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Barclays is an online-only financial institution.
Barclays; Alyssa Powell/Business Insider
The bottom line: Barclays Personal Loan offers great rates on its personal loans has no fees. But it isn’t one of the best options available because only a select few borrowers can apply. You must be specifically invited by the company. If you have excellent credit and an invitation, it may be a great choice.
Barclays personal loans
Pros and cons of Barclays personal loans
Pros
Highly competitive rates. The lowest rate Barclays offers beats the best rate on our guide to the best personal loans. The highest rate is also very competitive with the maximum rate offered by similar companies. No fees. You won’t pay any fees with Barclays, including origination fees or late payment penalties.
Cons
Can’t apply for a loan unless you’re invited. The biggest downside to Barclays’ personal loans is that you aren’t able to apply for one unless the bank invites you to do so. This puts them beyond the reach for most borrowers who are shopping around for a loan. High minimum loan amount. The least you can borrow from Barclays is $5,000, which is more than many other lenders. If you only need a small amount of cash to cover an expense, you may consider another option. Low maximum loan amount. You can borrow as much as $35,000 with Barclays. While this is a relatively high maximum, other lenders offer more. Qualification requirements undisclosed. Barclays doesn’t detail the eligibility requirements for its loans, so you’ll have to apply to see if you qualify.
Who is Barclays best for?
Barclays is best for borrowers who are exclusively invited to apply to a loan by the lender. You can’t apply to get one if you aren’t invited to do so. Other borrowers must choose a different lender.
If you are invited to apply, you may want to use the lender if you have an excellent credit score and can qualify for the lowest rate, as the best rate available is better than many other personal loan companies.
How Barclays personal loans compare
SoFi and LightStream both cater to borrowers with good or better credit. Barclays doesn’t disclose a minimum credit requirement, but only borrowers with the best credit scores will qualify for its lowest rates.
All three lenders have minimum loan amounts of $5,000. SoFi and Lightstream offer loans of as much as $100,000, while Barclays only allows you to borrow up to $35,000. None of the companies charge any fees.
Frequently asked questions
Is Barclays trustworthy?
Barclays has an A+ rating from the Better Business Bureau, a nonprofit organization focused on consumer protection and trust. The BBB evaluates companies based on their responses to customer complaints, honesty in advertising, and openness about business practices.
Barclays hasn’t been involved in any recent scandals. Between its clean history and excellent BBB rating, you might consider borrowing from the lender. However, you may want to reach out to people who have used the company before you do so to get first-hand knowledge of how it treats customers.
How much is the APR on a Barclays personal loan?
The APR on a Barclays personal loan ranges from 4.99% to 20.99% APR, depending on your credit score and other financial factors.
Does Barclays do a credit check?
Yes, Barclays does perform a soft credit inquiry when you apply for a loan. This lets the lender get a complete view of your credit history without impacting your credit score. After you accept your loan’s terms, the company will perform a hard credit pull, which may have a negative impact your score.