Designed for Barclays’ existing customers in need of some extra financial support for their personal projects, this fee-free personal loan is a solid and straightforward product.
Barclays traces its origins back to 17th-century London, but is now a global banking business active in over 40 countries around the world. As of 2017, it had 24 million customers in the sole UK.
Barclays offers a standard unsecured personal loan option to its customers, which comes with no extra fees and a top-up feature if you realise halfway that you need a bit of extra financial breathing space. Unlike with many other banks, that usually cap their unsecured personal loans at £25,000, you may be able to borrow up to £50,000.
Flexibility isn’t this loan’s main feature – overpayments and early settlement will come for a fee, and you can’t apply for a joint loan. However, instant funding is available even if you apply online – if you’re approved and sign the agreement by 10.30pm, you’ll usually get the money right away. So that once you’ve closed the online banking tab on your browser you can move directly to your favourite furniture shop’s or travel agency’s website.
Warning: late repayments can cause you serious money problems. See our debt help guides.
|Loan type||Unsecured Personal Loan|
|Loan amounts||£1,000.00 to £50,000.00|
|Loan terms||2 Years to 5 Years|
|Loan rate type||Fixed|
|Same day funding available|
|Same day funding note||Free transfer of funds. Telephone applicants can sign electronically using online banking free of charge. Optional courier service to receive loan documentation for telephone applications also available. This service costs £15.|
|Instant decisions in most cases|
|Soft-search facility available|
|Overpay without penalty|
|Concurrent loans allowed|
|Topping-up pays off existing loan and initiates a new loan|
|Repayment methods||Direct Debit|
Am I eligible?
|Available to||Existing Customers only|
|Age||18 or over|
|Credit profiles||Good, Fair|
How do I apply
Quite digital-friendly for a big, traditional bank, the application process for a Barclays personal loan can be done online from the beginning to the end.
It’s a good idea to start by logging in to your personal banking and checking your eligibility. Barclays will give you a personal quote with a provisional interest rate and the amount you may be able to borrow, without affecting your credit score.
After that, you can proceed with the online application. You can also do all this directly from Barclays’ mobile app. While applying, you’ll need to provide Barclays with details and proof of your income (for example, your payslips if you are an employee).
Once you’ve been approved and you’ve signed the agreement that Barclays will send you, you’ll usually get the money right away.
Some people may prefer discussing such a big financial decision before applying, in which case, you can give Barclays a call or pop into a branch.