Barclays is a big name in the finance world, with more than 325 years of history and expertise in banking. In fact, they launched the world’s first ATM and innovative mobile phone payments services.
This mammoth financial service company has operations in more than 40 countries and has earned many awards and recognition over the decades. On the contrary, it has received many criticisms, too.
Come to think of it. The irony is huge – a giant in the banking world feels so small in the hearts of many! So, let’s look into this further, shall we?
About Barclays Loans
Barclays can provide you with personal unsecured loans anywhere from £1,000 to £50,000. Barclays loans come with a range of APRs depending on the amount you borrow. In other words, customers may receive a different rate from that advertised APR, depending on their personal circumstances.
If you want 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.
One of the perks of being an existing customer is that you have the option of top-up your Barclays loan or even taking out a second loan if you need to. You can also repay the loan early if you wish to, but there is a 30-day interest fee on the amount you repay on top of the initial interest that’s required.
You won’t be asked about how you are going to spend the money. You can make use if it for almost anything.
Knowing your personal rate before applying.
Most customers will get the representative APR, but yours could be different. With some lenders, you won’t know your actual rate until you have an application. Note that if you’re not happy with the APR you’re offered, your credit rating could still be affected even if you don’t continue with the loan. But with Barclays, you could get a personalised price quote. This way, you will know your exact rate before you apply. And the best part is, it won’t affect your credit score.
You could get your money right away.
If you apply online and once your application is approved, your money will be transferred to your current account straight away. As long as you can print or download your agreement and sign it online, your money will be in your hands in no time.
Can a Price or Loan be Guaranteed?
This is another feature of a Barclay loan wherein the interest rate can be reduced. This happens when another lender offers you a like-for-like unsecured loan with a lower APR. Barclays will lower the interest rate to produce an APR that equals to the competing offer. They will then recalculate your monthly repayments to reflect the reduced interest rate. You can have your claim on this under Barclay’s guarantee within 30 days of the date they have signed your Barclay loan agreement.
Barclays also offers fixed monthly repayments to help you budget, and you have the option to choose your loan term depending on the loan amount.
Barclays Loan Eligibility and Purpose
To qualify for a Barclays loan, you’ll need to have a Barclays current or savings account, mortgage or Barclaycard. You must also have UK residency and be at least 18 years old.
You can use your loan for almost anything. You can use it for business and investments, including buying stocks and shares, timeshares, purchasing property or home improvements, pay off gambling debts, and CCJs (county court judgments).
Barclays Customer Reviews
Before you take out any loan, it is important to check the reputation of the lender as well as their customer reviews.
As for the case of Barclays, it comes as a surprise that majority of their customers are not happy at all. Although a few are satisfied, most customers are complaining about poor service. These complaining customers claim that Barclays would send you pre-qualified offers for those with a strong credit history.
When you finally want to apply because of some emergency, they will take you for a whirlwind tour asking for documents, which are not even requested by any other lenders. In the end, they will just reject your application saying that the documents you have submitted did not meet their criterion.
Some complaining customers also claim that Barclays gave them ridiculous loan calculations that are impossible to take. Others also feel that their staff don’t seem to know what they are doing. This is so sad, considering that Barclays is one of the big banks and is very well-known within the personal finance sector and have a wealth of banking experience.
Being one of the established names in banking, you’d expect Barclays to have impressive reviews from their customers. Unfortunately, this is not the case. If you search the internet, you could read many reviews of disappointed customers out there. Lack of information, unexpected interest rates, and untrained staff are among the major complaints.
We cannot blame you if you have mixed feelings about Barclays. It is a well-established financial giant, but with bad reviews. While it offers attractive loan features, there are also some pitfalls on Barclays loans. Ironically, as one of the biggest names in personal finance, they are receiving a bunch of poor reviews.
Barclays seems to take a proactive strategy in getting customers to take out personal loans with them. They will offer existing customers provisional loans and would encourage them to log into their account to check it out. If you are offered this option yourself, consider first whether you actually need a loan.
Barclays offers all the features you expect from a bank and their price guarantee offer is a good point if you’re eligible for it. However, it is disappointing to know that Barclays is not delivering the best levels of customer service.
So, having to hear out the benefits and drawbacks of Barclays, consider everything and weigh things accordingly. Before getting into a loan agreement with Barclays, make sure that you understand all the details carefully to avoid any confusion down the road.