Barclays Personal Loan Review

By: Heather Hanks Oct. 26, 2019

A personal loan can help you get the money you need when you need it. It is designed to help you fund a major purchase, including when you buy a home or car. You can also use a personal loan to fund your wedding, take the trip of a lifetime, or pay off debt. The problem is that many personal loans are tied to high interest rates, which means you end up with less spending money in your pocket.

The Barclays personal loan allows you to borrow up to $35,000. You can use this money however you want! Choose between convenient loan terms of 36, 48 or 60 months, and enjoy lower than average interest rates with no hidden fees. You can also pay off your loan early to help you save on interest. Here is everything you need to know about the Barclays personal loan and how it can help fund your next major expense.

Barclays Loan

Amount

Up to $35,000

Interest rates

start as low as 4.99%

Loan type

unsecured

Payoff terms

up to 60 months

Who is Barclays?

The company boasts an impressive back-story. The company was founded in London in 1690 by goldsmith bankers John Freame and Thomas Gould. The company got its name when John’s son-in-law, James Barclay, joined the business. Since then, Barclay’s has expanded its services and locations throughout the world. Their achievements have been felt worldwide over the past 300 years. They funded the world’s first industrial steam railway, named the first female branch manager in the United Kingdom, and introduced the world to the ATM machine. Today, they are proud to serve you.

Finding a trustworthy lender who wants to help without taking advantage of you is hard. Barclay’s is a well-established bank and lender that creates opportunities for their clients to rise. The company is headquartered in London and serves customers all over the world. Their locations have expanded to the United States and they understand that they don’t succeed unless you do. This is why they offer a variety of affordable services without hidden fees or money traps. They also make it easy to qualify, which you can do in three steps.

Even the most financially responsible people need help every once and awhile. Barclay’s offers convenient 24/7 online access and customer service so that you can always log into your account or get the help you need. The company was founded with the intention of helping people reach their financial goals. Their products and services are designed to help you succeed. The company provides services to 48 million people around the world and they treasure every single one. Their personal loan is a great way to fund any major expenses in your life.

What Does The Barclays Personal Loan Offer?

The Barclays personal loan allows you to borrow as much as $35,000 to use however you want. You can use this money to fund any major personal expense, such as a home or a car. You can also use it to help fund a vacation, get married, or consolidate and pay off your debt. The Barclays personal loan features interest rates that start as low as 4.99%. This means you’ll enjoy more money in your pocket because you spend less in interest overtime. Your interest rates can reach as high as 20.99%, but this number is based on your credit score. The better your credit score, the better your terms will be. This is true of just about any line of credit or loan that you take out.

The Barclays personal loan also has flexible repayment options. You can pick from a payoff term of 36, 48 or 60 months. This allows you to make affordable payments that you will be less likely to default on. Even one missed or late payment can negatively affect your credit score. Picking a lender with flexible repayment terms allows you to stay on track to boost your credit score and avoid late fees. The financial experts at Barclays can help you pick the right repayment plan for you. You’ll also be happy to know that there are no origination fees or fees of any kind. This includes late fees. The company isn’t trying to trick you into paying them more money. They simply want to provide you an opportunity to succeed.

Here is a basic breakdown of the Barclays personal loan terms:

Loan type: unsecured (does not require collateral)

Loan amounts range from $5,000 to $35,000

Payoff terms range from 36, 48 or 60 months

APR ranges from 4.99% to 20.99%, based on your credit score and history

You can pay off your loan early to save on interest without prepayment fees

ARPs are fixed rate (they do not vary as the prime rate changes)

No fees of any kind, including no origination or late fees

Application can be done online within a few minutes

You’ll receive your funds within a few business days

How Does Barclays Personal Loan Work?

The Barclays personal loan is different from other loans because the company doesn’t lock you into expensive commitments. They don’t try to trick you or nickel and dime you. There are no hidden fees. This includes origination fees, monthly fees, or late fees. If you miss a payment, then you will continue to accrue interest on the amount you own. This will make your next bill go up, but there are no true late payment fees.

There are also no prepayment penalties. This means that you can pay your loan off early to save money on interest. You can do this by making extra payments per month or overpaying on your monthly balance. Your interest rates are also fixed, which means that they won’t go up as the prime rate changes. In other words, they won’t go down either. But we like the stability of knowing what you will be paying upfront. Other companies lock you into terms that guarantees the bank will make the most money. They want you to pay interest and they don’t like when you get out of paying it. This is why other banks penalize you when you pay your loan off early.

Once you’re approved, your funds will show up in your account within a few business days. Any delays you occur may be due to your financial institution’s policies. You can choose to have your funds deposited into a US savings or checking account. You can also use your money to have Barclays directly pay off up to five credit card balances. You won’t receive a paper statement each month. Instead, you can log into your online account anytime to view and pay your balance. Setting up an automatic electronic payment is a good way to make sure you never miss a payment. There is no extra charge for automatic payments. You can also change your payment due date, but remember that this might change the amount you owe.

Here is an example of loan repayment terms based on a $10,000 loan issued by the Barclays bank in Delaware:

Loan amount:

$10,000

APR:

5.99%

Monthly payment:

$236

Repayment term:

48 months

Barclays Personal Loan: PROS and CONS

The Barclays personal loan is a better product than the competition because of its flexible terms and lack of fees. The company prides itself on providing its customers with an opportunity to succeed and it shows in its repayment terms, options, and policies. We like that you can have your loan directly deposited into your US banking account or have Barclays directly pay off up to five credit card balances. They are there to work for you on your behalf.

You can also change your repayment date online. You won’t be charged a fee for this service, but be prepared for your balance to adjust depending on what date you pick as your interest will continue to accrue. Late payments won’t cost you anything other than possible damage to your credit score and a higher than normal balance next month. Barclays doesn’t look to capitalize on your mistakes. We can’t see why you wouldn’t want Barclays to be your personal loan lender. However, we’ve broken down a list of potential pros and cons to help you decide.

Barclays Personal Loan PROS

  • Loan amounts range from $5,000 to $35,000, based on your credit score
  • The loan is unsecured and does not require collateral
  • APRs start as low as 4.99% and may reach 20.99%, also based on your credit score
  • You can check your credit score on the Barclays website and it won’t affect your credit score until you apply
  • Repayment terms are flexible and range from 30, 48, or 60 months
  • There are zero hidden fees, including no late fees, sign-up fees, or monthly fees
  • No prepayment fees so that you can pay off your loan early and save money on interest
  • Your interest rate is fixed, which means that it won’t go up if the prime rate does
  • The application process only takes a few minutes
  • You’ll receive your funds within a few days after being approved
  • You can have your funds directly deposited into a US banking account or have Barclays use the money to pay off five of your credit card balances
  • You can manage your account online 24/7
  • You can change your payment date online anytime without fees

Barclays Personal Loan CONS

  • You likely won’t qualify for a 4.99% APR unless you have excellent credit, but this is true of any lender you work with. Your APR is based on your credit score, income, and other financial factors. Most unsecured loans charge higher than average APRs to make up for the lack of collateral. However, the Barclays personal loan boasts some of the lowest APR rates in the business for an unsecured loan. This means that you won’t lose your car or home if you default on your loan. In the end, your credit score will be the ultimate factor that determines your loan terms. Keep this in mind if you apply for the Barclays personal loan and don’t get the APR you want.

How To Apply Barclays Personal Loan

You can apply for the Barclays personal loan from any mobile or online device, including your phone. The application process includes three easy steps. First, you’ll check your rate online using the Barclays personal loan website. Checking your rate does not affect your credit score. The company uses a soft inquiry to pull your credit score and determine your loan terms. This does not show up on your credit report. It ensures that you’ll be able to lock in your APR once you apply.

Next, you’ll select your loan term. Choosing your loan term help guarantee your rate. Your monthly payment and approved loan amount will be determined after you apply. Lastly, you’ll apply for the loan and your funds will be distributed to you within a few business days. You need a US banking account to transfer the funds. Or you can have Barclay directly pay off up to five credit card balances with your loan money.

Barclays will need the following information for your application:

  • Full name
  • Address
  • Contact information
  • Social security number
  • Employment information
  • Financial background

It’s a good idea to make sure you have all of your information handy while applying to speed up the application process.Barclays will ask for specific documents when determining your approval. You can upload them to their secure application center in several forms, including PDF, DOC, JPG, GIF, and more. The company does not share your personal information with anyone, but they will use it to determine your creditworthiness. You can cancel your application anytime before you sign it electronically.

Disclaimer

CreditNervana promises to keep our information as accurate and up-to-date as possible. However, you should always consult a financial advisor for specific questions about personal or business finances and investment opportunities, especially if you are looking in your area. Working with a trained professional who is familiar with your case is a safe and guaranteed way to make the best investment decision possible. Please review our terms and conditions before making any decision based on the information we provide. Financial institutions are constantly changing. Because of this, it’s a good idea to cross check the information you read here with any company you are considering working with.

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