Barclays began offering personal loans in the U.S. in 2016. It’s a solid option for those invited to apply. The lack of origination, late and prepayment fees make Barclays an attractive option for personal loans. MoneyGeek’s Barclays personal loans review can help you determine whether it’s the best lender for you.
At a Glance: Barclays Personal Loans
- 4.99% to 20.99%APR Range
- Not DisclosedMinimum Credit Score
- $5,000 to $35,000Loan Amount Range
- 36 to 60 monthsRepayment Terms
- Three DaysTime to Receive Funds
MoneyGeek Breakdown - Barclays Personal Loan Details and Requirements
Your personal loan interest can be anywhere between 4.99% and 20.99%. You can select your rate when you begin the application process.
Credit Score Requirements
Barclay’s website says they extend loans to borrowers who have shown their ability to manage credit. However, there is no specific minimum credit score mentioned.
Barclays does not specify whether you need to earn a specific amount to qualify.
You can loan anywhere between $5,000 to $35,000.
You can choose between three loan term options — 36, 48 or 60 months.
You can use your funds to consolidate debt or pay for medical bills and other major purchases. You can even utilize it for a vacation or improvements in your home.
Barclays’ website does not stipulate whether there are restrictions to how you can use your loan.
Time to Receive Funds
Once your loan is approved, Barclays deposits your funds within three business days.
Barclays does not charge an origination fee.
You will receive an email notification if you missed any payments but won’t have to pay a late fee.
Prepayment Penalty Fees
You can increase your monthly payments or make additional ones, allowing you to finish your loan earlier. Barclays does not charge a prepayment penalty.
Co-signers and Co-applicants
Barclays’ website does not offer information regarding co-signers or co-applicants for a loan.
You can set up your account so Barclays can pay off up to five credit card balances directly using your loan.
You can manage your loan from your computer or mobile phone, but these must be through Barclays’ secure website. Currently, there is no mobile app available.
Is Barclays Right for You?
Different lenders offer varying features, so what’s best depends on your unique needs and profile. MoneyGeek’s review of Barclays’ personal loans presents several factors to help you decide if it addresses your needs.
Who Barclays Is Perfect For
Because Barclays extends their loan invitations to individuals who have proven ability to manage credit, it’s safe to assume that it’s best if you have a good credit score. Borrowers looking for flexibility can benefit from a personal loan from Barclays since they allow you to change your due date once your loan is approved. However, it may affect your monthly payment amount.
It’s also a good choice if you think your financial situation will improve and you can pay your loan balance early. Barclays doesn’t charge a prepayment penalty, unlike other lenders. It’s also a good fit if you have multiple credit cards. Barclays can pay up to five credit card balances directly instead of depositing your funds into your checking or savings account.
Who Should Not Choose Barclays
Since Barclays only accepts applications through invitation, we already know it isn’t for everyone. It may not be a good fit for you if your credit standing falls below good. Although they don’t indicate a specific minimum credit score requirement, Barclays does say that only individuals who have shown the ability to manage credit receive invitations.
Another consideration is that Barclays provides a complete digital experience. Everything is online, from your application to document submission to monthly payments. You may want to consider other options if you’re not tech-savvy or prefer speaking with a representative during the application process.
How to Apply for a Barclays Personal Loan
You can complete your application online within a few minutes. Our review of Barclays’ personal loans walks you through the different steps you need to complete.
Check Your Rate
Barclays only offers personal loans to select individuals. Once you receive their email, go to the website stated in the invitation. You'll need to enter your invitation code to check your rates.
Complete the Application
Once you’ve locked in your APR, select your preferred loan terms. You’ll also need to put in personal details such as your complete name, address, contact information and Social Security number. It’s best if you also have your employment and financial information ready.
Submit the Required Documentation
Barclays may require you to submit some documents as part of your application. You can upload these through their Application Center.
Wait for Approval
Barclays typically approves loans within a few days, but there are some cases wherein same-day approval is possible.
Review Loan Agreement
Your final loan agreement may contain information different from what you initially put in. It's best to look into the details before agreeing to it.
Sign Loan Agreement
Since you complete the entire application, you can sign your loan agreement electronically. If you decide not to push through with your loan, you can cancel anytime if you haven’t signed it yet.
Receive or Direct Funds
Once your loan is approved, Barclays will deposit your funds straight into your U.S. checking or savings account. You can also have them pay up to five credit card balances directly.
You can only pay for your personal loan through one channel — Barclay’s secure website. Although you can set up your account to make automatic payments each month, you can also do this manually.
What to Do if You Are Rejected From Barclays
An invitation from Barclays doesn’t translate to an automatic loan approval. If they deny yours, it’s not the end of the world. This Barclays personal loans review provides possible options regarding what you can do if you find yourself in this situation.
Lenders look at multiple factors when evaluating a loan application. Sometimes, you get denied because of your credit score. Other times it can be about your income or your credit history. It’s tempting to take your loan application somewhere else, but it may be more frustrating if it results in a similar outcome.
One way to avoid this is to contact Barclays and inquire why they denied your application. It allows you to do two things.
One, you can ask Barclays if modifying our loan application can make it more acceptable for them. Perhaps a shorter loan term or a lower loan amount might make a difference.
Two, it shows you what areas you should improve before trying to secure another loan. This way, even if you end up applying elsewhere, working on your qualifications may help you qualify for better deals with other lenders.
Frequently Asked Questions About Barclays Personal Loans
A lot of thought goes behind taking out a personal loan. Not only about whether you can afford it or not, but which lender is the best for you. Here are the more commonly asked questions to give you more information.
The content on this page is accurate as of the posting/last updated date; however, some of the rates mentioned may have changed. We recommend visiting the lender's website for the most up-to-date information available.
Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, lender or other entity. Learn more about our editorial policies and expert editorial team.