If you are looking to consolidate your debts with Barclays, rolling all of your direct debits into one monthly bill, then the best loan to take out is the Barclays (Barclays.co.uk) personal loan. This is a fixed interest rate, unsecured loan meaning that the amount you pay per month will always be the same and that you don’t have to own a car or a house to be able to take it out. The interest rate that you pay will depend on the amount that you are borrowing but it is an amount that will be less than the vast majority of credit cards and overdrafts.
The Barclays personal loan allows you to borrow between £1,000 and £35,000 making it of a size that will cover most people’s personal debts. You can also choose how long you want to take to repay the loan between a minimum of two years or 24 months and up to five years or 60 months. Also, having agreed how long you want to take to repay you loan, it is still possible for you to choose to repay your loan early if you so choose. There is a small charge equal to 30 days of interest that you will have to pay if you choose to do it but it may still work out as the cheapest option if you come into more money than you expected.
Another feature of this loan with Barclays is that they offer a price-match guarantee. That means if you find a comparable loan, with the same loan term and amount borrowed, that has cheaper monthly payments Barclays will match these payments and pay you a £50 bonus. This means that if you are on the ball you can be guaranteed to receive the cheapest personal loan on the market.
In order to be eligible for this loan you will need to be a resident of the United Kingdom over 18 years of age. You will also need to register for a Barclays current account if you do not already have one. One downside, however, is that if you are attempting to consolidate gambling debts you will not be able to do so according to the terms and conditions of this loan. You will also not be able to pay CCJ’s using a Barclays debt consolidation loan.
