In addition to credit cards and bank accounts, Barclays extends personal loans to qualified borrowers nationwide. Loans feature flexible funding for people who need to borrow up to $35,000 to meet a variety of needs.
- Personal loans carry no fees of any kind.
- Borrowers can select 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 aren’t disclosed, but a history of responsible credit use is required.
Barclays offers personal loans that can be used for a number of financial goals, including:
- Debt consolidation
- Planning a wedding or preparing for a new baby
- Home improvements and repairs
- Vacations
- Medical expenses
- 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. There are three repayment terms to choose from: 36, 48 and 60 months. Interest rates are based on the loan amount, loan term and borrower’s creditworthiness.
Borrowers pay no application fees, origination fees or prepayment penalty. There are also no late fees for missing a payment, although interest will continue to accrue on the loan.
Barclays doesn’t specify a minimum credit score that’s needed to qualify for a personal loan, only that loans are offered to borrowers who have demonstrated a proven ability to manage credit. Barclays doesn’t disclose the minimum income or maximum debt-to-income ratio that’s expected of borrowers, either. However, you can check your rate online.
Personal Loan Finder
Select your desired loan amount and loan purpose, your credit score range, and your state to see estimated annual percentage rates and loan terms.
Barclays has an A+ rating with the Better Business Bureau.
Borrowers can initiate 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.
- People who’ve demonstrated an ability to manage credit
- People who want to avoid origination fees or prepayment penalties
- People who prefer making loan payments online
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