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Our verdict
Our verdict
Considering a Barclayloan? Existing customers with good or excellent credit ratings can get access to fixed monthly repayments, same-day funding and competitive rates. However, be aware that Barclayloans offer more restrictive loan terms compared to others on the market, so it's always a good idea to compare before making a decision. Like all low-rate personal loans, only those with good or excellent credit ratings can secure the lowest rates.
Pros
- Competitive interest rates
- Fixed rate monthly repayments
- Same-day funding
Cons
- Limited loan terms
- Existing customers only
- You'll need a good credit history for the lowest rates
Representative example: Borrow £10,000.00 over 3 years at a rate of 5.8% p.a. (fixed). Representative APR 5.8% and total payable £10,895.04 in monthly repayments of £302.64.
Maximum loan
£50,000
Product fee
N/A
Early redemption fee
Yes
Calculate the cost of a Barclays loan
Table: sorted by representative APR, promoted deals first
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Our calculator lets you pick how much you want to borrow, and estimate how much you’d pay back monthly and overall. We base our calculations on Barclays’ representative APR, but it’s important to note that credit is subject to status and your circ*mstances may affect the rate you’re offered.
Please note: You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.
Late repayments can cause you serious money problems. See our debt help guides.
How do Barclays loans compare against the competition?
Table: sorted by representative APR, promoted deals first
Before you take out a personal loan, it’s smart to read up and shop around. You can use the table below to see how much a loan will cost with a range of lenders.
Please note: You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.
Barclays loan rates at a glance
The Barclays Existing Current Account Loan charges 5.8%APR representative on loans between £7,500 and £15,000. Barclays offers the loan with repayment terms between 2 and 5 years, and applicants can apply to borrow from £1,000 to £50,000.
The Barclays Existing Premier Account Loan charges 5.8%APR representative on loans between £7,500 and £15,000. Barclays offers the loan with repayment terms between 2 and 5 years, and applicants can apply to borrow from £1,000 to £50,000.
Quick overview of Barclays Bank personal loans
| Loan amounts | From £1,000 to £50,000 |
|---|---|
| Loan terms | From 2 months to 5 years |
| Age eligibility | 18 years and over |
| Application fee | No application fee |
| Repayment holiday | Repayment holiday not permitted |
Overview of features
Step-by-step: Taking out a Barclays personal loan
Barclays Bank loans – AKA “Barclayloans” – are unsecured loans, meaning they’re based on creditworthiness, rather than the use of property or other assets as collateral. The loans are available to Barclays customers over a period of 2-5 years, for amounts between £1,000 and £50,000, at fixed interest rates. The rate you’re offered may differ from the advertised representative APR, and will be based on your personal circ*mstances, the loan amount and the repayment term.
- Use the eligibility checker on the Barclays site. You’ll be prompted to login with your membership number, or your card/account numbers. You’ll then be able to see if you already have a provisional loan limit and, in most cases, you’ll be able to get a personalised quote and see the rate you’d actually get. Because this doesn’t involve a “hard” credit search, there’s no effect on your credit score.
- Shop around. If your heart’s set on Barclays us its price guarantee. Barclays keeps this one quiet, but if another lender offers you a like-for-like unsecured loan with a lower APR, you can claim under Barclays’ guarantee within 30 days of the date your Barclayloan was agreed, by completing a claims form and posting it to Barclays. Your monthly repayments will then be adjusted to meet the new APR rate.
- Apply to borrow between £1,000 and £50,000 over 2-5 years. If you’re already registered for online or mobile banking, applying should take less than ten minutes. Barclays will auto-fill form fields where it already holds the necessary information on file.
- Get a fast or instant decision. Barclays current account holders could get an instant provisional loan offer.
- Sign online for quick access to funds. If you sign the loan agreement online or in the app between 7am and 10:30pm you could drawdown the funds straightaway.
- Pay a fixed monthly amount. The interest rate is fixed, meaning you’ll pay the same amount each month and you know how much the loan is going to cost you overall. You’ll get to decide the day of the month on which you make repayments.
- Top-up, take a second loan, overpay or repay early… with strings attached. You can pay back your loan early, in part or in full at any time, but you’ll be charged a fee equal to 30 days’ interest on the amount you’re repaying (as well as any other interest that’s due). Barclays uses the phrase “Topping-up” a little misleadingly… Topping-up in fact closes your existing loan and starts a new one. If you don’t want to do that, you can simply apply to run a second loan concurrently. Additional borrowing is always subject to Barclays’ credit and affordability checks and you won’t be allowed to take out more than £50,000 overall.
What is APR?
The Annual Percentage Rate (APR) is designed to give an annual summary of the cost of borrowing. It takes into account interest and any mandatory charges to be paid (like an arrangement fee) over the duration of a loan. All lenders must calculate their APRs in the same way and must tell you the APR before you sign an agreement.
It can be a handy benchmark, however lenders are only obliged to award this rate to 51% of those who take out the loan – the other 49% could pay more. That’s why it’s often referred to as the representative APR.
Barclays loans have relatively low APRs, in part because Barclays will generally only offer loans to people with good credit. However, at some loan amounts or terms, you wouldn’t have to look far to find a better APR. Barclays may be hoping that existing customers will sleepwalk their way into a loan with the bank they already use, rather than shopping around for the best rate.
Am I eligible for a Barclays personal loan?
You should only apply for a Barclays personal loan if you’re certain you can meet the repayment terms, and you meet the following criteria:
- Hold a Barclays current or savings account, mortgage or Barclaycard
- Aged 18 or above
- UK resident
- Have a decent credit record.
Barclays states that these loans should not be used for:
- Business reasons.
- Investments (including buying stocks and shares).
- Timeshares.
- Purchasing property (home improvements are fine).
- Gambling-related expenses.
- Repaying CCJs (county court judgments).
- A purchase made by combining this loan with any others.
What credit score do I need to get a Barclays loan?
Barclays typically offers loans to applicants with "Fair" (and above) credit ratings. It's important to note that your credit record is just one factor that Barclays considers. However, if you have a poor credit rating, you're very unlikely to get approved for a Barclays loan.
A "Fair" (or higher) credit rating would require a score of at least 721 if you're referring to Experian's scale, 439 if you're referring to Equifax's scale and 566 if you're referring to TransUnion's scale.
Do Barclays loans give an instant decision?
No. Currently, decisions aren't instant. However, you can use the soft-search eligibility checker to instantly find out your chances of getting approved. (This won't affect your credit score.)
Can I get a second Barclays loan?
Yes, Barclays allows you to have more than one loan running at the same time. Each application for credit will be considered on its own merit. Alternatively, Barclays also allows you to effectively "top up" your loan by closing your current loan and starting a new, larger loan.
How do I apply?
If you’ve decided that a Barclays personal loan is right for you, you’ll need to provide proof of the following:
- Your ID.
- Your address details for the past three years.
- Your current income and employment details (payslips and bank statements).
However because Barclay’s personal loans are only available to Barclays customers (with either a Barclays current or savings account, mortgage or Barclaycard), if that includes you, you may not need to jump through so many hoops! What’s more, if you use online banking already, Barclays will complete much of the application form on your behalf.
Does Barclays offer debt consolidation loans?
Like many major lenders, Barclays does not offer a dedicated debt consolidation loan, but you can use a Barclays personal loan to consolidate your debt. However, you’ll need to be an existing Barclays current account holder to be eligible.
If you already have a Barclays personal loan, you can also apply for a top-up loan to increase how much you’ve borrowed, or take out a second personal loan.
What is Barclays?
One of the “big four” alongside HSBC, Lloyds and RBS, Barclays was founded over 300 years ago in 1690. The multinational bank is now operating in over 40 countries with an estimated employee count of around 120,000.
Whether you’re looking to buy a new car, consolidate debt, refurbish the kitchen, or take that desperately needed holiday, Barclays offers flexible, unsecured, fixed-rate loans at competitive interest rates (and with enhanced rates for Premier account holders). It’s quick and easy to apply online via the Barclays website.
Barclays customer reviews
In our independent 2024 customer satisfaction survey, 90% of Barclays’ users said they’d recommend the brand to a friend. Customers highlighted the bank’s competitive rates and easy application process. Here’s what some of those Barclays customers had to say:
“Barclays are a very friendly and trustworthy brand who are reputable and knowledgeable, they have great customer service agents who are always very happy to help”
“It was very easy to apply online. The information given was sufficient and clear enough for me to make an informed decision. The whole process was quick and straightforward from start to finish. I received my loan within a few hours.”
Customer support
For any queries on personal loans, you can call Barclays on 0800 158 3209. Or alternatively, you can use the Barclays in-app chatbox to contact customer support.
Frequently asked questions
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Potentially, yes. You have the option to either top up your loan or take out a separate one. But, loans are subject to status and early settlement fees apply.
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You have the right to repay your loan early, in part or full, at any time. Barclays may charge a fee equal to 30 days’ interest on the amount you’re repaying, as well as any other interest that’s due.
It’s important to check the early repayment terms before applying for any personal loan. If there’s a likelihood that you’ll be able to clear a loan early, then good early-repayment terms should be an important factor in deciding which lender to use.
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Yes. If you take out a Barclayloan and another lender offers you a like-for-like unsecured loan with a lower APR, you can claim under Barclays’ guarantee within 30 days of the date Barclays signed your Barclayloan agreement. Barclays will reduce the interest rate to produce an APR equal to the competing offer and recalculate your monthly repayments to reflect the reduced interest rate. See the full price guarantee terms and conditions for more information.
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Not long at all. Your money will likely be deposited immediately after your application is approved and you’ve signed off on it, although it’s possible there may be delays.
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Your Barclayloan can be used for almost any personal expense, but not for business-related expenses such as purchasing property and investment. Gambling-related expenses are also not permitted.
Personal loans scores
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
Finder scores, in blue, are based on our expert analysis. We also show reviews from users, where we've received more than 10, with a score in yellow. We gather more reviews from customers every year in Finder's customer satisfaction survey.
To find out more, read our full methodology.
We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circ*mstances when you compare products so you get what's right for you.
