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Barclays Personal Loans Review

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Barclays plc is a London-based, multinational investment bank that provides both businesses and individuals with financial products and services. Barclays savings accounts in the US are managed by the Barclays Bank of Delaware, which offers credit cards, personal loans, savings accounts and certificates of deposit.
 
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How is Barclays rated?

Breakdown

0.0/5
Flexibility
0.0/5
Interest Rates
0.0/5
Discounts & Fees
0.0/5
Customer Service and Reputation

Overall Rating: 4 / 5 (Very good)

Barclays is a solid choice for a personal loan because of its flexible repayment terms and lack of fees. Not only does Barclays feature no origination fee, but also no prepayment penalty, or even a missed payment fee. Additionally, customers are able to set their own monthly payment date if they do not like the one generated by the bank. Terms and loan amounts are more or less standard but Barclays offers a pretty low APR to customers who are able to qualify. With 24/7 customer service and easy account access online or through the company's app, Barclays is an attractive choice for those seeking a personal loan.

Barclays Loan Specifics

Loan Specifics - 5 / 5

Barclays offers unsecured personal loans of $5,000 - $35,000 for terms of 36, 48, or 60 months. Ideal uses for Barclays personal loans include debt or credit card consolidation, major purchases such as homes, financing special occasions or vacations, or covering home improvements that can increase your property's value. The application process takes only a few minutes, and funds can be disbursed in as soon as a few business days. Barclay's website also provides a sleek, no nonsense application process which can quickly show potential borrowers rates without affecting their credit scores. Customers can also choose their own payment date, which is a standout feature compared to many of the other lenders we evaluate.

Loan Uses

Debt/Credit Card Consolidation
Buy Home
Major Purchase
Home Improvement
Medical Expenses
Wedding
Moving/Relocation
Vacation
Start Business
Education
Taxes
Loan Minimum
$5,000
Loan Maximum
$35,000
Term Length
36 - 60 months
Direct Deposit
Yes
Disbursement Time
Funding in a few business days

Representative Loan Sample

An example of total amount paid on a personal loan of $10,000 for a term of 36 months at a rate of 10% would be equivalent to $11,616.12 over the 36 month life of the loan.

Barclays Qualification

Qualifications & Flexibility - 4.8 / 5

Barclays personal loans require a minimum FICO score of 680. The company allows customers to check their rates without affecting their credit scores. For this Barclays will require the loan amount and purpose, invitation code (if applicable), contact information, housing and employment status, Social Security number, birthdate, and email. If customers decide to go further and actually apply, the Barclays will have to pull their detailed credit report and score.
Minimum FICO Score
680
Personal Income Considered
Yes
Verify Bank Account
Yes
Hard Credit Pull
No

Barclays Cost of Loan

Costs, Interest Rates, Discounts & Fees - 4.8 / 5

Barclays offers fixed rate loans with APRs varying between 5.74% - 20.99% depending on the applicant's creditworthiness. Those who are using Barclays' loans for credit card consolidation will find this a particularly attractive range. What the company really has going in its favor is that it does not charge any fees of any kind, including an origination fee. Not only can customers set their own monthly payment date, they can choose to pay more than the monthly payment without penalty. There is also no late payment fee, interest will continue to accrue on the principal and the company will send out a missed payment notification.
APR Range
5.74%-20.99%
Origination Fee
$0

Barclays Reputation

Customer Service and Reputation - 5 / 5

Barclays US is based in Delaware and is a subsidiary of the multinational investment bank Barclays plc, which is based in the UK. Barclays US itself has an A+ with the BBB with the majority of complaints against the organization resolved or answered. Similarly, Barclays complaints with the Consumer Financial Protection Board (CFPB) have been closed with a timely response. The company operates customer service 24/7 and can be reached by email, mobile app, social media, or by calling (866) 928-8598.
Type of Institution
Bank
Year Founded
2000
BBB Rating
A+
Consumer Financial Protection Board (CFPB) Complaints
6,236
Date Collected
2018-11-09

Disclaimer

Annual Percentage Rates (APR) range from 5.74% to 20.99% and will be determined based on your creditworthiness and loan term. Loan amounts range from $5,000 to $35,000. Loan terms are 36, 48 or 60 months.
Headquarters Address
125 South West Street, Wilmington, DE, 19801
Homepage URL
https://www.banking.barclaysus.com/index.html

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Customer Comments & Reviews

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B
Bobby
9/28/2021
My name is Bobby Reynolds I was approved for a personal loan on9/18/2021 as of today 928/2021 I still have not received the money I was approved for, can you please help me with this matter. My home phone is 269/684/4786. Thank you Bobby Reynolds

johns.philplum
9/27/2019
Terrible customer service and total ripoff if you have to pay other than online. I took out the loan to do remodeling on the house and was able to refinance the home at a much lower rate and payment amount. So my bank tried to get a payoff amount 15 to 20 days out which they could not do, but I could log on and do a screen shot of my account for only 10 days ahead to send to the mortgage company. Then the cashiers check was sent to the address given to us which is for the credit car processing and it is all deposit into a single Barclay's account. The funds will sit there until you call and make a complaint. So they make interest on the holding account for a month and charge the loan... Read More

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