Barclays Bank Loan Features
- 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
Barclayloan eligibility criteria include:
- 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
If you’re interested in taking out a loan with Barclays, you may wish to use the Barclays loan calculator to get an indication of what a loan from them might cost you. You just need to enter into the Barclays loan calculator how much you want to borrow and your desired length for the repayment period, the calculator can then generate for you an estimate based on their Representative APR for a loan of that size. Remember however if you go ahead and apply for a loan the lender may offer you an alternate APR once they have assessed your credit score and other financial circumstances. If this happens you’re repayments and overall loan cost will be different.
Things to consider
Before you apply for any type of loan, and for whatever reason, you should shop around to try and find the most appropriate choice for your specific needs. Woolwich loans or Barclays loans are just one option of many. Think about what loan features are most important to you; you can use the comparison tables above to look at loans from different providers.
As well as shopping around to try and find the best choice for you, you may wish to think about alternatives to borrowing. For example if you already have the required funds in your savings it may be better to use these instead. This is because the interest you earn on your savings may be less than the interest you would be charged for a loan of the same amount.
Also if you have been thinking about taking out a loan to consolidate existing debt remember 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.