If you have plans but need capital to bring them to life, know that there are several alternatives to raise all the money you need.

With Barclays personal loans being one of them, however, can we consider this a good option? The best way to find out is by getting to know it better.

That’s why we’ve put together this article, where we’ll show you its main advantages and disadvantages. Read it carefully so you don’t miss any details.

Why we recommend Barclays personal loan

When analyzing what goals we have in mind, it is easy to see how financial insufficiency ends up being one of the main stumbling blocks for those who are putting goals into practice.

This is exactly where the Virgin Money personal loan comes in, being an alternative for those medium and small-sized projects, where flexibility is essential.

With the payment term being one of the most attractive points of this loan, as it offers the user a suitably comfortable installment plan with the available amounts.

With up to 5 years to pay off loans, it is possible to extend your plans for very interesting periods for those with big goals.

However, other points also end up being a good advantage for those interested in a personal loan, such as the remote application.

Since applying in person tends to be a good way to waste time and wait in huge lines, it’s always good to be able to apply for credit without leaving the couch.

What can I use a Barclays personal loan for?

There is no shortage of loans to meet the credit needs of all types of customers, so we must understand the main ways to use Barclays personal loans.

Here, we can clearly see how the credit service category makes a difference, with the fact that this is a personal loan having a direct impact on its flexibility.

The hallmark of this type of loan is that it can be used for practically anything, of course always considering the loan conditions.

Some of the main applications are investments in personal development, project costs, studies or the cost of medical procedures.

Therefore, the Barclays personal loan can be useful in or out of emergencies, depending on the wishes of the customer covered by the financial institution.

We can also find uses for the personal credit in question as a way to start a project, which will later be financed with your own budget, enabling large investments.

Advantages and disadvantages of borrowing

Do you want to apply for a Barclays personal loan? Then we recommend that you take some precautions so that you don’t end up disappointed with the service provided after you’ve been approved.

It is crucial to know this credit service inside out, which means we cannot ignore the biggest advantages and disadvantages of becoming one of the successful candidates.

Therefore, below we highlight the main strengths and weaknesses that will be available to those who plan to apply for the personal loans in question.

This practice benefits both those who plan to apply for the loan and want to anticipate its use, but also those who are still in doubt and looking for a good tiebreaker criterion. That said, continue below with the pros and cons.

Advantages of Barclays Personal Loan

First, we will talk a little about the main strengths of becoming one of the candidates to apply for a Barclays personal loan. Here is a list of the advantages:

• Fully remote credit application
• Loan management application
• Up to 5 years to pay off your personal loan
• Simulation of loan conditions
• Potentially fast application
• Competitive interest rates

Disadvantages of Barclays Personal Loan

As with any loan, you may end up having problems paying the installments if you apply without paying due attention to the monthly cost.

Therefore, it is highly recommended that you do the simulation, so that you are not caught off guard by the value of the installments, which could compromise your finances.

Another disadvantage of Barclays personal loans concerns the amount, being an alternative focused on uses where low or medium amounts are needed.

Considering that the maximum value of the loan in question is well below what we find in personal loans that focus on those with a high demand for credit.

How is the credit analysis done on Barclays personal loans?

When submitting your Barclays personal loan application, it is important that you are prepared to face a credit check.

In this sense, it is essential that you have your financial life in order, to be able to have a request with a good chance of approval.

For this financial institution, the most important parameters are the candidates’ credit score points and also their financial history.

In this case, a higher score, a good history and a relationship with the financial institution can greatly increase your chances of approval.

Is there a maximum and minimum amount for a Barclays personal loan?

When applying for a loan, it is very important that you pay attention to some aspects, with the amount being undoubtedly one of the most important.

Therefore, we could not conclude this article before verifying whether the financial institution has defined a minimum and maximum value for this financial product.

And the answer is yes, at the bank in question it is possible to request amounts starting from 7,500 Pounds, with a maximum value of up to 15,000 Pounds, therefore being a loan with medium values.

Other important points concern the payment term and interest rate, with rates being considerably competitive, costing 6.5% per year.

While the payment term can extend for up to 60 months, which is quite in line with the amounts made available by the financial institution.

Want to apply? Learn how to get a Barclays personal loan right here!

By clicking on the button below, we will show you in the next article how you can apply for a Barclays personal loan, with a completely remote step-by-step process. Check out the steps.