In a Nutshell
Personal loans from Barclays come with competitive rates and no origination, late or prepayment fees. But the maximum loan amount you can borrow is relatively low, and the bank has no physical branches.Barclays is offering personal loans by invitation only. Explore more personal loans from banks.
What you need to know about a Barclays personal loan
Barclays offers unsecured personal loans that eligible borrowers can use for debt consolidation, home improvements, major purchases and more. If you’re considering a personal loan from Barclays bank, here are some key features to consider.
Simple prequalification process
Some lenders require you to submit a formal loan application, which includes a hard credit inquiry, without the chance to get an idea of your interest rate beforehand. But Barclays’ prequalification process makes it easy for you to check your estimated rate without affecting your credit scores, and it can be completed online in just a few minutes.
No origination, late or prepayment fees
Some lenders charge multiple fees that can add hundreds or even thousands of dollars to the cost of your loan. Barclays doesn’t charge common fees, including …
- Origination fees — There are no charges for setting up your loan account.
- Prepayment fees — You can pay off your loan early without being penalized.
- Late fees — If you’re unable to make your monthly payment by the due date, you won’t be charged a separate fee. But your account will continue to accrue interest, which will affect the total amount you have to repay. Making late payments can also negatively affect your credit scores.
Limited loan amounts
The minimum loan amount you can borrow is $5,000, and the maximum is $35,000. If you want loan amounts above or below these limits, you’ll have to look elsewhere.
No branch network
Although Barclays has customer service representatives, it doesn’t have any physical branches. Instead it offers a fully digital experience that allows you to access your accounts any time, from anywhere. If you want the option of walking into a local branch and talking to a representative in person, this isn’t the lender for you.
Competitive interest rates
Barclays offers competitive personal loan rates based on your credit history and other factors. The highest interest rate Barclays charges on its personal loans is lower compared to some other lenders.
Barclays doesn’t include credit score requirements on its website, but if you complete the prequalification process you can find out whether you could qualify and see your estimated rate. Just remember that prequalifying for a loan doesn’t mean you’ve been approved — and if you apply and are approved for a loan, the terms and rates can be different than what you prequalified for.
Barclays personal loan details
If you’re trying to decide whether a Barclays personal loan is right for you, here are some additional details to consider.
- Barclays offers repayment terms of 36, 48 and 60 months, so you can select the option that fits your budget.
- If you’re approved for a personal loan, you’ll receive your funds within a few business days.
- You must make your payments electronically through Barclays’ customer service website. You can log into your account monthly to make your payments, or you can set up automatic payments.
- Barclays doesn’t issue paper statements for personal loan accounts, but you can view your account details online.
Who a Barclays personal loan is good for
Since rates are competitive and there are no origination, late payment or prepayment penalties, Barclays could be ideal if you’re eligible and need some extra cash for just about anything.
With a prequalification process that doesn’t impact credit scores, you can check your estimated interest rate and compare it to offers you receive from other lenders before submitting a formal application.
*Approval Odds are not a guarantee of approval. Credit Karma determines Approval Odds by comparing your credit profile to other Credit Karma members who were approved for the personal loan, or whether you meet certain criteria determined by the lender. Of course, there’s no such thing as a sure thing, but knowing your Approval Odds may help you narrow down your choices. For example, you may not be approved because you don’t meet the lender’s “ability to pay standard” after they verify your income and employment; or, you already have the maximum number of accounts with that specific lender.