Calculate the cost of a Barclays loan
Our calculator lets you pick how much you want to borrow, and estimate how much you’d pay back monthly and overall. We base our calculations on the Barclays’ representative APR, but it’s important to note that credit is subject to status and your circumstances may affect the rate you’re offered.
Late repayments can cause you serious money problems. See our debt help guides.
How do Barclays loans compare against the competition?
Before you take out a personal loan, it’s smart to read up and shop around. You can use the table below to see how much the loan you have in mind cost cost with a range of lenders.
What is Barclays?
One of the “big four” alongside HSBC, Lloyds and RBS, Barclays was founded over 300 years ago in 1690. The multinational bank is now operating in over 40 countries with an estimated employee count of around 120,000.
Whether you’re looking to buy a new car, consolidate debt, refurbish the kitchen, or take that desperately needed holiday, Barclays offers flexible, unsecured, fixed-rate loans at competitive interest rates (and with enhanced rates for Premier account holders). It’s quick and easy to apply online via the Barclays website.
Barclays loan rates and fees
- Current Account customers Barclayloan:5.5% p.a. fixed interest rate with no fee, on loans of £10,000 over 3 years. Apply to borrow up to £50,000.
- Premier Account customers Barclayloan:4.3% p.a. fixed interest rate with no fee, on loans of £10,000 over 3 years. Apply to borrow up to £50,000.
Step-by-step: Taking out a Barclays personal loan
Barclays Bank loans – AKA “Barclayloans” – are unsecured loans, meaning they’re be based on creditworthiness, rather than the use of property or other assets as collateral. The loans are available to Barclays customers over a period of 2-5 years, for amounts between £1,000 and £50,000, at fixed interest rates. The rate you’re offered may differ from the advertised representative APR, and will be based on your personal circumstances, the loan amount and the repayment term.
- Use the eligibility checker on the Barclays site. You’ll be prompted to login with your membership number, or your card/account numbers. You’ll then be able to see if you already have a provisional loan limit and, in most cases, you’ll be able to get a personalised quote and see the rate you’d actually get. Because this doesn’t involve a “hard” credit search, there’s no effect on your credit score.
- Shop around. If your heart’s set on Barclays us its price guarantee. Barclays keeps this one quiet, but if another lender offers you a like-for-like unsecured loan with a lower APR, you can claim under Barclays’ guarantee within 30 days of the date your Barclayloan was agreed, by completing a claims form and posting it to Barclays. Your monthly repayments will then be adjusted to meet the new APR rate.
- Apply to borrow between £1,000 and £50,000 over 2-5 years. If you’re already registered for online or mobile banking, applying should take less than ten minutes. Barclays will auto-fill form fields where it already holds the necessary information on file.
- Get a fast or instant decision. Barclays current account holders could get an instant provisional loan offer.
- Sign online for quick access to funds. If you sign the loan agreement online or in the app between 7am and 10.30pm you could drawdown the funds straightaway.
- Pay a fixed monthly amount. The interest rate is fixed, meaning you’ll pay the same amount each month and you know how much the loan is going to cost you overall. You’ll get to decide the day of the month on which you make repayments.
- Top-up, take a second loan, overpay or repay early… with strings attached. You can pay back your loan early, in part or in full at any time, but you’ll be charged a fee equal to 30 days’ interest on the amount you’re repaying (as well as any other interest that’s due). Barclays uses the phrase “Topping-up” a little misleadingly… Topping-up in fact closes your existing loan and starts a new one. If you don’t want to do that, you can simply apply to run a second loan concurrently. Additional borrowing is always subject to Barclays’ credit and affordability checks and you won’t be allowed to take out more than £50,000 overall.
What is APR?
The Annual Percentage Rate (APR) is designed to give an annual summary of the cost of borrowing. It takes into account interest and any mandatory charges to be paid (like an arrangement fee) over the duration of a loan. All lenders must calculate their APRs in the same way and must tell you the APR before you sign an agreement.
It can be a handy benchmark, however lenders are only obliged to award this rate to 51% of those who take out the loan – the other 49% could pay more. That’s why it’s often referred to as the representative APR.
Barclays loans have relatively low APRs, in part because Barclays will generally only offer loans to people with good credit. However, at some loan amounts or terms, you wouldn’t have to look far to find a better APR. Barclays may be hoping that existing customers will sleepwalk their way into a loan with the bank they already use, rather than shopping around for the best rate.
Am I eligible for a Barclays personal loan?
- Business reasons.
- Investments (including buying stocks and shares).
- Purchasing property (home improvements are fine).
- Gambling-related expenses.
- Repaying CCJs (county court judgments).
- A purchase made by combining this loan with any others.
How do I apply?
If you’ve decided that a Barclays personal loan is right for you, you’ll need to provide proof of the following:
However because Barclay’s personal loans are only available to Barclays customers (with either a Barclays current or savings account, mortgage or Barclaycard), if that includes you, you may not need to jump through so many hoops! What’s more, if you use online banking already, Barclays will complete much of the application form on your behalf.
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