Barclays personal loans: 2024 Review
Barclays offers invitation-only personal loans. The information on its website is sparse but advertises no-fee, fixed rate loans where you choose your payment date.
While the lender used to offer loans to all applicants, you must receive an invitation to apply. However, Barclays doesn’t specify how to receive an invite.
If you have an existing relationship with the bank or are a member, you have the option to call customer service and ask.
Alternatives to Barclays loans
Although Barclays no longer offers personal loans to many borrowers, other lenders may be a good fit.
| Lender | APR range | Loan amounts |
|---|---|---|
| LightStream | 6.94%-25.29%* (with AutoPay) | $5,000–$100,000 |
| Upgrade | 9.99%-35.99% (with autopay) | $1,000–$50,000 |
| TD Bank | 8.99%-23.99% | $2,000-$50,000 |
LightStream
-
LightStream is an ideal option if you have a solid credit score and are seeking a personal loan with a competitive rate. This lender will beat your rate by 0.1 percentage points if you find a better one on a comparable loan product elsewhere.
If approved for a loan, you could receive funding as soon as the same business day. Loan amounts range from $5,000 to $100,000 with 24- to 84-month repayment periods, and you won’t pay origination fees, late fees or early repayment fees. Be mindful that you must use the loan proceeds for the purpose selected in the application.
Pros
- No fees.
- High maximum loan amount.
- Rate beat program.
Cons
- High starting loan amount.
- Very good credit required.
- No tailored prequalification process.
Upgrade
-
Upgrade features personal loans with amounts between $1,000 and $50,000 with 24- to 84-month repayment periods. And it has a low minimum credit score of just 600. Plus, you’ll be able to choose a payment date that best suits your monthly budget. Although your borrowing costs may be higher if your credit score is on the lower end, the starting APR is 8.49 percent, making the personal loan from
Upgrade a viable option if you have a good or excellent credit score.
An origination fee of 1.85 to 9.99 percent applies to all personal loans. That said, this fee may not significantly increase your borrowing costs if you choose to take out a small loan.
Pros
- Fair credit accepted.
- Choose your due date.
- Low minimum loan amount.
Cons
- Origination fee.
- High maximum APR.
TD Bank
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TD Bank is another lender with one of the more competitive starting interest rates in the personal loan market. You can access from $2,000 and $50,000, and the starting APR is just 8.99 percent. TD Bank caps the interest rate on its Fit Loan product at 23.99 percent, and you’ll get between 36 and 60 months to repay what you borrow.
Like Barclays loans, you’ll also steer clear of fees when you take out a loan with TD Bank, and funds are typically available as soon as one business day. Plus, you can check your rate without impacting your credit score, and you don’t need perfect credit to qualify for funding.
Pros
- Low starting APR.
- Fast funding.
- Prequalification available.
Cons
- Fewer terms offered.
- Strong credit score required.
- Limited availability.
How to receive an invite from Barclays
Barclays does not provide information on how to request an invitation to apply for a personal loan. However, it encourages consumers to check the website regularly for an announcement regarding the availability of personal loan applications to the general public.
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