Barclays Bank Loans Review

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2.5 stars
Average rating for this product is: 2.5 out of 5

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vince70.'s Review of Barclays Bank Loans

14th May 2003

Overall Rating

0 stars
  • Value for money
    0 stars
Good Points

None


Bad Points

Loads, Stay well clear of Barclays, It's such a rip off.


General Comments

I have been a loyal customer to barclays for the past six years, using their Additions account package for which I was being charged for. Standard rate of £7.50 plus £11.25 in additional cover for this, that and the other.
You must remember I have never used my overdraft facility, was always in credit and was paying £18.75 a month in bank charges to Barclays.
Recently I went to find out my so called "preferential interest rate"(being a barclays customer of course!!!) for a loan of £12000 payable over 3 years. Since the rest of the banks and building societies were offering 6.7% on the same amount payable over 3 years, I thought Barclays may offer me a good deal!. They offered me a loan for get this 11.9% , what a rip off!!!!!, then I did some investigating and discovered that even a non customer of Barclays bank would get the same rate of 11.9% for a loan of £12000 over 3 years.
So much for the preferential rate!!!. So I closed my account with Barclays.
So beware all of you intending to bank with Barclays,they will rip you off too!!!

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NameCredit RatingAPRTypical APRMin Loan AmountMax Loan AmountHome Owner  
Alliance & LeicesterGood8.00%8.00%£7,500.00£14,950.00No
Sainsbury's LoansGood8.00%8.00%£7,500.00£15,000.00No
Nationwide LoansBad7.90%7.90%£7,500.00£14,999.00No