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Barclays business loans review 2023
Barclays offers a range of business finance products, from unsecured loans through to asset finance and commercial mortgages. Amounts from £1,000 to £50,000 between 1 and 300 months.
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Barclays business loans overview
One of the most popular banks in the UK, Barclays Bank is a fixture of international finance. It was founded in 1690 in Manchester, UK.
For small and medium-sized businesses that need financial investment to grow and scale their operations, Barclays offers a number of loans designed to help companies achieve that aim. Repayment terms can be up to 20 years, and there are options for repayment holidays, although interest will still be accrued during these periods.
Quick overview of Barclays business loans
| Minimum trading period | Not specified |
|---|---|
| Loan terms | From 1 to 300 months |
| Loan amounts | From £1,000 to £50,000 |
| Minimum turnover | £10,000 |
Barclays small business loans
These are unsecured loans that allow you to choose your payment term. They come with fixed interest rates and the option of a six-month repayment holiday. However, interest will still be accrued during these periods. Barclays small business loans are offered for between 1 and 10 years.
Barclays medium business loans
These secured loans allow you to choose repayment terms of up to 20 years. They also come with either fixed or variable rates of interest and the option of 12 months of interest-only repayments.
Key features of Barclays business loans at a glance
Barclays Bank business loans can be a good financial stepping stone for businesses that want to go to the next level.
- Loan durations. Between 1 and 10 years for Small Business Loans, and 1 and 20 years for Medium Business Loans.
- Security. Small Business Loans are unsecured but Medium Business Loans are secured. You can use any type of asset to cover your payments in the event you’re not able to make them. If you use your home, this could result in it being repossessed.
- Fixed interest rates. These are available for both Small Business Loans and Medium Business Loans. Medium Business Loans also come with the option of variable interest rates.
- Option to take a repayment holiday. This is available with Medium Business Loans. But you will still be accruing interest during this period so please take that into account.
- Quick decision. If you apply online for a Small Business Loan, you will receive a decision within a few days.
- Quick access to funds. Once you’re approved for a Small Business Loan, the money will be in your account within 24 hours. Once you’re accepted for a Medium Business Loan, the money will be in your account within 48 hours.
Interest rates can be fixed or variable, depending on the loan. The rate you’re offered will depend on factors like the amount you apply for, the term of the loan, your credit rating and your income. It may differ from what’s advertised.
Am I eligible for a Barclays business loan?
If you choose to apply for a Barclays Bank business loan, Barclays will need to see the following:
- The amount you want to borrow
- Personal information for the key officials
- Information on all of your business debts
- Annual turnover for the past year (if you are an established business)
- Your company’s annual sales forecasted turnover (if you are a new start-up)
- Your net profit for the past trading year (if you are an established business)
- Details about how you’re planning to use the loan
Personal criteria that you must meet:
- UK resident for at least three years
- Over 18 years old
- You must hold a good credit rating without a history of county court judgment or bankruptcy
Barclays Bank states that these business loans must never be used for personal purposes – they’re for business development purposes only.
How can I apply for a Barclays loan?
To apply for a Small Business Loan, go to the Barclays website. Once there, you can either make an application or follow a series of steps to see if you are eligible. To apply for a Medium Business Loan, you will need to make a phone call.
Customer reviews
Barclays is rated ‘Bad’ on Trustpilot with a score of 1.4 bades on over 9,000 reviews (updated November 2023). Customers complained of poor customer service and a lack of branches available locally.
The Barclays app is rated 4.7 based on over 1,900 reviews. On the Google Play store, it is rated 4.4 based on over 400,000 votes (updated November 2023).
Customer support
New customers
For help with new business loans, you can call Barclays on 0333 202 7431. Lines open Mon-Fri from 9am-7pm. Alternatively, you can use the in-app chat box or if you’re an Apple user, you can use the iMessage to talk to customer support.
Existing cutsomers
For existing loan customers, call Barclays on 0333 202 7445 for customer support. Lines open Mon-Fri from 8am-7pm. Alternatively, you can use the in-app chat box or if you’re an Apple user, you can use the iMessage to talk to customer support.
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Frequently asked questions
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