Gino Rodriguez, Writer
Barclays does not offer secured personal loans, but they do offer unsecured personal loans and other types of secured loans including auto loans and mortgages. Secured loans require collateral, such as a car, home or money in a bank account, whereas unsecured loans do not.
The upside to an unsecured personal loan is that you don’t run the risk of losing an asset if you fail to make the payments. With secured loans like mortgages and auto loans, the property will be used as collateral, so you could lose your home or car if you don’t pay the loan back. However, Barclays reports payment information to the major credit bureaus every month, so if you make your payments on time, you can boost your credit score.
For more information, visit WalletHub’s Barclays reviews page.
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