What You Need to Know
The interest rates for Barclays loans are low. They are competitive with other online lending interest rates. The highest rates are lower than other online rates. The interest rate you receive for your loan depends on your qualifications.
Barclays loans do not have fees. They do not charge origination fees or application fees. They do not have fees for paying your loan off early or for late payments. If your payment is late, your loan will still accrue interest. If you miss a payment, Barclays will send an email, but not charge you a fee.
Barclays requires loan repayments be made electronically. You must link a checking or savings account to your loan. To make a payment, you log in to your account through their website. There you can make the payment manually each month or set up automatic payments. Electronic payments do not have a charge.
To apply for a Barclays loan, you must have an invitation code. They send the code to you in the mail on the top of a letter allowing you to apply for a loan. If you have not received a letter, you cannot apply for a Barclays loan.
Qualifications to Apply for Barclays Loans
- Annual Income: DOSCC
- Job History: DOSCC
- Debt-to-Income Ratio: DOSCC
- Minimum Credit Score: DOSCC
- Credit History Length: DOSCC
- Credit Bureau Inquiries: DOSCC
- Bankruptcy History: DOSCC
- Past Loan Denial: Not specified
- U.S. Citizenship Required: Yes
- Required Age: 18
- SSN Required: Yes
- Valid Bank Account Required: Yes
Useful Information About Barclays Loans
- Business Loans Offered: No
- Cosigner Loans Offered: No
- Joint Loans Offered: No
- APR Range: 4.99-20.99%
- Fixed Interest Rates: Yes
- Repayment Options: ACH
- Payments Due: Monthly
- Payment Methods Fees: No
- Smallest Loan: $5,000
- Largest Loan: $35,000
- Loan Term Lengths: 36, 48, and 60-months
History and Achievements
Barclays started in 1690 in London. In 1965, Barclays established a branch in San Francisco. Barclays US is an online branch of Barclays. They are an entirely online bank with over 85,000 customers. They have customers in more than 40 countries.
Barclays offers personal loans to those with excellent credit history. To apply for a loan, you must input the code you receive from Barclays. Currently, Barclays does not offer personal loans to everyone. Their interest rates are competitive with other online lending companies.
Frequently Asked Questions
Can I apply for a loan entirely online?
Yes. The application for Barclays loans is completely online.
What is the lowest my credit score can be?
Barclays does not list a minimum credit score. They invite those to apply who have a good credit history. You must have an invitation code to apply. Even with an invitation code, approval depends on a soft credit check.
What is the smallest loan amount available?
The minimum loan amount is $5,000.
What is the largest loan amount available?
The maximum Barclays loan is $35,000.
What are the loan term lengths?
The term lengths are 36, 48, and 60-months. The term length may depend on the amount you want to pay each month.
Are the interest rates competitive?
Yes. Barclays interest rates are competitive with other online lending companies. The interest rate you receive is determined based on your qualifications.
Are the interest rates fixed?
Yes. Barclays offers fixed interest rates for the life of the loan.
What types of loans are available?
Barclays offers personal loans. These loans can be for debt consolidation, a major life event, or a vacation.
What information do I need to apply for a loan?
Barclays requires a valid address, SSN, and bank account. You will need to verify your employment and financial history. Other information may be necessary, depending on your application.
How long does approval take?
Approval for a Barclays loan could be the same day you apply for the loan. But most loan approvals take a few days.
How long will it take the money to enter my account after approval?
Once you have finalized the loan, the money transfers into your account within a few business days.
If I have been denied a loan before, how long do I have to wait to apply again
Contact customer service to discuss a loan denial. Approval depends on a soft credit check.
What are the payment options to repay my loan?
Payments are due monthly. The only repayment option is through electronic payments. You can make the payments manually or set up automatic withdrawals. You can link a savings or checking account to make your Barclays loan payments.
Can I pay my loan off early?
Yes. There are no fees for paying your Barclays loan off early.
Is my information secure?
Barclays encrypts information. They use firewalls and monitor activity all day, every day. Your Barclays account times out automatically after a set amount of time. Their security measures comply with federal laws. Their buildings, files, and computers are secure.
Does this loan company offer a mobile app?
The Barclays website does not list an app. But customers can access their account through a mobile device.
How do I contact customer service?
Contact customer service through mail, email, or over the phone. Customer service is available Monday through Sunday from 8 a.m. to 8 p.m. ET. You can follow Barclays on Facebook, Instagram, Twitter, and YouTube.
Bank Contact Information
Barclays
P.O. Box 13337
Philadelphia, PA 19101-3337
866-951-1416
