Barclays loan rates outlined from Barclayloan

If you’re a Barclays Bank customer who’s in need of some funds, you’ll probably make your bank one of your first ports of call. In today’s marketplace though, you might find a loan from a supermarket or from another financial institution offers you better rates, so you should check out Barclays loan rates before committing to a loan through them.
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Barclays personal loans can be applied for online through Barclayloan. You’ll need to join them before you can apply, but you’ll only be eligible if you’re over 18 years old, are a UK resident and have a Barclays current account.

Purpose of the loan

This type of loan can be used for anything from buying a car to home improvements, but it can’t be taken out to help your company’s cashflow or for any investment purposes such as stocks and shares. Although home improvements are fine, you can’t use the loan for a deposit on a home or to cover part of the purchase price of the property. If you’re in arrears with creditors and have CCJs or if you have gambling debts that need paying off, you can’t use a Barclayloan for that either.

Loan repayment calculator

On barclays.co.uk you’ll find a handy tool that shows you how much you can borrow and how much the repayments will be. It’s similar to the sort of thing that payday lenders have on their websites, although Barclays loan rates are far lower. Typical loans rates are anywhere between 4.3% APR and 6.9% APR depending on the repayment period and the amount you wish to borrow.

Final word

You can get an obligation free personal quote without affecting your credit score but if you apply for a loan, a mark is made on your credit score if you’re turned down. As the loan’s from a lender you have a bank account with, you’ll get the money immediately when the loan is agreed. It’s also price-matched, so if you find a like-for-like loan elsewhere with lower monthly repayments, they’ll match it and give you £50 for your trouble.

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