Barclays Bank has been a UK household name for centuries and the London bank is now an industry leader. Barclays introduced personal bankers to the UK in 1977, and just ten years later brought out the UK’s first debit card.
Today, money lending plays a big part in Barclays Bank’s day-to-day business and they offer a variety of loans. They also provide current accounts, savings accounts, credit cards, mortgage loans and several insurance products.
What loans can I get from Barclays Bank?
Barclays Bank offers fixed-rate, unsecured personal loans with the following features:
- You can borrow anything between £1,000 and £50,000
- Barclays Bank loans offer borrowing from two to five years
- If you want to repay your loan early, you can at any time – but you’ll have to pay a fee equal to 30 days’ interest, as well as any other interest due
- You can choose which day of the month you make your repayments – and change the date later if you want
- Fixed interest rates on loans of £7,500 – £15,000 over 2–5 years
- You can apply for a top-up loan if you need extra cash, which if granted can be added on to your existing loan or can be created as a second loan
- The interest rate is fixed, so you won’t have to worry about it changing over the course of your loan
- Personalised price quote up front - you’ll see the rate you’ll actually get, and the quote won’t affect your credit score
- If you’re already a Barclays customer and your online application has been approved, you’ll just need to sign your agreement to receive your money straightaway. Customers can apply for their loan in Online Banking or the Barclays app in under 10 minutes.
- It’s safe and regulated by the Financial Conduct Authority (FCA)
Frequently asked questions about Barclays Bank loans?
What interest rate will I get with Barclays Bank?
The advertised or representative APR shown on a deal may not be the rate you actually get, as the representative APR only has to be offered to 51% of successful applicants. The rate you’re given may be lower or higher, depending on the loan you want to take out and your own personal financial circumstances.
Loans from Barclays Bank have a fixed interest rate, meaning the amount you pay back every month will stay the same. This can be helpful for budgeting as you’ll always know how much money to set aside for repayments.
What determines my APR?
The rate you’re offered may differ from the representative APR shown and will be based on your personal circumstances, the loan amount and the repayment term. Loans are subject to application, financial circumstances and borrowing history.
How long will it take for my loan be approved?
If you’re a Barclays Bank customer, you should receive a credit decision instantly after applying. If you have a current account with Barclays and you use online banking or the Barclays app, you can see if you’ve been pre-selected for a loan.
Non-customers may have to wait a little longer, but you should receive your approval in three to five working days.
How long will it take to receive the money?
Once your online application has been approved and you’ve signed your agreement, you can get your money straightaway.
If you apply online and your application is approved, you’ll need to print or download your agreement. If you apply through the app and it’s approved, you’ll need to have it emailed to you. As long as you do one of these and sign your agreement online between 7am and 10.30pm, you’ll usually get your money straight away (within a few minutes). If you don’t bank with one of the main UK high street banks, sometimes it can take up to a couple of hours. If you sign after 10.30pm, you’ll usually get your money before 9am the next day.
Can I change my mind after taking out a loan?
Yes, but within a short timeframe. After you’ve received your loan, you have a 14-day withdrawal period, where you don’t have to explain why or pay an early settlement fee to cancel.
You’ll have 30 days to repay the loan amount, plus any interest (your forms of agreement will show any interest charges). If you repay in full within 7 days of your loan being opened, you won’t be charged any interest.
Am I eligible for a Barclays Bank loan?
The main factor determining whether you’ll be accepted for a Barclayloan is your credit history. You can check this for free with MoneySuperMarket’s credit monitor tool and doing so doesn’t affect your credit score.
What can I use my loan for?
How you spend the money is up to you, whether it’s for a new car, improving your home, or cutting down your debt. However, there are some things your loan cannot be used for. These include:
- Business reasons
- Investments, including buying stocks and shares
- Purchasing property (home improvements are fine)
- Gambling-related expenses
- Repaying CCJs (county court judgments)
- A purchase made by combining this loan with any others
However, Barclays Bank does have some basic criteria that determine who can apply for a loan. You must:
- Have a current account with us or a Barclaycard
- Be a UK resident
- Be aged 18 or above
What documents do I need for a Barclays loan?
Barclays Bank accept applications online, through the phone, or by post. Remember, you’ll need to have the following at hand:
- Your address details covering the last three years
- Your employers’ address details
- Your banking information, including sort code and account number
- Details about your incomings and expenditures
How do I apply for a Barclays Bank loan?
You can find a range of loan deals when you compare your options on MoneySuperMarket. Just tell us a bit about the loan you’re applying for, including what it’s for and how much you need, and you’ll receive a tailored list of deals for you to search through.
You’ll be able to compare loans by their interest rates, their overall cost, and how likely your application is to be successful. Once you’ve found the loan you want, just click through to the provider to finalise your application.