Barclays personal loans review: Excellent minimum rates, but you can only apply by invitation

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Barclays personal loans

Pros and cons of Barclays personal loans

Who is Barclays best for?

Barclays is best for borrowers who are exclusively invited to apply to a loan by the lender. You can't apply to get one if you aren't invited to do so. Other borrowers must choose a different lender. 

If you are invited to apply, you may want to use the lender if you have an excellent credit score and can qualify for the lowest rate, as the best rate available is better than many other personal loan companies. 

How Barclays personal loans compare

SoFi and LightStream both cater to borrowers with good or better credit. Barclays doesn't disclose a minimum credit requirement, but only borrowers with the best credit scores will qualify for its lowest rates. 

All three lenders have minimum loan amounts of $5,000. SoFi and Lightstream offer loans of as much as $100,000, while Barclays only allows you to borrow up to $35,000. None of the companies charge any fees.

Frequently asked questions

Is Barclays trustworthy?

Barclays has an A+ rating from the Better Business Bureau, a nonprofit organization focused on consumer protection and trust. The BBB evaluates companies based on their responses to customer complaints, honesty in advertising, and openness about business practices.

Barclays hasn't been involved in any recent scandals. Between its clean history and excellent BBB rating, you might consider borrowing from the lender. However, you may want to reach out to people who have used the company before you do so to get first-hand knowledge of how it treats customers. 

How much is the APR on a Barclays personal loan?

The APR on a Barclays personal loan ranges from 4.99% to 20.99% APR, depending on your credit score and other financial factors. 

Does Barclays do a credit check?

Yes, Barclays does perform a soft credit inquiry when you apply for a loan. This lets the lender get a complete view of your credit history without impacting your credit score. After you accept your loan's terms, the company will perform a hard credit pull, which may have a negative impact your score.