Barclays Personal Loans Review

This invite-only lender offers some good perks, but it comes with constraints

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overall rating

With a presence in more than 40 countries, Barclays is an online consumer and commercial bank offering various financial products—in the U.S., they're particularly big as the servicing bank for a variety of credit cards. Currently, the lender is offering personal loans by mailed invitation only (it'll provide a code you’ll need to fill out an application on the website.

This Barclays personal loan review will highlight what you can expect from this lender, such as rates and terms, to see whether this lender offers the right sort of financing for your needs. 

  • Product Specifications
  • Pros & Cons
  • Fees 
Product Specifications
  • APR 4.99% to 20.99%
  • Loan Amounts $5,000 to $35,000
  • Loan Terms 36-60 months
  • Credit Score Requirements Not specified
Pros & Cons
  • No fees or prepayment penalites

  • Ability to change your payment due date

  • Prequalification available

  • Applications by invitation only

  • High minimum loan amount

  • No joint applications

  • Origination fee: None
  • Prepayment penalty: None
  • Late fee: None

Pros Explained

  • No fees or prepayment penalties: Unlike many lenders that charge fees or bury notice of them deep within the fine print, Barclays doesn’t charge any origination or late fees for their loans. There are also no penalties if you decide to make extra payments or pay off your loan early.
  • Ability to change your payment due date: Borrowers can contact Barclays to alter the monthly deadline for their payments. Doing so can help you keep on top of your bills or make it more convenient if you want to have all your bills due around the same time.
  • Prequalification available: After filling out the initial application form, you’ll be able to see your probable loan rate and terms; Barclays offers this after conducting a soft credit inquiry, which doesn't affect your credit score.

Cons Explained

  • Applications by invitation only: Currently, Barclays only offers personal loans to selected people—individuals whom the lender pre-qualifies, and to whom issues an invitation with a special code. Others need not apply (and cannot).
  • High minimum loan amount: Barclays' personal loans start at $5,000.
  • No joint applications: The lender only accepts individual applications at this time—no co-signers or co-borrowers are allowed to boost your financials.

Types of Personal Loans Offered by Barclays

Personal loans from Barclays may be used for most common-garden reasons. These include financing a major purchase, paying for a vacation or a wedding, remodeling your home, or consolidating high-interest debt.

Time to Receive Funds

Once Barclays approves your loan, it can take "a few business days" to receive your funds. The lender may make a decision on your application within the same day or up to a few days.

Barclays Personal Loan Features

  • Initial Soft Credit Inquiry: You can check rates and terms you qualify for using in a prequalification process, which won’t affect your credit score. Only if you proceed with the formal loan application will Barclays conduct a hard credit inquiry. That check may affect your credit score. 
  • Flexible Repayment Terms: Barclays allows borrowers to change their due date if they’re not happy with the one they've assigned. However, because of the way the interest accrues, the lender cautions that changing the due date may affect the amount you owe each month or even your final loan amount.

Apply for a Barclays Personal Loan

For those who receive an invite to apply for a personal loan from Barclays, here’s what to expect from the online application process. Note: Being invited to apply doesn't guarantee your application will be approved:

  1. Enter your invite code and last name on the initial application form at the website indicated on your invitation. 
  2. Look over loan offers by reviewing terms and rates the lender has offered you. 
  3. Select the rate and term desired and move onto the full online application.
  4. Provide personal information required for the full application which includes your name, contact information, employment details, Social Security number, and other related financial information. 
  5. Submit your application after reviewing all details are accurate. 
  6. Provide additional documentation by uploading materials through Barclays’ secure application center. The lender will notify you which documents you’ll need.

Upon loan approval, sign your loan documents electronically and Barclays will disburse the funds in a few business days.

Can I Refinance a Personal Loan With Barclays?

Borrowers won’t be able to refinance their personal loan with Barclays. You can only take out one personal loan at a time.


In between the invitation-only application and the high minimums (you'll have to take out at least $5K), Barclays can seem something of an exclusive club. If so, it could be one well worth joining: This lender offers competitive loan rates and doesn't nickel-and-dime you with fees or penalties. You can get an interest-rate quote within minutes and receive a decision in as little as the same business day, if you submit all necessary documents.

On the other hand, Barclays can be somewhat constraining: Your financing needs must fall between $5,000 and $35,000—not a huge range—and you can't make use of a co-signer to strengthen your application or get the most favorable terms. Clearly, this lender has specific ideas of how much it wants to loan and the sort of client it wants to loan to. All that means, even if you get an invite code in the mail, you might want to shop around.


Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of personal loan lenders. We collected over 25 data points across more than 50 lenders—including interest rates, fees, loan amounts, and repayment terms—to ensure that our content helps users make the right borrowing decision for their needs.