Barclays Bank Loans
Will lend between: £1,000 - £50,000
Over: 24 - 60 Months
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Barclays Bank Loans customer reviews.
1.6 out of 5 stars
I already had a loan with Barclays for 2K over 60 months and was offered an extension up to £18,100, even though I am a pensioner over 70. I took the opportunity to clear all my credit card debts which had grown whilst renovating a property overseas. I applied online for an unsecured loan and found that the rate escalated after 15K borrowing. However, the rate of 14.4% for 18K+ seems quite high but, at my age, I have little choice when borrowing. Anyway, the loan is much cheaper than the credit cards (23%) and I will pay off it off in full in the next five years but with a similar monthly repayment. In addition the repayment is fixed, unlike with the cards who change their rates when they felt like it and their terms and conditions. Fine for me, and I now have two empty credit cards. The online application was simple and fast, Seconds after I clicked the sign window 18K appeared in my Barclays Savings account. When I got over the shock of the transfer speed I paid off my cards within ten minutes, before I was tempted to go out and buy a boat.......hahaha.
We took out a small personal loan which was paid off monthly over a set amount of time. Easy to set up, no issues along the way and a letter confirming the payment period had finished when we’d paid it all!
As an established Barclaycard customer, I was regularly receiving invitations from Barclays for an instant loan - no questions asked. As I had quite a few debts here and there with other credit card and store card companies, I decided that taking out a loan would be a good idea - that way I could pay off my debts in a fixed repayment every month. I took a loan out for £4,000 which was enough to pay off my other store cards with a little to spare. I took out the loan for a five year period at £128 per month which meant a total of £7,680 was due to be repaid - not quite sure how that figure came from but it seemed awfully high at the time!!Anyway, 18 months into the loan, I had accumulated the cash to pay the loan off once and for all. I telephoned BarclayLoan and requested a settlement figure as they were unable to give it to me over the phone. The settlement figure, after 18 months of monthly payments of £128 - was more than £4,000!!!I also had a £8,500 car loan out at the time which I had been repaying for 8 months which I also requested a settlement figure for - that was around £7,600 - so how the hell did BarclayLoan come up with their extortionate figure worth more than the actual loaned amount after 18 months of repayments???My advice to anyone needing a loan - don't go for this one!!!
Barclays personal loan surely looks like the narcissistic money lenders out there in the market which will send you pre-qualified offers just because you have a strong credit history and then when you finally want to apply because of some emergency, they will take you for a whirlwind tour asking for stupid documents which are not even asked by any other lenders in the market. In the end, they will just decline saying that all the list of documents you have submitted have not met their criterion. Utter humiliation by this bozo lender. It's the worst in the market. Stay Away!!!!
This is a caution note for anyone who would be tempted to get a personal loan in Barclays. A year ago I got a loan in this bank, and regularly paid it back until last month, when, by mistake, I transferred my monthly repayment to the wrong account (saving account, instead of current account), and noticed it 3 weeks after the date of monthly payment and immediately transferred the funds into current account. Three weeks after this event I began to receive lots of telephone calls from companies offering me debt management (!), quick loans (!) and the like. The worst thing is that those people called not only on my mobile phone (sometimes during important meetings, or early in the morning on my way to the office) but also called my office number! I was stalked by telephone calls for two weeks. It happed once or twice that the secretary in my department answered these calls and I had to explain to everyone at work that I am not in deep financial troubles, bankrupt, or anything like that. To make it absolutely clear, I NEVER gave my personal details nor contact numbers to any company of that sort. These details, along with the information that I missed one payment, were available in the banking system of Barclays bank. And I am asking myself: how come my personal data got out of this system? So, do yourself a favor, avoid Barclays!
I received a letter stating that I could consolidate my credit card debt at a rate of as low as 4.9 percent, and that I had been pre-approved. When I went to the site and got an estimate on a 48 month loan, the interest rate was 12.9 percent. On a 60 month loan, the interest rate as 9.9 percent. The interest rate listed on the letter was obviously only a ploy to get people to go their site.
David D Irby
As an established Barclaycard customer, I was regularly receiving invitations from Barclays for an instant loan - no questions asked. As I had quite a few debts here and there with other credit card and store card companies, I decided that taking out a loan would be a good idea - that way I could pay off my debts in a fixed repayment every month. I took a loan out for £4,000 which was enough to pay off my other store cards with a little to spare. I took out the loan for a five year period at £128 per month which meant a total of £7,680 was due to be repaid - not quite sure how that figure came from but it seemed awfully high at the time!! Anyway, 18 months into the loan, I had accumulated the cash to pay the loan off once and for all. I telephoned BarclayLoan and requested a settlement figure as they were unable to give it to me over the phone. The settlement figure, after 18 months of monthly payments of £128 - was more than £4,000!!! I also had a £8,500 car loan out at the time which I had been repaying for 8 months which I also requested a settlement figure for - that was around £7,600 - so how the hell did BarclayLoan come up with their extortionate figure worth more than the actual loaned amount after 18 months of repayments??? My advice to anyone needing a loan - don't go for this one!!!
I have a personal account with Barclays, I've never had any issues with them. Last year I applied for a loan, and they were fantastic, all the fees and interest was laid out for me and their repayment fee per month is doable.
The package is bog standard, but there is a total lack of transparency as far as how things are calculated. There is a lack of information for the customer (once they have the account) and to customer service staff who would sort these things out. I'm sure that if there hadn't been the mistake we wouldn't have noticed these other things (I wouldn't have checked out the loan rates for HSBC), but the way they have dragged their heels to sort things out and recredit the account is appalling. I would say to people to keep every scrap of paper, and get regular updates on the balance and challenge anything that looks vaguely suspect.
I have been banking with them for 6 years and turned up asking for a Personal Loan with an Experian Credit Score close to maximum and an impeccable loan history; the best they could offer was about 22%, whilst the competition issued a higher size loan for 3%.
Our review of Barclays Bank Loans
Considered as one of the big banks, Barclays are very well-known within the personal finance sector and have a wealth of experience. Customers can request between £1,000 and £50,000 with varying interest rates applied depending on the amount you wish to borrow and the length of the loan.
One thing to note about Barclays is that they seem to take a proactive stance in getting customers to take out personal loans with them. They mention on their site that some existing customers may have provisional loan offers already and then encourage them to log into their online banking to check. So if you’re investigating because you’ve seen that message, consider whether you actually need a loan.
As one of the established names in banking you'd expect Barclays to have solid reviews from their customers. However, reviews from across the web would suggest there are a few disappointed customers out there. Lack of information, unexpected interest rates and untrained staff seem to be the main gripes. Taking this into account, before entering a loan agreement with Barclays just make sure you understand all the details thoroughly to avoid any confusion down the line.
Overall verdict: Mixed feelings about Barclays as from reviews it seems like they're not delivering the best levels of customer service, however, as one of the biggest names in personal finance they are open to receiving a number of poor reviews. Barclays offer all the features you expect from a bank and their price guarantee offer is a nice touch (if you’re eligible for it).
- They offer a price guarantee for like-for-like loans (Ts&Cs apply)
- As their customer you can have a pre-selected loan limit, without affecting your credit rating
- Instant money when you apply online
- Online quote doesn’t leave a footprint on your credit history
- You’ll need to have a Barclays current or saving account, mortgage or Barclaycard to apply online
- Barclays current account holder for over seven months
- UK resident
- Over 18 years old
- Maximum APR 22.9%
- Arrangement fee: £0
- Early repayment fee: £0
- Late payment fee: £0
About Barclays Bank Loans
Barclays offer personal unsecured loans from £1,000 to £50,000 with a range of APRs depending on the amount borrowed and as with most loan providers, customers may receive a different rate from that advertised depending on their personal circumstances. To apply for a Barclays loan you will need to be an existing customer and hold a Barclays current or savings account, mortgage or a credit card from Barclaycard.
Customers also have the option of topping up their Barclays loan or even taking out a second loan if needed. It’s also possible to repay the loan early, but this will incur a fee of 30 days’ interest on the amount you repay, as well as the initial interest that’s required.
Registration number: 01026167
1 Churchill Place, London E14 5HP
Reference No: 122702
Trading names: Barclaycard, Woolwich, Standard Life
Place of business: 1 Churchill Place, London E14 5HP
Data protection registration
Registration No: Z5813704
Data controller: BARCLAYS BANK PLC
Address: 1 Churchill Place, London E14 5HPApply Now