While British banking giant Barclays is mostly known in the U.S. for their dynamic rewards and travel credit cards, they recently came out with a personal loan product aimed at American consumers. With Barclays personal loans, Americans are now able to borrow money for nearly any reason and secure a fixed interest rate and fixed monthly payment in the process. Better yet, Barclays personal loans come with affordable rates, flexibility, and absolutely no fees.
If you need to borrow money to remodel your home, consolidate high-interest debt, or make a major purchase, a personal loan from Barclays could be the answer you’re looking for. Keep reading to learn how we rate these personal loans, who they’re best for, and a few reasons you might want to consider a different lender.
Barclays Personal Loans: Key Takeaways
- Borrow up to $35,000.
- Interest rates range from 5.74% to 18.99%, depending on your creditworthiness.
- Loan terms from 36 to 60 months.
- No origination fee or any other fees.
- Good or excellent credit required.
Check Your Personal Loan Rates
Answer a few questions to see which personal loans you pre-qualify for. The process is quick and easy, and it will not impact your credit score.
Barclays Personal Loan Review: A Solid Loan Option for People with Good Credit
Barclays, a British Bank, is not a new lender within the personal loans industry. In addition to other financial products like checking accounts, savings accounts, and credit cards, Barclays has been offering personal loans in the U.K. for many years.
Their emergence in the American personal loans market is a new development in 2018, yet many consumers are already familiar with Barclays. Their popular Barclaycard Arrival Plus World Elite MasterCard has long been a hit with travel enthusiasts, and their co-branded credit cards with American Airlines remain popular as well.
Barclays personal loans offer yet another way for Americans to borrow money, yet their loan offerings work differently than their credit cards. Instead of giving you a line of credit you can borrow against, Barclays personal loans let you apply to borrow a fixed amount of money. Once you complete your application, you’ll be offered a fixed interest rate, fixed repayment schedule, and fixed monthly payment.
With this in mind, Barclays personal loans are ideal for people who want to consolidate high-interest debt to save money or borrow a fixed amount of money for a specific goal like a home improvement project or college tuition.
Flexible loan amounts and repayment schedules also mean that you can tailor Barclays personal loans to your needs and ability to repay. We also love the fact that Barclays loans don’t charge an origination fee –or any other fees for that matter. Barclays doesn’t even charge a late fee if you make your payment past its due date, although interest will continue accruing on your balance. Also note that Barclays interest rates (5.74% to 18.99%) are a good deal lower than many of their competitors.
Applying for a personal loan through Barclays is easy, and you can complete the entire process online. You can even apply to “check your rate” with only a soft inquiry on your credit report before you decide to move forward with a full loan application.
If you are approved for a personal loan from Barclays, you may receive your funds as soon as a few business days. Barclays even lets you select your own due date if you don’t like the due date you were assigned when your loan was processed.
Barclays Personal Loans: What to Watch Out For
The only real downside with Barclays personal loans is the fact that they’re only available to consumers with good or excellent credit. While Barclays doesn’t specify a minimum credit score requirement, their mention of “good credit” would likely exclude borrowers with a FICO score lower than 670, according to myFICO.com.
With a requirement for good or excellent credit in place, Barclays personal loans won’t be an option for consumers who have had credit mishaps in the recent past, or younger borrowers who haven’t established a strong credit history yet.
Another potential downside of personal loans from Barclays is that they don’t offer paper statements for their customers. This means that you cannot make a payment with a physical check, but it also means you won’t have a printed bill for your records.
Barclays conducts all their personal loans business online, meaning you must log in to your account to make a payment, check on your account balance, or change any of the information on your account. However, you can print your monthly statement at home by logging into your account or accessing it through your email.
Finally, don’t forget that Barclays only lets you borrow up to $35,000. Since many of the best personal loan providers offer higher loan amounts, you may want to consider a different lender if you need to borrow a considerable sum of money.
Who Barclays Personal Loans Are Best For:
- Consumers who have great credit and can qualify for the lowest interest rates.
- People who need to borrow $35,000 or less.
- Borrowers who want a personal loan without any fees.
Barclays Personal Loans Ratings
At The Simple Dollar, we aim to provide a general overview of a lender’s products and services through a standard rating process. After a thorough research and discovery period, here’s how Barclays personal loans stack up:
|Barclays Personal Loans at a Glance|
|Affordability (interest rates, fees, and terms)||🌕🌕🌕🌕🌕|
|Availability (credit requirements, geographic reach)||🌕🌕🌕🌑🌑|
|Ease of Use||🌕🌕🌕🌕🌕|
The Bottom Line
There are many instances where taking out a personal loan can make sense for your finances. Maybe you have high-interest credit card debt that you want to consolidate at a much lower interest rate, for example. Or, perhaps you want to remodel your kitchen but need several years to pay it off.
Whatever your reason, Barclays personal loans are a smart option if you qualify, since they come with lower interest rates than many of their competitors and no fees. You can also apply online and from the comfort of your own home, and you could even get your funds in a few business days.
With so many potential benefits and very few downsides, it’s worth checking how Barclays personal loans stack up against offers from other lenders. If you can get approved, you’re bound to wind up with one of the most affordable personal loans available today.
- When You Should (and Shouldn’t) Use a Personal Loan
- Best Mortgage Rates
- Personal Loan vs. Credit Card: Which One Should I Choose?
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