If you are looking for a loan between £1,000 and £35,000, Barclays Bank (Barclays.co.uk) offer something called the Barclayloan Personal loan. The loan terms offered are between 24 months (or two years) and 60 months (five years) so this is a fairly short term loan in the grand scheme of things. Good things about this particular loan include the fact that the money is transferred to your account instantly once you are accepted for the loan.
Barclays also offer a price-match guarantee as a great way to make sure that you are not overpaying. The offer is that if you can find an exact like for like loan elsewhere but with lower monthly repayments, Barclays will reduce the cost of your loan and give you £50 for your efforts at the same time. It is also worth bearing in mind that you have the legal right to repay your loan early if you happen to come into some extra money. There is a charge equal to 30 days of interest that is applied if you choose to do this.
The eligibility criteria for this loan are that you are over 18 years of age, are a UK resident and have a Barclays current account. You will also be subject to credit checks in order to ensure that you are unlikely to default on this loan. The interest rate on the loan is the same no matter what you are using the money for and Barclays specify that you may use the loan for almost any purpose. This does not include, however, starting or running a business, investing, purchasing property or repaying gambling debts.
Unlike a homeowner loan, a personal loan is unsecured and you therefore do not necessarily need to own a home or a car in order to take one out. Also, compared with credit cards or overdrafts the interest rate of these loans is generally lower. Overall, a personal loan may be right for you if you are seeking to make a mid-sized purchase or consolidate a number of other loans. Some of the things that people commonly use this kind of loan for include purchasing a car, home improvements or consolidating debts.
