Barclaycard PLoan

jameslon

Hi,

Barclaycard offer a 5.7% APR typical personal loan (details at https://www.barclaycard.co.uk/ploan)

However, does anyone know if there are any penalties for early repayment, and how interest is calculated? i.e. basicaly how does this loan compare to others, any better options?

Thanks.

boots_babe

Not looked at Barclay's Ts and Cs, but I know that Northern Rock offer the same rate of 5.7% and they definitely have no early repayment penalties.

Although if you're after a flexible loan, why pay 5.7% when you could just get a Texaco card with 3.9% life of balance transfers, which will cost you less and leave you completely free to pay off as soon as you like / make one off payments etc.

Debt_Free_Chick

How annoying that the T&Cs for the BarclayCard loan are not on the website! (At least, I can't find them).

I would expect this to be a "standard" personal loan. So the amount you borrow, is the amount you ask for plus the interest for the whole of the term. Then, if you want to settle early, some of the interest will be rebated under the Rule of 78. I would expect a charge of one month's interest.

This is, of course, just guess work on my part. I would contact them and ask for the T&Cs and suggest they put them on the website.

HTH

payneardo

I applied but got offered 16.9 % !! what exactly do they mean by typical rate ?? I spoke to them and they said they don't score it themselves and said they couldn;t tell me why it was such a high rate. Has anybody atually managed to get the low rate ?

boots_babe

I think it partly depends on the amount you want to borrow. From past experience, smaller amounts (under 5 or 10k) attract a higher rate than the 'typical' one that firms quote.

mako_2

I applied for 8k and got offered 16.9% too. Typical rate my a*se.