Barclaycard personal loans

red_dragon_4

Just seen an 'on line' loan offer from Barclaycard.
Loans of £4000 and over for a rate of 5.5% for a 'limited' period.
Here's a link:
https://www.barclaycard.co.uk/products/applications/loan.html

(Hope it works)

Pass it on!!

Red Dragon

applesrace

Doesn't look like overpayments are allowed and one months interest penalty for paying early. Everyone else read it like that ?? Cheers

Rafter

Sounds about right - expect to get the very hard sell on payment protection too - they can't make any money out of the loan at these rates - the base rate is about to go up to 5% and 0.5% margin doesn't give you much scope to cover your costs or bad debts - they must be using the insurance income to subsidise the rate.

R.

Jo4

A friend of mine who has 2 Barclaycard credit cads with outstanding balances of £3,500 and who has never missed a payment on any account attempted to apply for a Barclaycard loan online at the beginning of last week and was told to contact them as loan could not be processed online.

Friend contacted Barclaycard last night and explained that they had attempted to apply for loan online last week but it couldn't be processed online and therefore had to phone them. Person said no problem I will apply for it now for you. They went through all the details and at the end of it all they said £15,000 over 5 years would have repayments of £364 and some odds, cannot remember the exact amount. Friend stated that when they had got a quote online it was showing £287.23 a month. Barclaycard manager then said we cannot do that rate but this rate we are offering you is extremely competitive. Friend asked what was the rate, manager said 17.9%.

Friend said no they did not want to take a loan with that rate and to please cancel the application, manager tried to insist that this was a really good offer. After the manager nagging friend for over 10 minutes they finally realised friend was not taking the loan and agreed to cancel the application.

I wonder is this normal practice of Barclaycard, it would put me off applying if I ever had to apply for a loan?