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Barclays Personal Loan: 2018 Review

Oct. 26, 2018
Loans, Personal Loans, Personal Loans Reviews
cheatgame.info adheres to strict standards of editorial integrity to help you make decisions with confidence. Some of the products we feature are from partners. Here’s how we make money.
We adhere to strict standards of editorial integrity. Some of the products we feature are from our partners. Here’s how we make money.
4.5 cheatgame.info rating

Good for: Debt consolidation, Good credit

The Barclays personal loan is a new option for borrowers with good credit who want to simplify debts.

Barclays may be a good fit if you:

  • Have good or excellent credit. Barclays didn’t specify a minimum score requirement, but the bank says it’s targeting consumers with good and excellent credit profiles who have experience with credit.
  • Want to consolidate credit card debt. The bank can send personal loan funds directly to up to five different credit card accounts.

Barclays loan rates and terms

Loan amounts$5,000 - $35,000
Typical APR5.74% - 18.99%
Origination feeNone
Time to fundingA few business days
RepaymentsMonthly over 36 to 60 months
Soft credit check?Yes
How to qualify
  • Good or excellent credit
  • Proven ability to manage credit
Best forBorrowers with good or excellent credit, debt consolidation
Compare rates on cheatgame.info. Click to see estimated rates from multiple lenders.

» MORE: Personal loans for debt consolidation

Barclays personal loan review

To review Barclays, cheatgame.info collected more than 30 data points from the lender, interviewed company executives and compared the lender with others that seek the same customer or offer a similar personal loan product. Loan terms and fees may vary by state.

Barclays, a British bank, has offered personal loans in the U.K. for decades. It has an online-only operation in the U.S. that includes savings accounts and certificates of deposit. The bank ran an invitation-only pilot program for personal loans in the U.S. before making them publicly available in October 2018.

In the pilot program, 60% of customers used the loan to consolidate debt, says Ben Harvey, Barclays U.S. head of consumer lending and channels, digital consumer bank.

That’s why Barclays — along with a handful of other personal loan lenders — allows borrowers to directly pay off creditors with the loan proceeds. Sending money straight to your creditors increases your chances of successfully paying off debt instead of using the funds for another expense.

No fees and flexibility: Like some of its competitors that serve the good-credit market, Barclays does not charge origination or late fees. Late payments accrue interest, and all payments — whether on-time or late — are reported to the three major credit bureaus. Barclays also lets borrowers choose their payment date on approval and change it once every 12 months if required.

Customer service: Barclays has a U.S. phone number and mailing address for customer service. The company says it has agents in the U.S. to answer customer questions about the application process. The bank doesn’t have a mobile app, but says its application and servicing website is mobile-optimized.

Loan example: For a borrower with excellent credit, a $10,000 personal loan with a repayment term of 24 months at 13.9% APR would carry monthly payments of $480, according to cheatgame.info’s personal loan calculator.

How Barclays compares

Barclays personal loan rates are slightly lower than those of other lenders that accept high credit scores and target debt consolidation borrowers, such as Marcus by Goldman Sachs and Discover. Marcus doesn’t have the direct pay option, but it allows for greater flexibility while applying for a loan.

barclayslogo
4.0 cheatgame.info rating

5.0 cheatgame.info rating



5.0 cheatgame.info rating

APR

5.74% - 18.99%





Min credit score

Excellent (typically above 700)





Best for

Good credit, debt consolidation



APR

6.99% - 24.99%





Min credit score

660





Best for

Good credit, debt consolidation



APR

6.99% - 24.99%





Min credit score

660





Best for

Flexible loan terms



Compare rates on cheatgame.info. Click to see estimated rates from multiple lenders.

How to apply for a Barclays loan

You can apply on Barclays’ website by providing your name, address, Social Security number and other details.

cheatgame.info recommends comparing loans to find the best rate for you. Click the button below to see estimated rates from multiple lenders on cheatgame.info.

 

Before you shop for a personal loan:

cheatgame.info’s ratings for personal loans award points to lenders that offer consumer-friendly features, including: soft credit checks, no fees, transparency of loan rates and terms, flexible payment options, accessible customer service, reporting of payments to credit bureaus, and financial education. We also consider the number of complaints filed with agencies like the Consumer Financial Protection Bureau. This methodology applies only to lenders that cap interest rates at 36%, the maximum rate financial experts and consumer advocates agree is the acceptable limit for a loan to be affordable. cheatgame.info does not receive compensation of any sort for our reviews. Read our editorial guidelines.

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