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Subject:  Re: MBNA Unsecured Loan Date:  1/25/2000  1:56 PM
Author:  ajhalligan Number:  25266 of 312185

First a disclaimer:
1.) I work for MBNA.
2.) I don't work in the area that offers the unsecured loan and I am NOT current on all the bells and whistles and charges that this loan may or may not incur. If you want more information call the 800 number that came with the loan application.

My understanding or our GoldOption product,(the name of the unsecured loan) is that it is a fixed term loan for a period of 24 to 60 months. Once you get the loan and the term and payment are set it will remain that way until the end of the term or the loan is paid off. There are no origination fees involved.

Unlike the unsecured loan you may get from your local bank we do offer the ability for good customers to re-access the loan at anytime. This can be done by Access checks that we would send or by calling Customer Service and asking if we would transfer money to either your checking account, or directly to another creditor.

Whether it makes sense for you to use this loan vs. a lower rate credit card is something only you or your accountant can answer. I will tell you, one of the biggest reasons our customers like this product is that it forces them to pay down their debt, and it allows them to see the light at the end of the tunnel.(24 to 60 months) The downside is that your minimum payment will be higher than a credit card.(A credit card minimum is only 2%, this will be @ (loan + interest)/term)

This product is not for everybody, but we do have lots of happy customers and it is one of the fastest growing divisions in our bank.

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