Barclays loans key facts
- Borrow between £1,000 and £50,000
- Borrow over a term of 24 to 60 months
- Borrow at the same rates regardless of whether you’re planning on using the loan for a car, home improvements, or something else entirely
- Manage your budget easily with fixed monthly loan repayments
- Get an instant online indication of the loan limit you might be offered, without affecting your credit rating, using Barclays Online Banking
- Rated 5 stars by Defaqto 2014
Eligibility for Barlcays personal loans
- Have held a Barclays current account for at least seven months
- Have paid at least £1,000 into the account each month
- Have a good credit history
- Not be intending to use the money for investment, property purchase or a number of other reasons as set down in their terms and conditions
Barclays Loan Calculator
If you want to get an idea of how much a Barclays loan would cost you as well as what your monthly repayments would break down as then you could use the Barclays loan calculator. You just need to enter how much you want to borrow and the desired length of the repayment period. Although loan calculators can be useful in deciding if you want a loan you are not guaranteed the rate of APR they use to give you a rough idea of how much the loan would cost, the interest rate that the Barclays loan calculator gives you may be different from the one would actually get if you were to apply. This is because when calculating the specific annual percentage rate they would be willing to give to a borrower banks take into consideration factors such as the borrower’s credit history and financial circumstances.
Before you take out a loan
If you are thinking of taking on a loan of any type you need to consider that loans are long term commitments usually taking years to fully pay off. You therefore want to ensure you are getting the best loan you can to suit your specific needs. The comparison tables above will allow you to compare loans from many different lenders to help you see if you can find the right choice for your needs.
It is also important to consider if you are thinking of taking out alone to consolidate debt that spreading your payments over a longer term means you may ultimately be paying more overall than with your existing arrangements, even if the interest rate on this new loan is less than the rates you have at the moment.