Invitation-only personal loans with fixed rates from 4.99%–20.99%.
You got an invitation in the mail inviting you to apply for a Barclays personal loan. But is it a good idea? You might wonder why you got this invitation, and whether to follow through with the offer.
|Product Name||Barclays Personal Loans|
|Max. Loan Amount||$35,000|
|Interest Rate Type||Variable|
|Minimum Loan Term||3 years|
|Maximum Loan Term||5 years|
- Received an invitiation
How does the Barclays personal loan work?
Barclays personal loans are invitation only, meaning that you can’t apply unless you’ve received an invitation code in the mail. Otherwise, you won’t even be able to check potential rates online — let alone apply. While this limits who is eligible, it makes the application process a lot easier: You don’t have to worry about meeting the basic eligibility criteria and Barclays already has your basic personal information.
Barclays offers unsecured personal loans up to $35,000. Eligible borrowers have a choice between loan terms of [3, 4 or 5 years. Variable rates are subject to change based on the Wall Street Journal prime rate.
Barclays is a direct lender, so it funds all of its personal loans. You can apply or check your rate online a few minutes after applying. It typically takes a few business days for your funds to show up in your account once you’ve been approved. After you get your funds, you can use it for any legitimate purpose.
What are the benefits of a Barclays personal loan?
- No fees. There are no application, origination or prepayment penalties on its personal loans. There are also no late fees, though you’ll end up paying more in interest if you make a late payment.
- Competitive rates. With APRs ranging from 4.99%–20.99%, Barclays personal loans have some of the most competitive rates out there.
- Simple application. You don’t need to worry about meeting the basic eligibility requirements if you’ve already received an invitation.
- No collateral required. Barclays personal loans are unsecured, so you won’t have to put anything you own on the line.
- No checking account required. You can choose to have funds sent to a savings account instead.
What to watch out for
- Invitation only. This loan is only open to a select group of qualified individuals.
- Not guaranteed the amount you want. You won’t learn how much you can borrow until after you’ve submitted your application.
Compare personal loans you can apply for today
What do customers have to say about Barclays personal loans?
There’s not much online about Barclays personal loans in the US. At least one borrower was confused about the application process after getting a letter in the mail. And a UK borrower was upset with the rates they qualified for with Barclays. But that might be more of a reflection of their personal creditworthiness than the standard Barclays experience.
Some Americans with preapproval letters for other Barclays products also mentioned that they didn’t get approved when they applied. But none of these experiences were specifically about its personal loans.
Am I eligible?
To be eligible for a Barclays personal loan, you need to an invitation. Barclays sends its invitations through the mail, so you’ll receive a letter if you’re eligible. You’ll need the invitation code to start your application online.
How do I apply?
- Go to the Barclays personal loan site.
- Enter your invitation code and last name and click Continue.
- Follow the directions to select your term and get your rate based on a soft credit pull that doesn’t affect your credit score.
- Like your rate? Continue with the application, uploading any required documents.
- If approved, review your loan amount and monthly repayments.
- Review your loan documents and all disclosures. Then sign and submit them.
Typically, it takes a few business days for you to get your funds. You can choose to have your funds sent to your checking or savings account. Or, if you’re looking to consolidate any credit card debt you have with Barclays, you can have it directly pay off up to five credit card balances.
3 alternatives to Barclays personal loans
Don’t have a Barclays account? Want to look at some other options? Check out these similar personal loan providers.
Payoff: Best for credit card debt consolidation
Payoff is a lender that specializes in credit card debt consolidation. It works a lot like Barclays: Its loan amounts are similar and there are no application, origination, prepayment or late fees. It also typically takes a few days to get your funds. Rates are slightly less competitive, but not by much.
- Amounts: $5,000 to $35,000
- Terms: 2–5 years
- APR: 5.99%–24.99%
- Eligibility: Must have a FICO score of 640+, no current delinquencies, at least 3 years of credit history and a debt-to-income ratio of no more than 50%. No more than 1 installment loan and no delinquencies over 90 days in the past year. Must live in a state where Payoff offers loans; check availability.
SoFi: Best for large personal loans and extra perks
SoFi personal loans come in larger amounts than Barclays’ with competitive rates — both fixed and variable. They also have several perks that you can’t find with most lenders. On top of not charging any fees, SoFi personal loans come with unemployment protection, deferment options if you decide to go back to school and networking opportunities.
- Amounts: $5,000 to $100,000
- Terms: 3–7 years
- APR: Fixed rates between 6.990% – 14.865%; variable rates between 6.255% – 12.555%
- Eligibility: Minimum credit score of 680. You must be a US citizen or permanent resident, and 18 years or older..
Even Financial: Best for when you don’t know where to start
Even Financial isn’t a lender, but a connection service. By filling out one simple online form, you can get offers from multiple top-rated lenders like LendingClub, Upstart and Prosper. Financing is available for all credit types.
- Amounts: $1,000 to $100,000
- Terms: 2–7 years
- APR: 4.99%–35.99%
- Eligibility: Must have a minimum credit score of 580+. Must be 18+ years old and be an American citizen or permanent resident.
I got a Barclays personal loan. Now what?
Once you have your money, you’ll need to start making monthly repayments. You have two choices: Sign up for automatic repayments or log in each month to pay online. To save yourself time and the mental space to remember your repayments, consider signing up for autopay. You can always log in and pay more if you want to pay off your loan early.
Barclays doesn’t charge late fees, but that doesn’t mean being late won’t cost you. That’s because your interest continues to add up based on your loan principle. Your loan will cost you more in the end if you don’t pay on time.
Have any questions? You can reach out to customer service by calling 866-951-1416. If you’re abroad, you can also reach customer service by collect calling 302-255-8888.
Barclays offers competitive personal loans that could be a great option for consolidating your Barclays credit card debt or making a large purchase — as long as you have an invitation code, that is.
If you didn’t get a letter or need more funds than Barclays offers, you might want to look into other options. You can do this by visiting our personal loans guide to compare lenders and learn more about how these loans work.