You may know Barclays mostly for its credit cards and banking products, but in 2016 it introduced a very competitive unsecured personal loan product geared towards American borrowers. If you have good to excellent credit and want a fee-free digital personal loan with low rates, you might want to consider applying for a Barclays personal loan.

Is a Barclays personal loan right for you?

Loans from Barclays can be used for a range of purposes, including debt consolidation, vacations, home improvements and major purchases. Because Barclays is more than just a lender, this loan can be a good option for anyone who wants to keep several of their financial accounts in one spot.

Here’s the profile of someone who is a good fit for a Barclays personal loan:

  • Anyone with good to excellent credit. Barclays doesn’t specify a minimum credit score, but its rates are based on creditworthiness. If your credit is poor to average, you could end up with a rate of 20.99 percent APR, which is far more than the 5.74 percent APR it offers to borrowers with stellar credit.
  • Someone who doesn’t need same-day or next-day funding. Barclays states that once your loan is approved, they’ll distribute funds within a few business days.
  • Those interested in a fee-free loan. Barclays claims not to charge fees of any kind. That means no origination fees, prepayment penalties or late fees.
  • Borrowers who want an all-digital experience. Barclays offers a completely online banking experience. Its customer service department is available by phone but only handles credit card inquiries.
  • People who want flexible payment terms. The bank offers the ability to choose your payment due date and pay off your loan early.

Get pre-qualified

Answer a few questions to see which personal loans you pre-qualify for. The process is quick and easy, and it will not impact your credit score.

Lending terms

Barclays offers personal loans from $5,000 to $35,000. Fixed-rate loan rates range from 5.74 percent APR up to 20.99 percent APR, depending on creditworthiness. It provides 36-, 48- or 60-month repayment term options. Funds are deposited within a few days after you’re approved for a loan.

Unsecured loans are offered to borrowers with a “proven ability to manage credit.” Barclays doesn’t provide a minimum credit score to qualify, but those with below average credit could end up with a rate as high as 20.99 percent. If your credit could use some work, you might want to shop at another lender.

How Barclays compares

Barclays Marcus
Loan amounts $5,000 – $35,000 $3,500 – $40,000
APR range 5.74% to 20.99% 5.99% to 28.99%
Origination fee None None
Minimum credit score Not specified 660 FICO Score
Time to funding A few business days About 2 business days
Soft credit check with application? Yes Yes

Fees and penalties

Barclays is a completely fee-free lender. There are no origination fees, late payment fees or prepayment penalties. That means you can pay your loan off early. And if you pay your loan late, your loan balance will continue to accrue, but you won’t get hit with a penalty.

Online lenders, in general, tend to bypass fees when it comes to personal loans. Marcus by Goldman Sachs, LightStream and SoFi all offer fee-free loan products.

How to apply

Barclays’ personal loan application is completely online. You can get started by visiting the personal loan section of the bank’s website and clicking “Check Your Rate.”

In order to apply, you’ll need to provide your loan purpose, desired loan amount, name, address, employment information and other contact and personal information.

After you fill out the application, Barclays will request documents with a message sent through its application center. Documents can be uploaded in the application center as well.

Keep in mind that it’s important to shop around before settling on a lender. While Barclays offers low rates and no fees, it’s possible that you’ll find a better deal at another lender. Compare personal loan rates based on your specific needs and credentials as a borrower, including your credit score, location, income, loan purpose and desired loan amount.

What to do if you’re turned down

If rejected for a loan from Barclays, send a message through the bank’s application center. It’s possible a processing error was made, or it could be that you were turned down due to a blemish on your credit report.

Either way, it’s important to keep in mind that lenders are contending for your business. You may be rejected at one lender and accepted at another.

Marcus by Goldman Sachs, for example, is an alternative to Barclays that offers slightly higher loan amount limits, great rates and accepts a FICO score as low as 660.

Online lenders like Lightstream, the online lending division of SunTrust Bank, offer fast funding and low rates for those with excellent credit.

And lenders such as Upgrade and Upstart offer low rates and funding to those interested in establishing or building credit.

Get pre-qualified

Answer a few questions to see which personal loans you pre-qualify for. The process is quick and easy, and it will not impact your credit score.

A brief history of Barclays

Barclays has roots dating back as far as 1690, when it was founded in London. Fast forward more than 300 years to 1966, and Barclays started offering Barclaycard, the very first credit card in the UK. In 2012 it opened up a new online bank with CD and savings products. The bank’s personal loan product for U.S. citizens launched in 2016.

Today Barclays delivers a completely online experience. In addition to its personal loan, it offers a noteworthy travel credit card and competitive rates on its savings and CD products.

How Bankrate Rates Barclays

Overall Score 3.5
Availability 3.0
Affordability 4.5
Customer Experience 3.3

Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.