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  Barclays Personal Loans

Barclays Personal Loans

in Personal Loans from Barclays Bank

Claimed

Barclays Personal Loans

Claimed

in Personal Loans from Barclays Bank

Net Recommendation Score -33

SUPERMONEY NET RECOMMENDATION SCORE

This product is mostly not recommended by SuperMoney users with a score of -33, equating to 2.3 on a 5 point rating scale.

-33

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

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Highlights
Community Rating

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APR  (Fixed APR) 4.99% - 20.99%
Loan Amount $5,000 - $35,000
Loan Term (Months) 36 - 60 months

Barclays Personal Loans Review

Barclays Personal Loans is offered by Barclays Bank, a bank founded in 1896 and based in Wilmington, DE. Barclays Personal Loans is available in 50 states (and Washington, DC).

Key Takeaways
  • APRs starting at 4.99%. Personal loan interest rates typically range between 5% and 36%. The starting rates for Barclays Personal Loans are on the lower end of the spectrum.
  • Fast access to funds. In some cases you can get your money within 1 business day.
  • Prequalified rate. You can check your prequalified rate at Barclays Bank with a soft pull that will not affect your credit score.
  • No origination fee. Barclays Personal Loans does not charge a loan origination fee.
  • No late fees. Missing a payment can seriously damage your credit, but Barclays Personal Loans will not charge additional fees if you miss the due date on a payment.
Barclays personal loan Pros & Cons
Pros Cons
  • Low APRs available to qualified borrowers.
  • $0 prepayment fee.
  • $0 origination fee.
  • Funding available within 4 business days.
  • APRs as high as 20.99%.
  • Only considers applicants with good credit.
Barclays personal loan FAQ

What interest rates and personal loan terms does Barclays personal loan offer?

Barclays personal loan has lower than average interest rates for lenders reviewed on SuperMoney.

What interest rates does Barclays personal loan offer?

Barclays personal loan offers a fixed APR personal loan product that ranges from 4.99% APR up to 20.99% APR.

How much can you borrow via Barclays personal loan?

Loan amounts start at $5,000 and go up to $35,000

What is the maximum loan term you can get with Barclays personal loan?

Barclays personal loan offers loans with terms of up to 60 months.

Barclays personal loan Interest Rates & Loan Terms
Personal Loan Amount $5000 - $35000
Loan Term 36 - 60 months
APR 4.99% - 20.99%

What fees does Barclays personal loan charge?

Does Barclays personal loan charge an origination fee?

Barclays personal loan does not charge a personal loan origination fee.

A personal loan origination fee is what some lenders charge for processing, underwriting, and funding a personal loan. Typically origination fees range from 0.5% to 5% of the personal loan amount. Whenever possible, go with lenders that don’t charge origination fees.

Does Barclays personal loan charge a late fee?

No, Barclays personal loan will not charge you a late fee if you miss one of the monthly payments.

Does Barclays personal loan charge prepayment fees?

No, Barclays personal loan does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the personal loan off early.

Barclays personal loan Fees
Origination Fee No
Prepayment Fee No
Late Payment Fee No

What do you need to qualify for Barclays Personal Loans?

Applicants with a credit score of at least 700 and up to 850 may be eligible for Barclays Personal Loans. The minimum age to be eligible is 18 or the state minimum, whichever is higher.

Barclays Personal Loans does not have or does not disclose a minimum annual income eligibility requirement. Barclays Personal Loans only considers borrowers who are employed.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. Active duty service members and their covered dependents are eligible to apply for a loan via Barclays Personal Loans. Their rates fall within the limits of The Military Lending Act.

U.S. citizens are, of course, eligible for the services offered by Barclays Personal Loans. Permanent resident / green card holders are also eligible to apply.

To qualify, applicants may need to provide the following documentation:

  • Proof of income
  • Proof of identity
  • Proof of citizenship or residence permit
  • Proof of residence
Barclays personal loan Eligibility Criteria
Minimum Age 18
Bank Account Required? No
Application Types Accepted
  • Individual Applications
  • Credit Score 700 - 850

    What is the estimated funding time for a personal loan via Barclays personal loan?

    Barclays personal loan will typically provide a credit approval decision in less than an hour and fund the loan within 4 business days.

    Does Barclays Personal Loans report your account activity to credit bureaus?

    Yes, Barclays Personal Loans reports your account activity to the following credit reporting agencies:

    • Equifax
    • Experian
    • Transunion

    Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and may help improve your credit.

    Barclays Personal Loans Disclosure: Annual Percentage Rates (APR) range from 5.74% to 20.99% and will be determined based on your creditworthiness and loan term. Loan amounts range from $5,000 to $35,000. Loan terms are 36, 48 or 60 months.
    SuperMoney Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...
    Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

    Message From Our Editor

    What we love about Barclays Personal Loans

    Barclays offers personal loans with some flexibility in the amount and the term of the loan. Most people will be able to borrow enough to meet their financial needs and will be able to choose a term that results in a manageable monthly payment.

    Barclays operates primarily as an online bank in the United States, meaning its lending process happens online. Customers can fill out an application quickly and easily from their computer. Prequalifying is fast and doesn’t affect your credit, giving you the chance to see what interest rates you can qualify for.

    What could Barclays Personal Loans do better?

    One drawback of Barclays personal loans is that they have a relatively high minimum loan amount. If you’re trying to cover a small gap in your budget, you may have to borrow more than is necessary if you work with Barclays.

    Another drawback, for some people, is that the company’s lending services are purely online. You won’t even get paper statements. If you like doing business in the physical world this could be an issue for you.

    The company’s interest rates also tend to be higher than much of the competition. If you’re looking for the least expensive loan possible, you’ll likely find a better deal elsewhere.

    Barclays Personal Loans’s backstory

    Barclays is a global bank based in London. It traces its roots to a goldsmith banking business established in 1690. In the United States, Barclays operates an online bank that offers credit cards, CDs, savings accounts, and personal loans.

    The Verdict

    Barclays offers some flexibility with loan amount and term, but its high rates and high minimum loan amount means that many people will find better deals elsewhere. Prequalifying won’t hurt your credit, so it’s worth considering Barclays, but make sure to do your due diligence and compare offers from multiple lenders.

    Contact

    Hours of Operation

    • Sunday 8:00am - 8:00pm
    • Monday 8:00am - 8:00pm
    • Tuesday 8:00am - 8:00pm
    • Wednesday 8:00am - 8:00pm
    • Thursday 8:00am - 8:00pm
    • Friday 8:00am - 8:00pm
    • Saturday 8:00am - 8:00pm

    Other Services by Barclays Bank

    Availability

      Available in 50 states and Washington, D.C.
    • Alabama
    • Alaska
    • Arizona
    • Arkansas
    • California
    • Colorado
    • Connecticut
    • Delaware
    • Washington, DC
    • Florida
    • Georgia
    • Hawaii
    • Idaho
    • Illinois
    • Indiana
    • Iowa
    • Kansas
    • Kentucky
    • Louisiana
    • Maine
    • Maryland
    • Massachusetts
    • Michigan
    • Minnesota
    • Mississippi
    • Missouri
    • Montana
    • Nebraska
    • Nevada
    • New Hampshire
    • New Jersey
    • New Mexico
    • New York
    • North Carolina
    • North Dakota
    • Ohio
    • Oklahoma
    • Oregon
    • Pennsylvania
    • Rhode Island
    • South Carolina
    • South Dakota
    • Tennessee
    • Texas
    • Utah
    • Vermont
    • Virginia
    • Washington
    • West Virginia
    • Wisconsin
    • Wyoming

    Feature Breakdown

    No Origination Fee
    No Prepayment Fee
    Origination Fee ($) $0
    No Late Fees
    Employment Statuses Considered
    • Employed Full-Time
    • Employed Part-Time
    • Other
    • Retired
    • Self-Employed
    Immigration Status Considered
    • U.S. Citizen
    • U.S. Permanent Resident
    Joint Loan Applications Accepted
    • Individual Applications
    Military Status
    • Active Duty Military
    • Non-Military
    • Veterans
    • Military Dependent
    Minimum Age 18
    Supported Income Types
    • Direct Deposit (W2, SSA, SSDI)
    • Cash
    • Payroll Check or Prepaid Card
    • 1099 Misc. Income
    Verification Documents Required
    • Proof of Income
    • Proof of Identity
    • Proof of Residence
    • Proof of citizenship/residence (Green Card)
    Credit Score Range 700 - 850
    Credit Bureau Reporting
    • Experian
    • Equifax
    • TransUnion
    Customizable Payment Dates
    Funding Time Range 1 - 4 days
    Payment Options
    • Automatic Payments
    • Check by mail
    • Credit/Debit Card
    Pre-Approved Soft Credit Inquiry
    Loan Amount $5,000 - $35,000
    APR (Fixed APR) 4.99% - 20.99%
    Loan Term 36 - 60 months

    Barclays Personal Loans Community Reviews

     

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    SUPERMONEY NET RECOMMENDATION SCORE

    This product is mostly not recommended by SuperMoney users with a score of -33, equating to 2.3 on a 5 point rating scale.

    -33

    Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

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