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Barclays personal loans: at a glance
A Barclays personal loan stacks up well against the other lenders we’ve reviewed. Although other lenders had a higher overall score, Barclays still gets five stars for its application process and its availability of customer support.
However, you can only apply for a Barclays loan if you have a Barclaycard or a current account with the bank.
NerdWallet Review Rating
Important information: Neither the review nor the star ratings considered the lender’s lending rates or representative APR, and therefore does not reflect how much they charge to borrow with them. The rates on this page have been provided as additional information. Always check and compare a lender’s rates against others on the market when considering a loan. The rate you are offered will be dependent on your personal circumstances, loan amount and term and may differ from the representative APR.
Remember, if you’re considering a loan it’s sensible to only borrow what you need and pay it back as quickly as possible based on what you can comfortably afford to repay each month.
Barclays Personal Loans
Representative ExampleRepresentative APR 9.9%. Based on a loan of £10,000 over 60 months at an interest of 9.9% p.a. (fixed). Monthly repayments of £209.91. Total amount payable £12,594.60. Maximum APR 20.9%
Available amounts£1,000 to £50,000
Available Terms2 to 5 years
- Must have a Barclays current account or Barclaycard account
- Must be a UK resident
- Must be aged 18 or above
Barclays loans pros & cons
- You could get your money within minutes.
- You can choose your payment date.
- There is a range of customer support options.
- You need to be a Barclays customer to apply.
- You can’t get a joint loan.
The pros and cons featured here are chosen by us based on a combination of our expert opinions from our research of the personal loans market and an exclusive survey of UK consumers conducted on behalf of NerdWallet UK in February 2023 to identify the features of personal loans that people feel are most important. They are unlikely to be the only product features and restrictions that you should consider. Pros and cons are subjective and you should align them to your own personal circumstances. Information was correct at the time of publication but may have changed since.
Barclays loans overview
Barclays is a major high-street bank with branches across the UK. The origins of the bank go back to 1690, and it now offers a range of products and services including current accounts, credit cards and mortgages, as well as loans.
If you’re a Barclays customer, you may be able to apply for a loan from £1,000 up to £50,000. You could use this money for home improvements, a new car, an emergency expense, or many other different costs.
But, if you’re considering a loan, it’s always worth looking at a range of lenders to help you find the right deal for you.
|Amount borrowable||£1,000 to £50,000|
|Term length||Two to five years|
|Time to get a decision||Instant|
|Time to receive funds once approved||Minutes|
|Need to have an account with the provider||Yes|
|Customer support||Phone, live chat, app, social media, branch|
How do we rate Barclays personal loans?
We’ve assessed a selection of UK loan providers and rated each against a set of criteria that take into consideration what loan customers tell us are the most important product features.
Here’s what we review and how Barclays performs:
|Application process||5 stars|
|Available customer support||5 stars|
|Overall (The overall score is weighted in favour of the features borrowers told us they consider most important)||4.5 stars|
Nerdwallet’s star rating assessment criteria does not include the lender’s product lending rates or fees. Always check and compare a lender’s rates against others on the market when considering a loan.
A flexible loan gives customers a choice of funds, terms and payment options. That means offering a wide range of loan amounts and repayment term options, allowing the borrower to change their payment date and make overpayments, for example.
The best application processes are quick and easy, with clear eligibility criteria, soft checks and multiple ways to apply to suit different customers’ needs.
Available customer support
Good customer support can include clear information on the lender’s website and a customer service team that’s available most of the time and can be reached in multiple ways.
Where Barclays loans stand out
You could get your money within minutes
Once you’ve signed your loan agreement, Barclays may be able to transfer the loan to your account within minutes. It may take longer if you sign your agreement between 11pm and 5am, or if you want the loan transferred to an account that isn’t with a main UK high-street bank.
You can borrow up to £50,000
If you need to borrow a large sum of money, Barclays can offer loans of up to £50,000. This is one of the largest maximum amounts offered by the lenders we reviewed. But you should only ever borrow the amount you need, so, even if you can take out a bigger loan, think about whether this is the best decision for you.
Where Barclays loans fall short
They’re only available to certain Barclays customers
You can only apply for a loan from Barclays if you have a current account or Barclaycard account with the bank. If you’re not a customer, you won’t be eligible to apply.
Limited choice of repayment terms
The minimum repayment term Barclays offers is two years, unlike many of the other lenders we reviewed that allow you to repay over one year. The shorter the repayment period, the less you pay in interest, so Barclays may not be right for you if you want to pay off your loan in under two years. Additionally, the maximum loan term Barclays offers is five years, which is shorter than many other lenders we looked at that allow you to pay back a loan over seven years or longer.
Barclays offers unsecured loans, which means you don’t need to put forward your house or other valuable item as security.
You can borrow between £1,000 and £50,000 and repay the loan over a term of two to five years.
The interest rate Barclays charges will depend on a number of factors, including your credit score, financial situation, loan amount and loan term.
It can also depend on the type of current account you have with them. If you have a Barclays Premier account, you may be able to access a lower rate of interest than if you have a standard current account.
Barclays doesn’t offer joint loans. You can only apply for a loan as an individual.
If you want to take out a joint loan, there are other lenders that may be able to help.
Barclays offers a good amount of flexibility when it comes to repayments, although some other lenders we reviewed offer more.
With Barclays you can choose the date of your payments and, if you want to, you can change your payment date during your loan term. However, you can’t move it any more than 25 days later than your original date.
Bear in mind that changing your payment date can affect the amount of interest you pay overall, so it’s worth checking this before making any changes.
If you can afford to make extra repayments towards your loan, on top of your usual monthly payments, Barclays allows you to do this without charging any fees. Making additional payments can help you to pay off your loan quicker and save you money in interest, but always double check if there are any limits to the amount you can overpay at a time.
You can also pay off your loan in full before the end of the term. You need to get an early settlement quote from Barclays which will include your outstanding loan balance plus any interest charges that Barclays may apply.
Paying off your loan in full should mean you pay less interest overall.
» MORE: How to pay off a loan early
If you’ve had a loan with Barclays for at least three months, you may be able to borrow more. Barclays will run new affordability checks to see if you can afford to borrow the extra amount.
You can choose to take out a new loan alongside your current loan. This means your existing loan agreement will stay the same but you’ll have a new loan agreement with another set of monthly payments to make.
Alternatively, you can choose to take out a new loan that will pay off your existing loan and give you the extra money you need. For example, if your current loan is £10,000 and you want to borrow an extra £3,000, you would take out a new loan for £13,000.
Bear in mind that this new loan may have a different rate of interest and payment term to your existing loan, which means you could end up paying more in interest overall than on your existing agreement. It’s also worth checking if you’ll face any charges to repay your existing loan early.
Barclays performs well in this category as it’s possible to apply and receive your loan within minutes.
To see how much you can borrow and how much your repayments could be, Barclays offers a loan calculator on its website. You can then check your eligibility for a loan and get a quote to see how much you can borrow, without affecting your credit score.
But bear in mind that, instead of applying for a loan directly, you can also use a loans eligibility service. This compares loans from multiple lenders and can help you see what loans you are likely to qualify for. These services use a soft credit check which means it won’t be recorded on your credit history or affect your score.
» MORE: How to get a loan
How long does it take to apply?
If you decide to apply for a loan online or through the Barclays app, you should get a quick decision on your application. And, if approved, you could get the funds in your account within minutes after signing your loan agreement.
It could take longer to receive the money if you sign your loan agreement between 11pm and 5am or if your account isn’t with a major high-street bank.
Availability of customer support
Barclays gets five stars for its availability of customer support as it offers customers many different ways to get in touch.
For example, if you have a question about taking out a loan or your current loan agreement, you can call Barclays or visit one of their branches.
You can also message Barclays through your online banking account or the mobile app. An automated assistant is available to try to answer your query 24/7, but a member of the team is also on-hand to reply between 7am and 11pm.
For more general queries, you can contact Barclays on social media. But you won’t be able to get answers about your specific situation.
Barclays has a rating of 1.4 stars on Trustpilot, based on over 9,200 reviews.
On the App store, Barclays gets a score of 4.8 stars based on 1.7 million ratings. On Google Play, it has a score of 4.4 stars based on 489,000 ratings.
But bear in mind that these ratings are not necessarily from customers who took out a Barclays personal loan.
On Fairer Finance, an independent review site that only assesses providers on personal loans, Barclays is one of the lower scoring lenders it assesses. It has a customer experience rating of 60%, compared to the top lenders that have a score of 70% and over.
This information is correct as of 17 October 2023.
Am I eligible for a Barclays loan?
To qualify for a loan from Barclays, you need to:
- be a UK resident aged 18 or above
- have a Barclays current account or Barclaycard.
If you have an online banking account or the Barclays app, you may be able to see how much you’re eligible to borrow and the rate you could receive. But this isn’t a guarantee that your application will be approved if you do decide to apply for a loan.
» MORE: Am I eligible for a loan?
Barclays loans frequently asked questions
It may only take a few minutes to get a personal loan from Barclays if you apply online or through the app. But it can depend on when you apply and which account you want the loan to go into.
When you apply for a Barclays loan, Barclays will run a hard credit check which will appear on your credit file. A single check may not have a significant impact on your credit score, but multiple hard checks in a short space of time can affect your score and your ability to get credit in the future.
At NerdWallet UK, we base our reviews and our ‘Best’ pages on the results of surveys we undertook about what was important to people who use these products. This allows us to look at products impartially of any commercial arrangements we have and fairly rate the products on the same set of criteria.
Best means our ‘Best’ and is based only on what products we have aligned to our surveys, which form the basis of our reviews and ratings. This means that there will be other products on the market that we have not included in our ‘Best’ pages. Best does not mean it’s best for you, nor does it mean the ‘cheapest’.
Our reviews may display lenders’ rates. This additional information has not been included in our evaluations but is still very important when choosing a product. Rates offered can depend on circumstances, amount and term. Always check details before proceeding with any financial product.
Product details reflect the information that was available at that time but may have changed since. We strive to give you a review on as many products as possible, but there will be products not included on the market. The review is our opinion, but it does not constitute advice, recommendation or suitability for your financial circumstances.
You can view our full review methodology here.