and the loan term with your debit card.
Some lenders might charge you for paying extra. With an MBNA personal loan if you make an early settlement for the whole loan amount, you will be charged up to 58 days' interest.
To make a payment with your debit card, please get in touch. The funds will be applied to your account on the working day it’s received.
Change your repayment details
If you’d like to change your bank or building society account details from which your loan is paid by Direct Debit, please get in touch.
If it’d help to move your repayment date to one which suits you better, you can change it up to 2 times in any 12 month period. Just bear in mind, this could change the amount of interest you’ll pay overall. To discuss this in more detail, get in touch.
Be aware, payments can’t be scheduled between the 29th and 31st of each month as those aren’t recurring dates every month.
Paying off your loan early
If you find yourself in a position where you could pay off your loan early, you can request an early settlement quote by getting in touch.
Please note, you could be charged up to 58 days’ interest for settling your loan early. An interest adjustment won’t be made if your loan has less than 90 days to run to its original end date.
Repayment holidays
You can apply to take up to 2 non-consecutive repayment holidays (not one after the other) of one month in a rolling 12 month period, subject to approval.
You can request a repayment holiday at any time, as long as you:
- Have made at least one repayment and have a Direct Debit in place.
- Are up-to-date with your loan repayments.
- Have at least 30 days remaining on your loan term.
Interest will still be charged if you take a repayment holiday, so you'll pay more interest overall, and your original loan term will be extended.
You will be advised of the additional interest before your repayment holiday is finalised.
You need to inform the loans service centre at least 5 days before your next loan repayment is due for this to be applied in time.
To get started, please get in touch.
Borrowing more
You could apply to borrow more money at any time. You can either:
- Take out an additional loan that you will repay separately to your existing loan.
- Close and replace your existing loan with a new larger one.
If you’re looking to refinance existing debts, remember to factor in any potential costs for settling other agreements early, what your new interest rate will be and how long it’ll take to repay anything your borrow.
Existing customers can make a request by getting in touch.
New customers can just browse and apply online.
Lending and rate are subject to status. Available to UK residents aged 18 or over.
Avoiding fees and charges
It’s important to make your loan payments each month. Your payments will be automatically collected by Direct Debit each month, but of course you’ll need to make sure there’s enough money in your nominated bank or building society account to cover it.
If you miss a repayment for any reason, you could be charged £25 and may be subject to further charges if you don’t catch up. Please refer to the terms and conditions of your account for full details.
Obviously you’ll want to avoid additional costs wherever possible, and any damage to your credit record which might make it harder for you to borrow again in future.
Please note: the content on this page is not intended to be taken as financial advice or recommendation made by MBNA. You should seek independent financial advice if unsure about your financial needs.