How to manage your personal loan
Helping you manage your loan
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 slightly 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 calling us and of course you’ll be sent updates about your loan as you go, including a yearly statement so you know where you’re up to.
Making extra loan payments
You need to have a Direct Debit in place to cover your fixed monthly loan repayments. You can make extra 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'll be charged up to 58 days' interest.
To make a payment with your debit card, please call us. The money will be paid 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 call us.
If it’d help to move your repayment date to one that 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, call us.
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 call us for an early settlement quote.
You may be charged up to 58 days’ interest for settling your loan early. You won’t be charged extra interest 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 1 month in a rolling 12-month period, subject to approval.
You can ask for 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 left on your loan term.
Just be aware – additional interest will be charged, so you’ll pay more interest overall and your original term will be extended.
Registering for Online Services allows you to easily manage your loan and request payment holidays.
Borrowing more
You could apply online to borrow more money at any time by taking out an additional loan that you'll repay separately to your existing loan
Check out our FAQs for more information on your available options.
Things to consider
If you are paying off other borrowing with a new loan, remember to factor in any potential costs for settling other agreements early. You may pay a higher interest rate or make repayments over a longer term which means that you may pay more interest overall.
Lending and rates are subject to status. Available for 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. 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. Please refer to the terms and conditions of your account for full details.
You’ll want to avoid extra costs wherever possible, and any damage to your credit record that might make it harder for future borrowing.
Please note: the content on this page is not to be taken as financial advice or recommendation made by MBNA. You should seek independent financial advice if unsure about your financial needs.