UnThreaded | Threaded | Whole Thread (5) | Ignore Thread Prev Thread | Prev | Next | Next Thread
Author: ajhalligan Three stars, 500 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 308557  
Subject: Re: MBNA Unsecured Loan Date: 1/25/2000 1:56 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
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.

Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (5) | Ignore Thread Prev Thread | Prev | Next | Next Thread

Announcements

TMF Credit Center
The Motley Fool Credit Center arms you with real tools and simple messages, that will help you in every credit situation.
Post of the Day:
Apple

Apple and Ninety Years Ago
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement