How to Apply For a Barclays Business Loan
Business owners can take advantage of
Barclays’ commercial finance products. These include business loans and lines of credit with a fixed interest rate and no fees. Furthermore, Barclays reports all activity on the accounts to the credit bureaus. Here’s how to apply for a business loan from Barclays. Ensure your business’s success with these loans by following our tips. After all, we’re all in business to make money.
Barclays Business Loans
Up to £100,000
Explore secured business loans
(More than £100,000)
Perfect if you need a quick and straightforward way to finance your business.
For business demands over your provisional lending limit.
Choose your term
Fixed interest rates
Six-month repayment holiday at the start of your loan
Set repayment terms that work for you, up to 25 years
Choose from fixed or variable rates
Interest-only repayments available
Benefits of Barclays Business Loans
How to Apply for a Barclays Business Loan
Barclays Business Loan Fees
For most small businesses, a Barclays business loan is the perfect way to fund the expansion of an existing business. This loan is offered at competitive interest rates, with no hidden fees or monthly service charges. The Barclays website also allows you to check out the interest rates and repayment terms of a loan before applying.
Business owners may apply for a Barclays business loan to finance their expansion, purchase new equipment, or improve cash flow. You don’t have to have a business account with the bank to apply for a loan. You can also use your existing business account with another bank to apply.
Barclays offers both secured and unsecured business loans. You can use the funds for any purpose, including purchasing inventory, expanding your business, or meeting other short-term cashflow challenges. Another benefit of a Barclays business loan is that it’s flexible. Many companies charge fees and interest for credit card transactions, but Barclays offers no such fees.
Moreover, Barclays offers an app for Android users. The Barclays app has a 4.5-star rating in the Google Play store, and 58% of the business’s current account holders would recommend it to other SMEs. A Barclays personal loan doesn’t charge any fees. Other online lenders charge origination, late payment, and prepayment penalties, making borrowing money very expensive.
Another benefit is that you don’t have to worry about credit scores because Barclays’ online application process doesn’t require a hard credit pull. You can lock a low rate on your loan with no prepayment or origination fees. Moreover, Barclays’ mobile app makes the application process even more accessible.
Barclays Business Loan Fixed Interest Rates
Using the online rate calculator, you can compare Barclays business loans with other lenders. You can choose from 36, 48, and 60-month repayment terms. You can also calculate your monthly payment by entering the loan amount and repayment term. You will be asked for personal and employment information and will be asked to upload certain documents. Once you have submitted your information, you will be presented with a list of approved loan options.
While most lenders pull your credit before approving you for a loan, Barclays does not. This means you can check your APR before applying without worrying about your credit score being affected. You can also choose to lock in your interest rate before you apply. You can apply online if you are unsure whether you can afford to pay off your loan. Be sure to compare the fees associated with each loan option. If you find a lower interest rate elsewhere, you can avoid the hassle of applying for a loan and not losing any points from your credit score. Another alternative to a traditional bank loan is to factor in your invoices.
This way, you can access the total value of your invoices in 24 hours. When the customer pays, the factor releases the remaining 15%. This lets you concentrate on running your business instead of worrying about paying your debts. In some cases, personal guarantees may be required. Personal guarantees allow individual directors to be personally liable for debts.
Barclays Business Loan Personal Guarantees
Regarding obtaining a business loan, Barclays is one of the leading lenders in the United Kingdom. With revenues of £21 billion last year, Barclays is one of the world’s largest financial institutions and is well-known for its reputation for integrity. As a Barclays business loan customer, you can apply online or through the company’s app. Barclays business loans are available for both fixed and variable interest rates. They are a great way to start a business or expand an existing one.
Barclays Business Loan Credit Bureaus
The excellent news is that Barclays reports account activity to the credit bureaus. Typically, Barclays reports account activity monthly to the three major bureaus. That means you may not see a new credit account entry for a couple of billing cycles, depending on when the report is released.
To check your credit report regularly, sign up for WalletHub’s free credit score and TransUnion credit report. H
however, it would help if you kept in mind that Barclays is one of the few credit card companies that choose to report account activity to the three major bureaus.
Although it is rare for them to report business card activity, it is better than nothing.
You should avoid letting your credit card limit and keep it low.
If you must use the card more often than your limit, ask for a higher limit or consider applying for a no-limit credit card.
However, a charge card is better if you’re concerned about the credit limit. It does not affect your utilization ratio. If you’ve opened a new account with Barclays, you may notice an entry that says the account has been closed. This could be true, even if you never closed the account. Sometimes, lenders close inactive accounts based on inactivity.
It’s not available for all industries.
There are several different ways to get a Barclays business loan. This type of loan is available to smaller businesses, but the larger you are, the more effective it is. It is important to note that business loans best suit more significant businesses. Barclays makes it easy to see if you’re eligible, and their online application form will not impact your credit score. You’ll be able to receive an entire decision in a couple of days, but if you don’t, you may need to provide more information.
In addition to the unsecured option, Barclays offers a pre-assessed loan of up to £25,000. You can apply for this loan online, and receiving the cash the same day is easy. However, the amount of money you can borrow depends on the type of industry you’re in. In addition, some industries are not eligible for these loans, so check with your bank first to see if you’re eligible for this option. Barclays offers two types of business loans for a variety of different industries.
The interest rate on these loans is higher than some of their competitors, and not all industries are eligible for them. Regardless of the type of industry, Barclays business loans are an excellent choice for many borrowers. While many borrowers think taking out a business loan is stressful, it can be the key to transforming a company.
The speed of access to finance is crucial in today’s climate, as firms can access more considerable opportunities quickly. Getting a loan from Barclays will help your business grow. If you have an idea for an industry that doesn’t qualify for a traditional business loan, a Barclays business loan can help you start that dream.
Funding options discuss obtaining business loans with bad credit in more detail here.
Barclays Business Loan – Other useful links about loans:
Enterprise Finance Guarantees Loans
Remember to Compare Your Business Costs is here to help your business every step of the way from business advice, or saving you time and money on your business purchases such as: