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Barclays

Barclays another cheapest when it comes to loans, but they are far from being the cheapest unless the applicant has an ultra prime credit rating. Even to customers that have banked with Barclays for years, but this is still really expensive. However they will give an instant decision to any application whether it's from one of their customers or not.

Barclays said that they will be able to pay the money instantly into the applicants bank account as soon as the loans approved. The quoted interest rate of 5.1% APR representative is to be taken with a pinch of salt, from our experience and from the feedback of our readers, this seems quite a way out from what customers do actually pay.

One thing that the do have is a price guarantee, although certain terms and conditions may make this offer almost worthless. Always read the small print when it comes to special offers in with loan type products because they are very rarely what they seem.

Editors review:

Barclays has never been the cheapest bank on the High Street. Their charges for overdrafts and credit is almost as bad as payday loan companies. On the other hand Barclays are very transparent and will approved loan applications where others will decline them. The price the Barclays approves these loans at is a reflection of the risk they are taking by approving this customers.

If you are a Barclays customer you may find that an overdraft facility is actually cheaper than the rate at which they are willing to lend to you via a unsecured loan. Some unsecured loans from Barclays actually come out around 30% APR, which is above most credit card levels. So as well as take into account the possibility of using an overdraft facility, customers may also want to look into their Goldfish credit card which is around 15% APR and almost half the price of the loan.  

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