Instant Loan Program

Randomize now offers instant Apple product purchase financing though the Apple Instant Loan Program.

The Apple Instant Loan has many benefits and advantages:
  • Convenience
  • Fast (15 minute) decisioning (“Take purchase home in minutes”)
  • Competitive interest rates (from 14.99%); fair, risk-based pricing
  • Low, affordable monthly payments to fit most budgets
  • Flexible repayment terms - 24, 36, 48, 60 months
  • No prepayment penalties or annual fees, and no down payment required
  • Quick and simple application with a comparable setup fee-$19.95
  • Does not tie up existing credit lines
  • Opportunity to upgrade or purchase peripherals (credit lines up to $25,000)

Who is administering the Apple Instant Loan program?
MBNA Canada is an authorized Schedule II institution under the Bank Act of 1991 whose primary business is lending through MasterCard credit cards. MBNA Canada's more than 675 employees in the Ottawa-Carleton and Montreal areas service over 1.5 million Customers and manage $1.9 billion in outstanding loans. MBNA Corporation, a bank holding company and parent of MBNA America Bank, N.A., a national bank, has $84.7 billion in managed loans. MBNA, the largest independent credit card lender in the world, also provides retail deposit, consumer loan, and insurance products.

What is the interest rate, and will it ever change?
The Apple Instant Loan is a fixed rate loan program with interest rates ranging from as low as 14.99% to 26.99%. The rates vary based on the individuals credit history. The interest range system allows MBNA to make the maximum number of loans possible.

What is the term of the loan?
You can choose a term of 24, 36, 48 or 60 months. This allows you the opportunity to select a payment that best suits your budget.

Are there any fees payable when applying for the Instant Loan? If yes, how is it paid?
Yes, there is a one-time loan setup fee of $19.95 that is charged only upon activation of a loan account.

How much can be borrowed?
Loan amounts for qualifying customers are based on creditworthiness. Credit lines will range from $1,500 to $25,000 with a minimum initial purchase amount of $1,000.

Who is eligible for the Apple Instant Loan?
The applicant must be:
· At least 18 years of age in the provinces of Alberta, Manitoba, Ontario, Quebec, Nova Scotia, PEI and Saskatchewan.
· At least 19 years of age in British Columbia, New Brunswick, Newfoundland and the Northwest Territories.
· A Canadian citizen or permanent resident with a Canadian mailing address.

Will I need a co-applicant?
An MBNA credit analyst will solicit a co-applicant for the application if the analyst feels it is necessary. Possible reasons for requiring a co-applicant would be a high debt to income ratio or inadequate credit history.

Can I re-access my Apple Instant Loan account?
Yes, the payment plan allows you to make multiple purchases up to your credit limit. You simply have to bring your MBNA account number and a photo ID to an authorized Reseller to complete additional purchases. When you make additional purchases, the loan and monthly payments will be recalculated based on the original terms of the loan.

Is there an advantage to purchasing with an Apple Instant Loan versus a credit card?
Purchasing with an Apple Instant Loan is advantagous because fixed monthly payments often lower the total interest paid. It also keeps existing credit cards available for future needs.

What are the monthly payments?
The payments will vary based on the customer's repayment term selection. The you can choose the time frame you want to pay off the loan, allowing the flexibility to fit the loan into your budget.

Can businesses use the MBNA financing program to purchase equipment?
Yes, however, the loan will be based on the applicant’s personal credit history and not the financial history of the business.

How long does the application process take?
An application should take less than 15 minutes to process. In some cases, MBNA may request additional information in order to process the application, that is, MBNA may need proof of address (copy of a utility bill) or proof of income (copy of pay stub). In this case, the decision turnaround time will depend on the customer's ability to supply the proof required and could take more than 15 minutes.