Barclays Personal Loan Review
Quick Review: Barclays personal loans offer one of the cheapest minimum APRs on the market, at 5.74%. Their maximum APR of 18.99% is lower than what many other lenders offer, too. The one downside is that these low rates aren’t available to everyone. Though Barclays doesn’t disclose a minimum credit score requirement, the consensus from third-party sources is that you will generally need a 700+ score.
Another drawback to Barclays personal loans is that they don’t allow joint applications. But other than that, everything else is very desirable. For example, there aren’t any fees whatsoever, not even late fees. Below you can see what WalletHub’s editors have to say about Barclays personal loans and how they compare to other lenders’ offers.
Barclays Personal Loan Terms
|APRs||5.74% - 18.99%|
|Loan lengths||36, 48 or 60 months|
|Loan amounts||$5,000 - $35,000|
|Approval time||1 business day|
|Funds delivery time||24 - 48 hours|
|Fees||- $0 origination fee
- $0 early payoff fee
- $0 late fee
|Credit score requirement||700*|
|Minimum income requirement||Not disclosed|
|Other requirements||18 years old
U.S. citizen or permanent resident
Barclays Bank Personal Loan Rates & Fees
Barclays Bank personal loan rates start very low, at 5.75%, and only go as high as 18.99%. Where a customer’s APR falls within that range depends on their credit, income, debts and a number of other factors. Barclays’ maximum APR is a lot lower than the 25% - 36% caps that many other lenders use. Your Barclays personal loan APR will always be fixed, so it will not change over the years.
There is no Barclays personal loan origination fee or prepayment fee (a fee for paying off your loan early). To top it off, Barclays doesn’t even charge a fee if you pay late, but they will report late payments to the credit bureaus, which will damage your credit score.
Barclays Personal Loan Requirements & Application Info
Barclays does not explicitly state credit score or income requirements for their personal loans. However, third-party sources put the Barclays personal loan credit score requirement at around 700. That’s high, considering most other lenders’ minimum credit score requirements are in the 600-680 range.
You must be at least 18 years old to qualify for a Barclays personal loan. And you have to be a U.S. citizen or a permanent resident with a Social Security number.
Barclays allows people to prequalify for personal loans on their website by entering a loan amount, choosing a purpose for the loan and clicking “Check your rate.” From there, you’ll be taken to a form where you’ll need to fill in personal information, including your SSN. Checking your rates will not affect your credit score, but actually applying for a loan will. It’s also good to note that Barclays will send out “offer codes” by mail to people they think are likely to be approved, inviting them to apply.
The only way to apply for a Barclays personal loan is online. You cannot file a joint application; you can only apply as an individual.
Barclays Personal Loan Reviews & Transparency
Barclays Bank has a fantastic reputation overall, both from their own customers and from agencies that monitor lenders like the Better Business Bureau and the Consumer Financial Protection Bureau. Their personal loans have brought about very few complaints.
- Better Business Bureau: Barclays Bank has been accredited with the BBB since 2001. They receive a perfect A+ score from the bureau.
- Consumer Financial Protection Bureau: Barclays Bank Delaware, the U.S. division of Barclays Bank, has around 6,600 complaints filed against them by consumers. Only a tiny fraction of those – just 16 – are regarding personal installment loans. Some of the complaints include seeing an unauthorized credit inquiry and being improperly charged a late fee. Barclays has always provided a “timely” response to their complaints.
- WalletHub: Barclays Bank’s average rating from WalletHub users is 4/5, with over 24,000 reviews submitted. WalletHub’s editors give Barclays personal loans a 4.5/5 rating.
Barclays personal loan terms are all stated very clearly on the Barclays website. Plus, Barclays allows consumers to check for prequalification, which helps them decide whether it’s a good idea to apply. Barclays isn’t very transparent about what their minimum credit score and income requirements are, however.
Barclays Personal Loan vs. Popular Competitors
|APR||5.74% - 18.99%||5.99% - 16.49%||6.99% - 24.99%|
|Loan amounts||$5,000 - $35,000||$5,000 - $100,000||$2,500 - $35,000|
|Loan lengths||36, 48 or 60 months||12 - 84 months||36, 48, 60, 72 or 84 months|
|Credit score required||700*||680||660*|
WalletHub determined its Barclays personal loan rating by looking at 23 different metrics that fell into 7 major categories: loan requirements, APR, fees, the application process, loan amounts, customer satisfaction and transparency. You can see all of our different considerations below. It’s also good to note that some metrics were weighted more than others.
- Requirements: Our editors checked into Barclays Bank’s credit score and income requirements, along with their citizenship and identification requirements.
- APR: WalletHub looked at the Barclays personal loan APR range and checked if the APRs are fixed or variable APRs.
- Fees: We looked at what fees Barclays charges on personal loans, namely prepayment penalties, origination fees or late fees.
- Loan amounts: Our editors checked the minimum and maximum amounts of money you can get, plus the number of months offered to pay loans off.
- Application process: We looked at the different methods to apply, along with whether Barclays accepts joint applications. We also checked how long it takes to get a decision and receive your funds.
- Customer satisfaction: WalletHub read Consumer Financial Protection Bureau complaints for Barclays, its BBB rating, and user reviews on WalletHub.
- Transparency: We checked out how clear Barclays is about the terms of their loans and how to qualify.
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