Personal loans with fixed rates from 5.74% to 18.99% and no fees.
finder.com’s rating: 4.0 / 5.0
You got an invitation in the mail inviting you to apply for a Barclays personal loan. Or you heard that they offer simple personal loans at a competitive rates. But is it a good idea? You might wonder whether to follow through with the application.
|Product Name||Barclays Personal Loans|
|Min Loan Amount||$5,000|
|Max. Loan Amount||$35,000|
|APR||5.74% to 18.99%|
|Interest Rate Type||Fixed|
|Minimum Loan Term||3 years|
|Maximum Loan Term||5 years|
|Requirements||Must have an excellent credit score of 700+|
- 700+ credit score
How does the Barclays personal loan work?
Barclays personal loans work entirely online so you don’t need to visit a location to apply. It offers unsecured personal loans up to $35,000. Eligible borrowers have a choice between loan terms of 3, 4 or 5 years. APRs range from 5.74% to 18.99%.
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 makes Barclays personal loans unique?
Barclays’s simple online application is what makes it unique from other types of loans. Prequalifying involves answering a few simple questions and only takes a few minutes. If you have an invitation to apply, you don’t even need to follow that step: You’re already ready to start with the application.
Barclays personal loans are no longer invitation-only
Until recently, Barclays only offered personal loans to individuals that received an invitation letter in the mail with a code to apply. Now, anyone can apply as long as they meet Barclay’s credit criteria.
However, it still sends out invitations to individuals it thinks might be a good candidate for a loan. Getting a letter 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.
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 5.74% to 18.99%, Barclays personal loans have some of the most competitive rates out there.
- Risk-free rate quote. You can see what rate you might qualify for based on a soft credit pull that doesn’t impact your credit score.
- Choose your payment due date. Borrowers can make their Barclays personal loan work around their schedule by picking which day of the month to make repayments.
- Simple application. You don’t need to worry about meeting the basic eligibility requirements if you’ve already received an invitation.
- No prepayment penalty. You can save on interest by paying off your Barclays personal loan early.
- 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
- New product. Barclays might not be invitation-only, but it’s still young enough that it might not have reached its full potential.
- No customer reviews yet. These personal loans only recently became available to the general public, so you’ll have to wait to hear what customers have to say.
- Not guaranteed the amount you want. You won’t learn how much you can borrow until after you’ve submitted your application.
Compare more personal loan options
What do customers have to say about Barclays personal loans?
There’s not much online about Barclays personal loans in the US as of December 2018. 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 must have a credit score of at least 700. Barclays largely bases prequalification on your credit rating, though other factors like your monthly housing expenses and income — though there is no minimum income requirement.
Got an invitation?
If you receive a letter inviting you to apply for a loan, you’re already prequalified and can apply using your invitation code. Keep in mind that prequalifying doesn’t mean you’re guaranteed approval.
How do I apply?
- Go to the Barclays personal loan site.
- Scroll down and select your loan amount, loan purpose and hit Check your rate. Or, if you have an invitation code, click Have an invitation code?
- Follow the directions to complete the application with your basic personal and financial information to 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% to 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: 2 to 7 years
- APR: Fixed rates between 5.99% to 16.99%; variable rates between 5.74% to 14.70%
- Eligibility: Minimum credit score of 680. Ages 18+, US citizen or permanent resident.
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 to 7 years
- APR: 3.84% to 35.99%
- Eligibility: Credit score of 550+, American citizen or permanent resident and ages 21+
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.
Why didn’t I get approved?
Even though Barclays is now open to applications from the general public, you still might not get preapproved for a loan even if you meet its credit score cutoff. If you aren’t approved, Barclays should send you a letter within a week or two detailing why you weren’t approved.
Barclays offers competitive personal loans that could be a great option for consolidating your Barclays credit card debt or making a large purchase — and you no longer need an invitation qualify.
If you need more funds than Barclays offers or don’t meet its credit requirements, 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.
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