Barclays Loans

Find out more about the personal loans offered by Barclays, including how they work and how much you could potentially borrow.

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What our Nerds say about Barclays Loans

TIM LEONARD

LEAD WRITER

Barclays is a well-known British bank with a history that goes back over 300 years. As well as offering Barclays loans, the bank provides other financial products and services to consumers, including bank accounts, mortgages, savings accounts, credit cards, investments and insurance.

Barclays personal loans

Barclays currently offers personal loans for between £1,000 and £50,000, with loan terms that range from two to five years. Because a Barclayloan is unsecured, you’re not required to put forward anything you own as security against the loan.

How much you borrow, your repayment term, and your personal circumstances will all be taken into account when calculating the Barclays loan rate you need to pay.

If you decide to take out a Barclays loan, your interest rate will be fixed, and you’ll be expected to repay your loan amount plus interest in monthly instalments.

Paying off your loan early is allowed, but you’ll need to pay the remaining interest that’s due if you do so in full. You might also have to pay an early repayment charge, depending on the terms of your loan.

» COMPARE: Personal loan rates

Barclays loan rates

Interest rates on Barclays’ loans are fixed, meaning the amount you pay each month will stay the same for the duration of your loan. The interest rate you must pay will depend on three main factors: the size of your loan, the length of time, or term, over which you agree to repay the loan, and your personal situation.

The Barclays personal loan rate you’re offered will sit somewhere between the minimum and maximum APR that Barclays offers on its loans when you want to borrow.

The APR gives you an indication of how much the loan will cost you over a year, including the interest rate and any standard fees. It is designed to help make it easier for borrowers to make comparisons between loans from different lenders.

While Barclays and other lenders will advertise a representative APR on their loans, this is not necessarily the rate that you’ll be offered. The representative APR is a rate that at least 51% of those taking out the loan in question must get. It follows, however, that up to 49% of borrowers may be asked to pay more than the advertised representative APR for the same loan.

Premier Barclayloan

If you have a Barclays Premier Current Account, one of the potential benefits it can provide is access to a Premier Barclayloan.

With a Barclays Premier Loan, the representative APR advertised is generally lower than on a standard Barclays personal loan. However, if you qualify, the rate you’re offered will still depend on your loan amount, repayment term and personal circumstances.

If you’re eligible for a Premier Barclayloan, and apply through online banking or the Barclays app, Barclays may be able to tell you the loan rate available to you up front, without affecting your credit score.

Can I get a secured loan from Barclays?

If you have a mortgage with Barclays, you may be allowed to add some additional borrowing to your current mortgage. Your eligibility will depend on a few things including whether you’re able to afford the higher repayments you’d need to make and your credit history.

We have a dedicated page where you can learn more about and compare secured loans.

Pros and cons of Barclays loans

There are a number of advantages and potential disadvantages of Barclays loans that should always be considered.

Pros

Some of the advantages of a Barclays personal loan include:

  • a provisional interest rate quote for eligible customers without affecting your credit score
  • the ability to borrow up to £50,000
  • the potential to get the money in your account the same day
  • the funds being allowed to be used for a variety of purposes, including buying a car and debt consolidation
  • not needing to provide an asset as security against your loan
  • the option to make overpayments or pay off the loan early
  • the option to apply for a top up to your loan

Cons

Some of the potential drawbacks of a Barclays loan include:

  • needing to hold a Barclays current account or Barclaycard to be eligible
  • requiring a certain income to qualify for the amount you need
  • not being able to use it for business reasons, investing, buying property, or repaying county court judgments (CCJs)
  • a potential fee and the need to pay the outstanding interest if you pay off your loan in full early

How do Barclays loans work?

To get a Barclays loan, you’ll need to have a Barclays current account or Barclaycard. But as an existing customer, Barclays can give you an indication as to what your interest rate is likely to be – without affecting your credit score – before you need to apply.

A formal application must then be made through the Barclays app or the online banking you’ll have already set up. Whether you get approved for a Barclays loan will depend on the outcome of a credit check and your financial situation at the time.

If Barclays approves your loan application, and you sign your agreement online between 5am and 10.30pm, it’s possible you’ll receive the money in your account in minutes. It can take longer – but usually no more than two hours – if your account is not with a major high street bank. Should you sign and return your agreement after 10.30pm, the funds will usually be in your account by 9am the following day.

How to repay a Barclays loan

You’ll be expected to repay your loan and interest in monthly instalments over the loan term that you agreed, until it’s paid off in its entirety.

You can select the term of your loan and use the Barclays loan calculator to check how different terms affect your interest rate and the repayments you’d need to make.

Can I repay a Barclays loan early?

If you want to repay your Barclays loan early, you can. Be aware, however, that you might incur an early repayment charge if you pay the loan off in its entirety before the end of loan term. You’ll still have to pay any other interest that you were due to pay too.

Can you top up a Barclays loan?

Once you’ve had a Barclays loan for three months, you’re allowed to apply for a top up to your loan. Whether your application for a Barclays top up loan is approved or not will depend on your credit history and personal financial situation at the time.

What can I use a Barclays loan for?

A Barclays loan can be used for many purposes including the following:

  • Buying a car: A Barclays car loan might allow you to borrow some or all of the funds you need to purchase a new means of transport.
  • Home improvements: A Barclays home improvement loan might be used to buy a new bathroom, pay for double glazing or extend your home.
  • Debt consolidation: With a Barclays debt consolidation loan, you’re able to bring all of your debts together in one place, hopefully making it easier to manage in the process.
  • Holidays and weddings: A Barclays personal loan might also be used to help cover the cost of your big day or a trip away if you don’t have the funds available to pay up front.

Restricted uses

Some activities a Barclays personal loan specifically can’t be used for include:

  • to invest, or buy stocks and shares
  • for buying property
  • to cover gambling-related debt
  • for repaying a CCJ
  • for a timeshare investment
  • making a purchase by combining the Barclays loan with another loan
  • for business purposes

Am I eligible for a Barclays loan?

To be eligible for a Barclays loan you must be:

  • aged 18 or over
  • a UK resident
  • an existing Barclays current account or Barclaycard holder

Barclays loan requirements

When Barclays assesses whether it’s willing to offer you a personal loan, it will consider:

  • your income, and whether it’s sufficient to cover your repayments
  • your credit score to check on your reliability as a borrower
  • the length of time you’ve banked with Barclays

You’ll also need to be at least 18 years of age, a UK resident, and be a Barclays current account or Barclaycard customer.

Can I get a Barclays loan with bad credit?

Barclays will consider your credit score when deciding whether you qualify for a loan. Generally, if you have bad credit, it can make it more difficult, although certainly not impossible, to get a loan.

You might want to consider a specific bad credit loan if your credit situation appears to be preventing you from getting a loan.

» COMPARE: Loans for bad credit

How to apply for a loan from Barclays

As you need to be a Barclays current account or Barclaycard holder to apply for a Barclays loan, you might find you’ve already been pre-selected for a loan. You can use your Barclays app or online banking to check and follow the instructions for how to apply from there if that’s what you want to do.

If you apply through the app and get approval, you’ll receive your loan agreement by email. If you apply through online banking, the agreement will be made available for you to download or print. Signing your agreement online could see the funds transferred to your account within minutes if you do so before 10.30pm on a given day.

If you’ve not been pre-selected by Barclays for a loan, or haven’t registered for the app or online banking, you can either contact Barclays by phone – or visit your nearest Barclays branch to discuss your loan options.

» MORE: Tips for applying for a loan

How long does it take to get a Barclays loan?

If you’re registered for the Barclays app or online banking, Barclays says the application process can typically be completed in under 10 minutes. If you haven’t signed up for either, applying will take longer.

Assuming you apply through one of the methods above and get approval, your loan agreement will be sent to you via email if you use the app, or will be available for download or to print if you applied through online banking.

Sign your agreement online between 5am and 10.30pm and your money could potentially be in your account within minutes. Note, however, it might take as long as two hours if the account receiving the funds isn’t from one of the main high street banks.

Should you sign your agreement after 10.30pm, the funds will usually be with you by 9am the next day.

Barclays customer reviews

Barclays has a Trustpilot rating of 1.4 stars out of five from over 7,200 reviews.

The Barclays app has a 4.8 star rating on the Apple Store, based on over 1.6 million reviews. On Google Play, the Barclays app is rated 4.4 stars from over 458,000 reviews.

It’s worth noting that these reviews relate to the products and services that Barclays offers as a whole, and not just its loan options.

This information is correct as of 16 September 2022.

Barclays Loan FAQs

Does a Barclays loan affect your credit score?

There is the potential for your credit score to be affected when you make a formal application for a Barclays loan as a hard credit check will need to be performed.

Before this, if you’re a Barclays current account customer or have a Barclaycard, you might find you’ve already been allocated a provisional loan amount that you’re allowed to take, without affecting your credit score.

Barclays might also be able to give you an idea of what your interest rate might be before you apply, again without impacting your credit score.

What credit score do I need for a Barclays loan?

Barclays doesn’t reveal a specific credit score that will guarantee you getting a loan, although having a good credit score can often help.

Whether you will qualify for a Barclays loan or not depends on a combination of your credit score, income and banking history with Barclays. You’ll also need to hold either a Barclays current account or Barclaycard, and be at least 18 years old and a UK resident.

About the author

Tim Leonard
Tim draws on 20 years’ experience at Moneyfacts, Virgin Money and Future to pen articles that always put consumers’ interests first. He has particular expertise in mortgages, pensions and savings. Read more

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