Did you know that Barclays, one of the biggest banks in the UK, can offer your business loans of over £25,000?
Or that if you require less, they can offer you unsecured loans of under £25,000?
This review will tell you everything you need to know about Barclays loans, including a breakdown of the figures and how you can apply.
What’s in this review?
Let’s take a closer look and find out more.
Who is Barclays?
Barclays is a well-known household name, with over 300 years of experience and a rich history that began on Lombard Street.
They have around 47,000 employees working for the Barclays group globally.
Plus, Barclays had revenue last year of around £21 billion, making it one of the most successful and largest banks in the world today.
So, with this bank, you can expect reliability, trust and integrity, which are traits that are highly desirable when borrowing funds for your business.
Now, why not take a look at the different loans Barclays has to offer?
Business loans up to £25,000
With business loans of up to £25,000, Barclays offers these loans unsecured; which means that you won’t have to put anything up for collateral like your home.
You can also choose your term, which is usually between one year and 25 years, with the interest rates a lot different depending on the situation.
For instance, according to the helpful calculator on the Barclays website, if you borrowed £25,000 for 24 months (2 years), your monthly repayments would be £1,137.08 a month.
This means you would be repaying a total of £27,289.92.
That is an 8.9% pa (fixed) – in other words, the interest you’re paying is £2,289.92.
You have the possibility to become a 6-month repayment holiday, which means you wouldn’t make any payments during the first six months, but it also means that you will incur interest during this time.
So if you do that, you’ll be repaying more in the long run.
|Business loans up to £25,000|
|Apply for this unsecured loan for quick access to funds|
|You can typically choose your term|
|Fixed interest rates|
|You can opt-in for a 6-month repayment holiday at the start of your loan|
Business loans over £25,000
Large flexible loans, on the other hand, require you to borrow a minimum of £25,000.
Because you are borrowing a vast amount of money, you will have to secure your loan.
For instance, you might have to put your home up as collateral which they may repossess if you don’t pay your monthly repayments.
One of the plus’ is that you can borrow for a longer amount of time, from one year to 20 years.
However, you should keep in mind that you can only have a fixed rate loan for ten years, to minimise any future losses, so if you go for 20 years, it will be a variable rate loan.
These types of loans are far more effective for larger businesses that require the large investment to reach their goals.
|Business loans over £25,000|
|In the case that you want to borrow over £25,000 contact Barclays|
|Set your repayment term, which is usually up to around 20 years|
|You have fixed or variable rates that you can choose from|
|Interest-only repayments available for 12 months|
How to apply for a loan
Decided on a loan that would be the most effective?
So now, how do you apply?
Barclays has made it simple, allowing you to find out your eligibility.
According to their website, you can find out up front whether you’ll be able to get a loan.
With no impact on your credit rating, and if you already bank with them, you can check business lending limits you have.
If you’re ready to apply, this is what you’ll need:
- Your trading accounts
- Business plan
- Details regarding your companies profits and your potential losses
- What you’re going to use your loan for
Barclays will try and give you a full decision within days; however, sometimes they might need a little more information from you.
If that is the case, they will get in touch.
You should also keep in mind that unfortunately, Barclays business loans aren’t available to every industry.
When it comes to reviews, Barclays doesn’t have a positive reputation when it comes to trusted websites such as Trustpilot.
Out of the 1,000+ reviews that they have, only 8% of the reviews are five-stars and 84% fall within the poor one-star category.
Positive Barclays Review
Scott Devereux on Trustpilot: Been a Barclays customer for five years and had a very good experience from the initial application to ongoing management and contact.
Negative Barclays Review
Sarah Jane Birkinshaw on Trustpilot: Worst bank I’ve ever been with. The service is terrible; the fees are extortionate, the staff and chat are unhelpful, they don’t care about their customers at all.
You can call the Barclays customer service on 0800 515 462 for new business accounts, and you can also get through to them via their quick chat function.
Barclays has a help centre that you can search with your questions relating mainly to popular questions about your finances.
These questions can range from identifying what different things mean such as IBAN numbers, to what to do in the circumstance that you are experiencing fraud.
Unlike some other banks, Barclays is unique in that they encourage customers to tweet them with any questions they might have, and keep their social media accounts active to help their customers find answers quickly whatever the time.
You can also check to see the status of their services such as when there will be maintenance that could disrupt your access to your accounts.
Thomas Smith on Trustpilot: Filled in a feedback survey on service in the branch and received a call from the manager to follow up.
Casper Nielsen on Trustpilot: Worst service all over. Worst systems too.
|Company||Trustpilot Score||Loan Amount||Loan Term||Typical APR|
|Barclays||★||Up to £25,000, and over £25,000||Up to 20 years||9.9%|
|Boost Capital||★★★★★||£3,000 – £500,000||4 to 18 months||1.5% – 2.5%|
|Capify||★★★★★||£3,500 – £500,000||6 to 10 months||67.89%|
|Shawbrook Bank||★★★★★||£250,000 to £25 million||Bespoke||0% to 19.9%|
Are you ready to compare your loan options?
Did you know that you can see all of your available loans in minutes with the ExpertSure comparison tool?
Take a look at the guides to find out more about your finances, or fill out the form at the top of the page.
Luckily, because Barclays has two main types of loans; those under £25,000 and those over, their loans can suit any sized business so you can afford the essentials for your company.
✔ With Barclays, you can either have a small loan of up to £25,000 or over.
✔ You can borrow your loan typically for up to 20 years.
✔ Your company can acquire more than with other lenders, as long as you are eligible.
✗ The typical APR is higher than some of their competitors.
✗ Barclays has a poor Trustpilot rating.
✗ They do not offer loans to businesses of all industries.