Barclays Finance Personal Loan

Barclays Finance Personal Loan Overview

Barclay's is well known and long established bank that have been offering finance, personal loans, credit cards and insurance products to both individuals and businesses. It is one of the oldest's banks in the world having been established in 1690 and is one of the 10th largest of all banks.

Barclays Price Guarantee

As the personal loan market is very competitive and one of the unique services that Barclays offer to attract new customers is their price guarantee. The guarantee offered by Barclays states that if you find a cheaper finance personal loan they will match the monthly repayments and give you back £50.00.

Rate of Interest On Barclays Bank Personal Loans

Barclays offer a variety of interest rates on their personal loans. However, when it comes to deciding the actual APR the following factors will influence the rate that you are charged:

• your personal situation
• the loan amount, and the
• repayment terms

The rate that is advertised is may not be the same as the rate you get when you qualify for the loan. When you do qualify the APR will be fixed for the full term of the loan. As with most personal loans the interest is calculated each day based on the outstanding amount and will be debited from your bank account each month. As the interest rates are fixed for the duration of the loan amount the monthly payments will be the same each month which makes it easy to budget.

How Much You Can Borrow 

Currently Barclays are offering loan amounts between £5000 and £25000. The repayment period is between 2 to 5 years. It is important to remember that if you repay a loan back over a longer period the monthly repayments will be lower however, your overall cost of borrowing will be higher due to the interest rate.

You can if you want decide to pay the loan back in full before the agreed term however, this will be subject to an early repayment fee which is commonly charged  by banks to recoup some of the cash lost by you paying early.

Barclays will charge you an early resettlement fee which will amount to the equivalent of 30 days interest on the outstanding loan balance.

The Application Process

Once you have met the qualifying criteria the application process  is simple and quick. For example, if you have signed up for Barclays online banking you can have access to your loan amount within as little as three hours of making your application.

If you are not comfortable with applying online then you have the alternative of either visiting your local branch or give then a call on 0800 092 3676. As part of their customer care Barclays bank personal banking department may monitor or record the call.

Barclays eligibility criteria from their website is as follows:

• Held a Barclays current account with us for over 12 months
• Paid at least £1,000 into your account each month
• Managed your account well and have a good credit history – for example, you have not defaulted on previous lending commitments

Other Loans On Offer

Barclays investments and loans offer a wide range of financial products with flexible repayment terms and conditions. For example, they also offer the following:

• Student graduate loans
• Professional and career loans
• Homeowner loan

A Word Of Caution

It is important that before you commit to a personal installment loan you are confident that you have the ability to pay back the principal outstanding and the interest payments on top. Therefore, you should be realistic about what you can afford and the amount and payment terms you agree to.

It is also a good idea to check your credit score before you apply for a loan as your credit rating can also affect the rate of interest you could be charged.

For further information on their loan products and savings accounts you can visit the Barclays Finance personal loan website.

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