MoneyGeek’s Take: Barclays Personal Loan Review

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.

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.

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.

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.

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.

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.