Barclays Personal Loan2 min read

Taking out a personal loan is a convenient option to buy a car, make home improvements or consolidate existing debts. However, it’s not a good idea if you’re planning to expand your business or invest the money.

Barclays offers its customers both secured and unsecured personal loans. Although a secured personal loan (using collateral such as a home) might have a more attractive interest rate and lower monthly payment, you could risk losing your home if you default on the loan.

Barclays Personal Loan Requirements

Barclays personal loans are easily accessible to their customers. They offer loans from as low as £1,000 and as high as £50,000 over a term of 2-5 years. The rates and repayments vary from person to person. The loan amount, term and personal circumstances are the key factors that affect the rates.

Generally, 20.9% APR representative applies to loans of £1,000 – £4,999. Anything between £25,100 and £50,000 will receive an APR of 7.3%.

Let’s take a look at how APR works;

Suppose you want to borrow £10,000 with an APR of 5.5% and pay it back over 5 years, you’ll pay £190.39 monthly. This means you’ll end up paying a total of £1,423.40 in interest at the end of the loan term.

Please note that the Representative APR is only applicable to loans of £7,500 – £15,000 over 2–5 years.

How to Apply for a Loan

The process is simple and straightforward;

  • Check your eligibility status –you must be at least 18 years, live in the UK and have a Barclays current account or a Barclaycard account.
  • You can apply via phone, online banking or visiting your local branch.
  • You’ll receive a confirmation if your loan has been approved or not. If approved, funds will be sent to your account within a few minutes or hours.

It’s worth noting; the bank will assess your loan application/ credit risk in relation to your income, credit history and the length you’ve been their customer. And to apply online, you must have registered for online or mobile banking.

Beside their flexibility, Barclays personal loan has several unique features. You can check their provisional loan limit without going through the application process. And this won’t affect your credit scores.

There’s also a top-up option in case you need to borrow more money.

If you pay your loan off early, the bank will charge you interest fees of the amount you’re paying and the interest that is due. And you must have the loan for at least three months.

If you have any inquiries regarding Barclays loans, give them a call on 0800 800 3002. Their lines are always open Monday to Sunday, 8 am to 9 pm.