Barclays offers personal loans by invitation only. The information on the website is sparse, but it 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 does not specify how an invitation should be received.
If you have an existing relationship with the bank or are a member, you have the option to call customer service and ask about it.
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 | 7.49%-25.49%* (with AutoPay) | $5,000 – $100,000 |
| Upgrade | 8.49%-35.99% (with automatic payment) | $1,000 – $50,000 |
| TD bank | 8.99%-23.99% | $2,000 – $50,000 |
LightStream
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LightStream is an ideal option if you have a solid credit score and are looking for a personal loan at 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 you’re approved for a loan, you can receive financing the same business day. Loan amounts range from $5,000 to $100,000 with repayment periods from 24 to 84 months, and you pay no origination fees, late fees, or early repayment fees. Please note that you must use the loan proceeds for the purpose selected in the application.
Plus points
- No costs.
- High maximum loan amount.
- Ratebeat program.
Cons
- High starting amount of the loan.
- Very good credit required.
- No tailor-made prequalification process.
Upgrade
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Upgrade offers personal loans with amounts between €1,000 and €50,000 with repayment periods from 24 to 84 months. And it has a low minimum credit score of just 600. Plus, you can choose a payment date that best suits your monthly budget. Although your borrowing costs may be higher if your credit score is on the low side, the initial APR is 8.49 percent, making the personal loan of
Upgrading is a viable option if you have a good or excellent credit score.
All personal loans have an origination fee of 1.85 to 9.99 percent. That said, this fee may not significantly increase your borrowing costs if you choose to take out a small loan.
Plus points
- 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 to $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 get between 36 and 60 months to pay back what you borrow.
As with Barclays loans, you avoid fees when you take out a loan with TD Bank, and the money is usually available within one business day. Plus, you can check your rate without affecting your credit score, and you don’t need perfect credit to qualify for financing.
Plus points
- Low starting APR.
- Fast financing.
- Prequalification available.
Cons
- Fewer terms are offered.
- Strong credit score required.
- Limited availability.
How to receive an invitation 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 announcements regarding the availability of personal loan applications to the general public.
