Our experts answer readers’ personal loan questions and write unbiased product reviews (here’s how we assess personal loans). In some cases, we receive a commission from our partners; however, our opinions are our own.
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. The best personal loan for you depends on your credit score, which will determine what you qualify for and can lower your rate.
Who are Barclays Personal Loans 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.
Barclays Personal Loan Details
Barclays has an APR range of Barclays Personal Loan – Regular APR, and a loan amount range of Barclays Personal Loan – Loan Amount Range. The lender doesn’t publicly list the eligibility requirements for its loans, so you’ll have to apply to see if you qualify.
The most prominent drawback of Barclays’ personal loans is that you can’t apply for loan unless the bank invites you to do so. This makes their loans inaccessible for many borrowers who are looking for a loan.
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Barclays Personal Loan Pros and Cons
ProsCons
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.
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.
No fees. You won’t pay any fees with Barclays, including origination fees or late payment penalties.
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.
How to Apply for a Barclays Personal Loan
The application process is a little murkier for Barclays’ personal loans, as you can’t apply unless the company has invited you.
1. Receive an invitation to apply. You aren’t able to apply for a loan unless the bank invites you to do so. This puts them beyond the reach for most borrowers who are shopping around for a loan.
2. Check your rate. You’ll be able to get your rate without impacting your credit score. You’ll need to input your name, email address, state of residence, desired loan amount and purpose, and other information.
3. Look over your loan offerings and choose the one that makes sense. After you submit your initial information, Barclays will send you potential loan terms. A shorter term length means bigger monthly payments — but you’ll save more in interest. You’ll need to send in a formal application, which may also require additional documents, like W-2s, pay stubs, or bank statements.
4. Confirm your loan terms and plan for repayment. After you sign the document accepting your loan terms, your loan will be approved and funded. Make sure you’ve added your loan payments into your budget.
Barclays Personal Loans Frequently Asked Questions
Is Barclays legit?
The Better Business Bureau gives Barclays an A+ rating. A strong BBB rating signifies the company is transparent in how it handles business, responds effectively to customer complaints, and is honest in its advertising.
What is the maximum amount I can borrow with Barclays personal loan?
Barclays offers personal loans of as much as $35,000 to qualified borrowers.
What credit score do you need for a Barclays personal loan?
You’re unlikely to qualify for a Barclays personal loan unless you have a credit score of at least 700.
How much is the APR on a Barclays personal loan?
The APR on a Barclays personal loan ranges from Barclays Personal Loan – Regular 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.
Barclays Personal Loans Competitors
Barclays personal loan vs. SoFi personal loan
SoFi Personal Loan – Product Name Only caters 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.
Barclays personal loan vs. LightStream personal loan
Both LightStream Personal Loan – Product Name Only and Barclays have minimum loan amounts of $5,000. LightStream offers loans of as much as $100,000, while Barclays only allows you to borrow up to $35,000. Neither of the companies charge any fees.
Check for prequalified personal loan offers from multiple lenders in a loan marketplace to help make sure you find the best rate available.
Are Barclays Personal Loans 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.
Why You Should Trust Us: How We Rated Barclays Personal Loans
We rate all personal loan products in our reviews and guides on a 1-5 scale. The overall rating is a weighted average that takes into account seven different categories, some of which are judged more heavily than others. They are:
Interest rate (20% of rating)Fees (20% of rating)Term lengths and loan amounts (15% of rating)Funding speed (15% of rating)Borrower accessibility (15% of rating)Customer support (7.5% of rating)Ethics (7.5% of rating)
Each category’s weighting is based on its importance to your borrowing experience. Rates and fees have the most direct impact on the overall cost of your loan, so we weigh those the most heavily. Customer support and ethics are still very important parts of the borrowing experience, but do not directly tie to a personal loan’s terms, so they have less of an impact on the overall rating.
See our full ratings methodology for personal loans for more details.