Barclays Loans Review | www.barclays.co.uk
Address: 1 Churchill Place, London, E14 5HP.
Branding: Barclayloan. AKA: Barclays Loans.
FCA Licence: 005116.
From: Barclays Plc.
Related: Barclaycard (Card), Barclays Partner Finance.
Bad Credit Barclays Loans Available?: No.
Manage: Barclays login provided via www.barclays.co.uk.
Offers: Personal loans.
Opening Hours: Monday to Sunday (8am/11pm).
Sums: £1000 to £50,000 (new and returning).
Terms: 24 to 60 months.
£230.88 /£1000 (24).
£506.90 /£10,000 (24).
Notes: The displayed times refer to new applications. Existing customers can reach advisors 24/7. No 1 year term is available although you could settle early. The rates are 22.9% (1k) and 4.9% (10k). Applicants must be a banking customer to qualify. This may include holding a current or savings account or a Barclaycard or mortgage. There is a note stating otherwise visit a branch whereby you’d likely be asked to switch.
– Amounts: Much larger sums accessible than rival banks with a top £50,000 figure here.
– Branches: The UK network stretches to 1500. They impressively have 7000 worldwide that even surpasses HSBC. This is still however the second largest factoring all banks competing locally with Banco Santander having 15,000.
– Efficiency: Once approved, they can transfer the money to your account on that same day. There is no need to send documents through the post. If you aren’t a current customer and switch accounts at a branch then a quick payout should be feasible, assuming that you pass the necessary checks.
– Experience: This is one of the longest standing banks worldwide. The founding year of 1690 marks 325 years in operation. John Freame and Thomas Gould were involved in the early days and James Barclay would later become a partner in the business where the naming eventually came from.
– Extra Features: A current running promotion is their price guarantee. Here they’ll claim to match any like-for-like loan with a lower APR. There are always going to be terms and conditions worth digging into. It is clear however that they do not promote the lowest sector rates since we have seen deals between 3.4% and 4%.
– Operations: 24/7 for existing customers. Otherwise, they still trade daily between 8am and 11pm. This is a major USP when you also factor in same day payouts.
– Ownership: They are one of the UK’s Big Four banks. This feat is made more impressive by the fact that they are a sole entity whereas the Lloyds Banking Group and the RBS Group operate through a cluster of companies. HSBC is generally known through their single brand although they also control First Direct, M&S Bank and have various retail partnerships. This bank isn’t quite leading the way factoring market cap, but through total assets they do rank highly.
– Profile: This is the most highly searched loan from a high street bank. Overall though Sainsbury’s and Tesco have higher search tallies for their loan products. One of the key driving forces behind their major market profile is their sponsorship of the Premier League. This is one of the most watched sporting leagues worldwide that benefits them greatly since they operate in 50 countries servicing 48 million customers (15 million in the UK). Experience has also played its part and they have been one of the early trendsetters across other niches. Barclaycard was for instance the first credit card introduced to the UK in 1968 and it is the market leader today.