Studying? Need a loan? Check out all there is to know about Barclays loans
As a student or recent graduate, taking out a Barclays loan has never been easier. But before you race ahead, take a look at the research we have done! You will find that it could save you a bit of time and energy!
Let us kick off with Barclays loans for current students. What Barclays offers is a Student Additions Account, which comes with no fees or charges. Opening one is absolutely free of charge. Ok, so it is not exactly a loan, but what you get is an overdraft of up to £2,000, completely interest-free. So, it is kind of like a loan in itself! They also give you the option to extend this limit to up to £3,000 but you will be paying around 8.9% interest. Other features include the possibility to apply for a personal reserve limit, which is a service that allows you to receive an extra amount (agreed on with Barclays) you can access if you find yourself exceeding your agreed overdraft limit.
If you have just graduated and have found yourself a bit short of cash you are eligible for a proper loan from Barclays. Known as a Graduate Loan, you are entitled to borrow between £500 and £10,000 in multiples of £100. With this loan comes a flexible repayment term of between six months and 60 months for loans up to £4,900 and for loans between £5,000 and £10,000 you have up to 84 months to pay it back. You can also opt for a fixed interest rate, so that you can budget your money more easily.
How can you apply for these Barclays loans and accounts I hear you ask? For a graduate loan, the only way is by visiting your Barclays branch in person. For the student account, you can organise it via the branch, or you can give Barclays a telephone call. If you are a new customer to Barclays, you need to visit their website, print out their online form, fill it in and bring it into your closest branch.