What you should know in regards to a Barclays personal loan
Barclays offers unsecured personal loans that eligible borrowers can use for debt consolidation reduction, small remodels, major purchases and more. If you're considering an unsecured loan from Barclays bank, here are a few key features to consider.
Simple prequalification process
Some lenders require you to submit a proper loan application, with a hard credit inquiry, without the chance to have an concept of your interest rate beforehand. But Barclays' prequalification process allows you to check your estimated rate without affecting your credit scores, also it can be completed online in a couple of minutes.
No origination, late or prepayment fees
Some lenders charge multiple fees that can add tons of dollars towards the price of your loan. Barclays doesn't charge common fees, including –
- Origination fees – There are no charges for setting up your loan account.
- Prepayment fees – You are able to repay your loan early without having to be penalized.
- Late fees – If you are not able to help make your monthly payment by the due date, you will not be charged another fee. But your account will continue to accrue interest, which will affect the amount you need to repay. Making late payments can also negatively affect your credit scores.
Limited loan amounts
The minimum amount borrowed you are able to borrow is $5,000, and the maximum is $35,000. If you want loan amounts below or above these limits, you'll have to look elsewhere.
No branch network
Although Barclays has customer service representatives, it doesn't have any physical branches. Instead it offers a completely digital experience that permits you to access your accounts whenever, everywhere. If you want a choice of walking into a nearby branch and speaking with an agent personally, this isn't the lender for you.
Competitive interest rates
Barclays offers competitive personal bank loan rates based on your credit report and other factors. The greatest rate of interest Barclays charges on its personal loans is gloomier compared to some other lenders.
Barclays doesn't include credit rating requirements on its website, but when you complete the prequalification process you will discover whether you could qualify and see your estimated rate. Just remember that prequalifying for a financial loan does not mean you have been approved – and when are applying and are approved for a financial loan, the terms and rates could be different than what you prequalified for.
Barclays personal bank loan details
If you're trying to decide whether a Barclays personal loan fits your needs, here are a few additional details to think about.
- Barclays offers repayment terms of 36, 48 and 5 years, so that you can select the option that fits your financial allowance.
- If you're approved for a personal loan, you'll receive your funds inside a few working days.
- You must payout your loan electronically through Barclays' customer service website. You are able to log into your account monthly to create your instalments, or you can set up automatic payments.
- Barclays doesn't issue paper statements for private loan accounts, however, you can observe your account details online.
Who a Barclays personal bank loan is nice for
Since rates are competitive there are no origination, late payment or prepayment penalties, Barclays could be ideal if you're eligible and want some extra cash for almost anything.
With a prequalification process that doesn't impact credit scores, you can check your estimated rate of interest and compare it to provides you with receive from other lenders before submitting a proper application.
Not confident that a Barclays personal loan is right for you? Consider these alternatives.
- LightStream: A LightStream personal loan may well be a more sensible choice for those who have a great credit rating and could have the ability to be eligible for a lower rates of interest than Barclays offers.
- Mariner Finance: A personal loan from Mariner Finance may be a safe bet if your credit rating is less than stellar.
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