In addition to credit cards and bank accounts, Barclays provides personal loans to qualified borrowers nationwide. The loans provide flexible financing for people who need to borrow up to $35,000 to meet various needs.
- Personal loans have no fees of any kind.
- Borrowers can choose their own payment due date.
- There is no prepayment penalty.
- The minimum loan is $5,000.
- Loan terms are limited to 36, 48 and 60 months.
- Qualification requirements are not disclosed, but a history of responsible credit use is required.
Barclays offers personal loans which can be used for a number of financial purposes, including:
- Debt Consolidation
- Planning a wedding or preparing for a new baby
- Home improvements and repairs
- Medical fees
- Major purchases
Barclays personal loans have a fixed interest rate with a minimum loan amount of $5,000. The maximum loan amount is $35,000. You have the choice between three repayment terms: 36, 48 and 60 months. Interest rates are based on the amount of the loan, the term of the loan and the creditworthiness of the borrower.
Borrowers pay no application fees, origination fees or prepayment penalties. There are also no late fees for missing payments, although interest will continue to accrue on the loan.
Barclays does not specify a minimum credit score needed to qualify for a personal loan, only that loans are offered to borrowers who have demonstrated a proven ability to manage credit. Barclays also does not disclose the minimum income or the maximum debt-to-income ratio expected of borrowers. However, you can check your rate online.
personal loan search
Select your desired loan amount and purpose, your credit score range, and your state to see estimated annual percentage rates and loan terms.
Barclays is rated A+ by the Better Business Bureau.
Borrowers can start the loan application process by checking their rate online. The full application can also be completed online, with all supporting documents uploaded through the secure Application Center. Once approved, loans must be paid online and scheduling automatic recurring payments is an option.
- Individuals who have demonstrated an ability to manage credit
- People who want to avoid set-up fees or prepayment penalties
- Individuals who prefer to make their loan repayments online