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Barclays Personal Loan
Regular Annual Percentage Rate (APR)
4.99% - 20.99% APR
Loan Amount Range
$5,000 to $35,000
Minimum Credit Score
3.75 out of 5 Stars
Pros & Cons
Low minimum rates
High minimum loan amount
Low maximum loan amount
Can't apply for a loan unless you're invited
Qualification requirements undisclosed
- You'll receive your money within a few business days
- Repayment periods range from 36 to 60 months
- Rate discounts disclosed during the application process
Who is Barclays 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.
Compare Personal Loan Rates
Barclays Personal Loan Details
Barclays has an APR range of 4.99% - 20.99% APR, and a loan amount range of $5,000 to $35,000. The lender doesn't punlicly 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.
Barclays Personal Loan Pros and Cons
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 Competitors
How Barclays compares
Barclays Personal Loan
LightStream Personal Loan
SoFi Personal Loan
Regular Annual Percentage Rate (APR)
4.99% - 20.99% APR
Regular Annual Percentage Rate (APR)
7.49% to 24.49% (with AutoPay discount, rates vary by loan purpose)
Regular Annual Percentage Rate (APR)
8.99% to 23.43% (with all discounts)
Fixed rates from 8.99% APR to 23.43% APR reflect the 0.25% autopay interest rate discount and a 0.25% direct deposit interest rate discount. SoFi rate ranges are current as of 03/06/23 and are subject to change without notice. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of other factors. Loan amounts range from $5,000– $100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0%-6%, which will be deducted from any loan proceeds you receive. Autopay: The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Autopay is not required to receive a loan from SoFi. Direct Deposit Discount: To be eligible to potentially receive an additional (0.25%) interest rate reduction for setting up direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A. or eligible cash management account offered by SoFi Securities, LLC (“Direct Deposit Account”), you must have an open Direct Deposit Account within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled payroll direct deposits of at least $1,000/month to a Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion. This discount will be lost during periods in which SoFi determines you have turned off direct deposits to your Direct Deposit Account. You are not required to enroll in direct deposits to receive a Loan.
Barclays vs. SoFi
SoFi Personal Loan 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 vs. LightStream
Both LightStream Personal Loan 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. neother of the companies charge any fees.
Barclays Personal Loans Frequently Asked Questions
How much is the APR on a Barclays personal loan?
The APR on a Barclays personal loan ranges from 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.
Is Barclays 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.
Methodology: 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 fullratings methodology for personal loansfor more details.
Ryan Wangman is a reporter at Personal Finance Insider reporting on personal loans, student loans, student loan refinancing, debt consolidation, auto loans, RV loans, and boat loans. He is also a Certified Educator in Personal Finance (CEPF). In his past experience writing about personal finance, he has written about credit scores, financial literacy, and homeownership. He graduated from Northwestern University and has previously written for The Boston Globe. Learn more about how Personal Finance Insider chooses, rates, and covers financial products and services here >>
Credit score: Barclays does not explicitly state requirements for their personal loans. However, third-party sources put the Barclays personal loan credit score requirement at around 700. That's high, considering most other lenders' minimum credit score requirements are in the 600-680 range.Is Barclays hard to get? ›
Your Barclaycard approval odds largely depend on your credit score, income, and debt. All Barclays credit cards require a minimum credit score of either 700 or 750 for approval. This means you need either good or excellent credit to get approved for a Barclaycard.Why do I get rejected for a personal loan? ›
The most common reasons for rejection include a low credit score or bad credit history, a high debt-to-income ratio, unstable employment history, too low of income for the desired loan amount, or missing important information or paperwork within your application.What credit score is good enough for a personal loan? ›
Generally, borrowers need a credit score of at least 610 to 640 to even qualify for a personal loan. To qualify for a lender's lowest interest rate, borrowers typically need a score of at least 690.Can you get a bank loan with a 580 credit score? ›
With a 580 credit score, you may qualify for several types of loans. Some lenders may offer auto loans or personal loans to borrowers with a 580 credit score. You may even qualify for an FHA home loan with a 580 credit score. The type of loan that is best may vary depending on what you need funds for.Can you get a loan with 580 credit score? ›
With your 580 credit score, lenders will generally consider you to be a higher-risk borrower. This means to get loan approval, you're likely to need strong qualifications when it comes to income, employment, and other debts.Is Barclays easy to get approved? ›
Your Barclaycard approval odds largely depend on your credit score, income, and debt. All Barclays credit cards require a minimum credit score of either 700 or 750 for approval. This means you need either good or excellent credit to get approved for a Barclaycard.Does Barclaycard give instant approval? ›
If I apply for a Barclaycard online, when will I hear whether I have been successful? For most applications we are able to confirm whether you have been successful almost instantly.Does Barclays do soft or hard pull? ›
Barclays does a soft credit pull when you check rates. It only does a hard credit pull when you apply for a loan. 13 That means you can see your APR without taking a hit to your credit score. You can check your rate, lock in your APR, and choose your repayment term before applying.How can I avoid rejection of personal loan application? ›
- Maintain a low FOIR. While accepting loan applications, lenders assess various criteria. ...
- Maintain a High Credit Score. ...
- Keep an eye on your credit utilisation. ...
- Pay off your credit card dues on time. ...
- Show all your income sources.
Debt consolidation is one of the most common reasons for taking out a personal loan.
Some common reasons for having a loan denied include a low credit score, a high debt-to-income (DTI) ratio or insufficient income. So if you need a loan but keep getting declined, read on for a look at seven possible reasons you could be rejected for a loan, followed by six tips on what to do about it.Can I get a bank loan with a 550 credit score? ›
Though it may be more challenging to find a lender that's willing to work with you, it is indeed possible to obtain a loan with a credit score of 550. Most lenders require a minimum credit score of between 600 and 650, but some lenders specialize in personal loans for those with lower scores.Can I get a 20k loan with a 700 credit score? ›
You will likely need a credit score of 660 or higher for a $20,000 personal loan. Most lenders that offer personal loans of $20,000 or more require fair credit or better for approval, along with enough income to afford the monthly payments.Can I get a loan with a 584 credit score? ›
With your 584 credit score, lenders will generally consider you to be a higher-risk borrower. This means to get loan approval, you're likely to need strong qualifications when it comes to income, employment, and other debts.What is the easiest loan to get? ›
- Payday Loan. ...
- No Credit Check Loans. ...
- Unsecured Personal Loans. ...
- Secured Personal Loan. ...
- Loan From a Friend or Family Member. ...
- Emergency Loans. ...
- Hardship Loans from Local Government. ...
- Hardship Distribution from Your 401(k)
You can borrow anywhere from a few thousand dollars up to about $50,000 with a 600 credit score. The exact amount of money you will get depends on other factors besides your credit score, such as your income, your employment status, the type of loan you get, and even the lender.Can I get a loan with 525 credit score? ›
Credit Rating: 525 is considered a bad credit score. Borrowing Options: Most borrowing options are available, but the terms are unlikely to be attractive. For example, you could borrow a small amount with certain unsecured credit cards or a personal loan with no credit check, but the interest rate is likely to be high.What size loan can I get approved for with a 580 credit score? ›
You can borrow anywhere from a few thousand dollars to $100,000+ with a 580 credit score. The exact amount of money you will get depends on other factors besides your credit score, such as your income, your employment status, the type of loan you get, and even the lender.Can I get a 20k loan with 750 credit score? ›
You should have a 640 or higher credit score in order to qualify for a $20,000 personal loan. If you have bad or fair credit you may not qualify for the lowest rates. However, in order to rebuild your credit you may have to pay higher interest rates and make on-time payments.
A 530 credit score is considered “very poor” by most lenders. This means that if you're looking for a personal loan, you may have difficulty qualifying. Ultimately the amount you can borrow will depend on several factors, including what you can afford to repay.What is offer approved status in Barclays? ›
It means you were successful and can expect a formal contact soon.How long is Barclays application process? ›
Applying for a Barclays Bank Account on the app should take around 10 to 15 minutes to complete.Does Barclays have a 5 24 rule? ›
Barclays sometimes applies a 6/24 rule, whereby the issuer won't approve you for a card if you've opened six or more new cards in the past 24 months (this is similar to Chase's 5/24 rule)
The credit-reference agencies we use are Experian, Equifax and Callcredit. If you're an existing customer, we may also look at the way you've managed your account or previous borrowing with us.How do I know if my Barclaycard is approved? ›
You can check your Barclaycard application status on the Barclays application status webpage. Just enter your last name, the last 4 digits of your Social Security Number, your zip code, and your email address. It can take Barclays can 7-14 days to approve or deny credit card applications.Is Barclaycard owned by Chase? ›
No, Barclaycard is not owned by Chase, nor is it affiliated with any Chase product. Barclaycard is the U.S. credit card division of the UK-based bank Barclays; both Barclays and Chase are independent, publicly traded companies.Why is Barclays better than other banks? ›
No monthly fees or minimum opening deposit requirements – Barclays does not require a minimum deposit when opening a new savings account or CD. There are no monthly service charges either, so you don't have to meet a minimum balance requirement.Is Barclays a good bank to use? ›
At a glance
Barclays is best for those seeking high-yielding savings or CD rates. Consumers who need regular banking services — or even quick access to deposit funds — should look elsewhere.
Barclays. Inquire Sensitive – Barclays Bank is more sensitive to credit inquiries than some of the other lenders. If you are considering opening a Barclays Credit Card, it's usually best to not have many recent cards opened on your credit report.
Applying for a loan will impact your credit rating. This is because the application involves a hard credit search. However, the search won't say if you were accepted or refused, so a loan rejection won't damage your credit score any more than an approval.What are the three most common mistakes people make when using a personal loan? ›
- Not checking your credit first.
- Not getting prequalified.
- Not shopping around for loan.
- Taking out a larger loan than you need.
- Miscalculating fees and other charges.
- Falling behind on payments.
Yes, a loan can be denied after approval, but it rarely happens. It's more common for a loan to be denied after preapproval, which is a preliminary process that you can use to estimate how much you can borrow and what rates you may qualify for.Who is more likely to approve a personal loan? ›
In general, people who have a FICO® Score 8 or FICO® Score 9 of at least 670 or a VantageScore 3.0 or VantageScore 4.0 of at least 661 are considered to have good credit or excellent credit, which means they may find it easier to qualify for a personal loan.How can I increase my chances of getting a personal loan? ›
- Find a lender that meets your financial needs. There are personal loan lenders that cater to a variety of circumstances and financial needs. ...
- Increase your credit score. ...
- Don't apply for more than you need. ...
- Apply with a co-applicant.
Most personal loan lenders review your credit score, credit history, income and DTI ratio to determine your eligibility. While the minimum requirements for each of these factors vary for each lender, our recommendations include: Minimum credit score of 670.Is it pretty easy to get a personal loan? ›
Getting a personal loan can be a relatively simple process, but to qualify, lenders usually require information about your credit history, income, employment status and current debt obligations. Your income needs to be high enough to cover the loan repayment amount and your other monthly expenses.What do you say when asking for a loan? ›
- How you plan to use the money.
- The amount of money you are requesting.
- Your desired loan terms.
- How you plan to pay back your loan.
- And collateral to be used.
Personal loans may come with fees and penalties that can drive up the cost of borrowing. Some loans come with origination fees of 1 percent to 6 percent of the loan amount. The fees, which cover loan processing, can either be rolled into the loan or subtracted from the amount disbursed to the borrower.Can I get a 50K loan with a 650 credit score? ›
For a loan of 50K, lenders usually want the borrower to have a minimum credit score of 650 but will sometimes consider a credit score of 600 or a bit lower. For a loan of 50K or more, a poor credit score is anything below 600 and you might find it difficult to get an unsecured personal loan.
You generally need a credit score of 670 or higher, although 775 and up is better for a $500K loan. To compare top options for good credit borrowers, check out our guide. A personal guarantee.Can I get $50,000 loan with 700 credit score? ›
You will likely need a minimum credit score of 660 for a $50,000 personal loan. Most lenders that offer personal loans of $50,000 or more require fair credit or better for approval, along with enough income to afford the monthly payments.Can I get a 25k personal loan with a 700 credit score? ›
If you have a 700 credit score, you should be able to qualify for a personal loan. In fact, most lenders should be able to help. A 700 credit score usually represents a borrower that has on time payments.What FICO score is used for personal loans? ›
You can use a number of services to check your Equifax and TransUnion scores, which use the VantageScore model, or use Experian to check your score based on the FICO® 8 model. Note, the FICO 8 model gets used in about 90% of lending decisions in the U.S.How big of a loan can I get with a 720 credit score? ›
You can borrow $50,000 - $100,000+ with a 720 credit score. The exact amount of money you will get depends on other factors besides your credit score, such as your income, your employment status, the type of loan you get, and even the lender.What kind of loan can I get with a 571 credit score? ›
|Type of Credit||Do You Qualify?|
|Secured Credit Card||YES|
|Unsecured Credit Card||YES|
|Home Loan||YES (FHA Loan)|
|Type of Credit||Do You Qualify?|
|Secured Credit Card||YES|
|Home Loan||YES (FHA Loan)|
|Unsecured Credit Card||MAYBE|
You'll typically need a score of at least 550 to 580 to qualify for a personal loan. You can find personal loans for bad credit, but: You'll likely pay a higher interest rate than other borrowers. You probably won't qualify for larger loan amounts.What is the minimum credit score for a loan? ›
Minimum CIBIL score for a personal loan
Typically, the higher your CIBIL score, the better. However, the minimum CIBIL score for quick unsecured personal loan approval is 750. It indicates that you have experience managing credit responsibly and will make payments on time.
The easiest Barclays credit card to get is likely to be a co-branded card such as the Wyndham Credit Card or the Lufthansa Credit Card. All Barclays credit cards require at least good credit for approval, though co-branded cards tend to be a bit easier to get than other credit cards for people with good credit.
|Effective Date||Barclays Base Rate|
The minimum credit score needed for most mortgages is typically around 620. However, government-backed mortgages like Federal Housing Administration (FHA) loans typically have lower credit requirements than conventional fixed-rate loans and adjustable rate mortgages (ARMs).Can you get a personal loan with a credit score of 570? ›
A 570 credit score is considered fair. This means that you may still be able to get a loan, but you will likely be charged higher interest rates. The amount you can borrow will vary widely depending on the type of loan and the terms.Can I get a loan with 565 credit score? ›
It is 135 points away from being a “good” credit score, which many people use as a benchmark, and 75 points from being “fair.” A 565 credit score won't knock any lenders' socks off, but it shouldn't completely prevent you from being approved for a credit card or loan, either.Is it hard to get approved for a Barclaycard? ›
Yes, it is hard to get a Barclays credit card because all Barclays credit cards require at least good credit for approval. Unless your credit score is 700 or higher and you have a lot of income, it will be difficult for you to get approved for a Barclays credit card.How often does Barclays increase credit limit? ›
We can only increase your credit limit if it's been at least four months since your last credit limit increase or at least six months since a credit limit decrease.What is Barclays credit rating 2023? ›
|Standard & Poor's||Moody's||Fitch|
|2023: A+||2018: A1||2018: A+|
On 10 March 2023, we affirmed Barclays Bank's A1 senior unsecured debt rating and changed the outlook to stable from negative. The outlooks on Barclays Bank's long-term deposit and senior unsecured debt ratings are stable.Which credit agency does Barclays use? ›
The credit-reference agencies we use are Experian, Equifax and Callcredit. If you're an existing customer, we may also look at the way you've managed your account or previous borrowing with us. If the overall credit score is high enough, we could give you the credit you've asked for.How to increase credit score by 100 points in 30 days? ›
- Make sure your credit report is accurate.
- Sign up for Credit Karma.
- Pay bills on time.
- Use credit cards responsibly.
- Pay down a credit card or loan.
- Increase your credit limit on current cards.
- Make payments two times a month.
- Consolidate your debt.
- Maintain a consistent payment history. ...
- Monitor your credit score regularly. ...
- Keep old accounts open and use them sporadically. ...
- Report your on-time rent and utility payments. ...
- Increase your credit limit when possible. ...
- Avoid maxing out your credit cards. ...
- Balance your credit utilization.
A 610 FICO score is considered “fair”, which means you may have some difficulty qualifying for a personal loan with favorable terms. That being said, it's still possible to get a personal loan with a 610 credit score.