Yes, Barclays does offer debt consolidation loans. You can take out a personal loan from Barclays and use it to pay off existing debts, thus consolidating those debts into a single new balance with one monthly payment that you must make to Barclays. Barclays does not specifically refer to their loans as "debt consolidation loans," so you'll need to take out a general-purpose personal loan..
Quick Facts About Barclays Debt Consolidation Loans
APR: 4.99% - 20.99%
Origination fee: $0
Loan amount: $5,000 - $35,000
Payoff period: 36 - 60 months
Credit score required: 600-680
Keep in mind that a debt consolidation loan from Barclays will be worthwhile if it saves you money compared to the interest rates you are paying on your existing debts. In addition to the loan's APR, you should also consider any potential fees, as well as the available loan amounts and payoff periods.
Before you apply for a Barclays debt consolidation loan, it's a good idea to compare it to WalletHub's editors' picks for the best debt consolidation loans. That way, you'll be able to see how the offer stacks up against loans from leading competitors.
It takes 2 to 3 business days to get money from a Barclays personal loan, in most cases. That includes both the time it takes to get approved and the time it takes for the funds to be delivered after approval. Keep in mind that this is a typical applicant's experience, and in some cases it could take longer.… read full answer
How to Get Money From Barclays as Fast as Possible
Fill out the application carefully. You should make sure that all information you enter on the application is correct and complete. That will eliminate any potential delays from Barclays having to request additional information.
Check your credit report for errors. Before you apply, you should verify that everything on your credit report is accurate, as any incorrect negatives on there could impact your chances of approval. If you find any errors, you should dispute them right away to get them removed.
Get your credit score above the minimum. Ideally, you should only apply for a Barclays personal loan once your credit score exceeds the minimum requirement of 700. That will make it easier for Barclays to decide whether you qualify, which could lead to a quicker decision.
Apply online. Online applications have the fastest processing times since they are automated and streamlined.
Once you get approved for a Barclays personal loan, the money will be delivered through an electronic funds transfer to your bank account.
To get a debt consolidation loan, you must be at least 18 years old and have a steady income as well as a credit score of at least 660. Not all debt consolidation loans will require a 660+ credit score, but it’s unlikely you’ll get rates that are worthwhile for consolidation with a lower score. People who meet the general requirements for a debt consolidation loan will find the process of getting approved to be pretty easy. It really comes down to comparing offers in order to find the right one for your specific needs.… read full answer
Depending on the lender, you may be able to apply for a debt consolidation loan online, by phone or in person. You can expect to receive a decision within a few business days, if not instantly. Applicants typically receive their funds within 7 business days of being approved. Using those funds to pay off existing debts and consolidate what you owe can take another few days to a few weeks, depending on the lenders you owe and how you choose to pay them.
Now that you know the basics of getting a debt consolidation loan, it’s time to learn about the specifics of each step in the process.
How to Get a Debt Consolidation Loan
Compare personal loan offers
The most important factor when comparing personal loans is the APR. You’ll want the lowest rate possible to help you pay off your existing debts faster. However, you should also take into account how much each loan charges in fees, how much you’re able to borrow, and how long you can take to pay the loan off.
Identify lenders that work for your situation
Lenders have a minimum credit score that they require for approval – often 660. And unless you have good or excellent credit, you’re not likely to get rates that are worthwhile. In addition, not all lenders will allow you to consolidate all kinds of debt. For example, many don’t allow student loan consolidation, and some lenders specialize in only one type of consolidation (e.g. Payoff and credit cards).
Pre-qualification doesn’t guarantee approval, but it will give you a sense of how likely you are to be approved as well as what rates you might receive. If you want to pre-qualify for multiple lenders at once, rather than one at a time, you can use WalletHub’s pre-qualification tool.
Submit an application
After you settle on a debt consolidation loan offer with a low enough APR and a high enough loan amount, you can submit an application online. You may also be able to do it over the phone or in person. Make sure you fill out the application accurately and truthfully.
Wait for a decision and funding
Often, applicants for debt consolidation loans will receive a decision instantly. But that won’t always be the case. You should expect to wait around 7 business days for the entire decision and funding process to finish. Your wait could be shorter than that, or as long as a month, depending on the lender and your personal situation.
Once you receive your debt consolidation loan, you’ll use the money to pay off your creditors. From that point on, you’ll owe all of the debt to the company that issued the consolidation loan. Make sure to submit your monthly installments on time to ensure that the lender reports positive information to the credit bureaus each month.
Debt consolidation loan rates usually range from 6% to 36%, depending on the lender. The best debt consolidation loan rate is 5.95%, from LightStream (a division of SunTrust Bank), with its personal loan offer. Only the most qualified applicants will receive a rate that low, but even LightStream’s maximum APR is relatively low, at 17.29%.… read full answer
Most lenders don’t offer loans specifically for debt consolidation. Rather, they offer general personal loans that can be used for any purpose, including consolidating debts. The average rate is around 10%, according to the Federal Reserve Bank of St. Louis. So if you can get a lower rate than that, you’re on the right track.
Let’s take a look at some popular personal loans that can be used for debt consolidation, along with their rates.
Debt Consolidation Loan Rates by Lender
LightStream: 5.95% - 17.29%
Payoff: 5.99% - 24.99%
Best Egg: 5.99% - 29.99%
FreedomPlus: 5.99% - 29.99%
LendingClub: 6.95% - 35.89%
Prosper: 6.95% - 35.99%
Avant: 9.95% - 35.99%
LendingPoint: 9.99% - 35.99%
American Express: 6.90% - 19.98%
Discover: 6.99% - 24.99%
Wells Fargo: 5.24% - 22.99%
Marcus by Goldman Sachs: 6.99% - 28.99%
There’s a way that you can estimate your debt consolidation loan rates before applying. If you use WalletHub’s free personal loan pre-qualification tool, you’ll see your odds of being approved with various lenders, along with what rates you might qualify for.
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