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Barclays personal loans review May 2019

Barclays is a multinational bank operating in over 40 countries around the world. It offers fixed-rate, unsecured personal loans at competitive rates.

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 offer competitive and flexible fixed-rate loans. It’s quick and easy to apply online via the Barclays website.

How do Barclays personal loans compare against the competition’s?

Before you take out a personal loan, it’s smart to read up and shop around. You can use the tool below to check the actual rates you’d be likely to be offered from a range of popular lenders, and the monthly/overall costs.

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Key features of Barclays personal loans.

“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.

  • Loan terms from 2-5 years.
  • Loan amounts from £1,000-£50,000.
  • Fixed monthly repayments. 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.
  • Quick decision. Barclays current account holders could get an instant provisional loan offer.
  • Quick access to funds. Provided you can sign the online agreement between 7am and 10:30pm on any day, funds can be in your account within a few hours of completion.
  • Early repayment. You can pay back your loan early, in part or in full at any time. But may be charged a fee equal to 30 days’ interest on the amount you’re repaying, as well as any other interest that’s due.
  • Price guarantee. If you take out a Barclayloan and 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. You’re monthly repayments will then be adjusted to meet the new APR rate.

What is APR?

If you’re comparing any credit-based products, it won’t be long before you’ll come across the Annual Percentage Rate (APR). This figure is designed to provide an annual summary of the cost of a loan. It takes into account both interest and any mandatory charges to be paid (for example an arrangement fee) over the duration of a loan.

All lenders must calculate the APR of their products in the same way, and must tell you the APR before you sign an agreement, so for consumers it can be a handy tool for comparison.

Bear in mind, however, that 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.

Am I eligible for a Barclays personal loan?

You should only apply for a Barclays personal loan if you’re certain you can meet the repayment terms, and you meet the following criteria:

  • Hold a Barclays current or savings account, mortgage or Barclaycard
  • Aged 18 or above
  • UK resident

Barclays states that these loans should not be used for:

  • Business reasons.
  • Investments (including buying stocks and shares).
  • Timeshares.
  • 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:

  • Your ID.
  • Your address details for the past three years.
  • Your current income and employment details (payslips and bank statements).

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.

Frequently asked questions

*Disclaimer: The offers compared on this page are chosen from a range of products whose details Finder has access to track; they don't represent all the products available in the market. Unless indicated otherwise, products are displayed in no particular order or ranking. The terms "best", "top", "cheap" (and variations) are not product ratings and are subject to our terms of use. You should consider seeking independent financial advice and consider your personal financial circumstances when comparing products.

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