Our Price Guarantee
If you find a better APR elsewhere, we’ll match it
How does Price Guarantee work?
If you find another unsecured personal loan (outside the Barclays Group) on a like-for-like basis with a lower APR than your Barclayloan offer, you may be eligible for our Price Guarantee. If you complete a claim and we agree, once your Barclayloan is open we'll lower the interest rate to produce an APR equal to the competing loan.
The total interest you’ll pay and monthly repayments will then be lower than detailed in your Barclayloan agreement. And we’ll put all this in writing.
How do I claim?
If you wish to claim under our Price Guarantee, here’s what you need to do:
- Carefully read the Terms and Conditions to make sure you’re eligible for Price Guarantee
- Request a Price Guarantee claim form over the phone, in branch or by downloading our online claim form 280 KB
- Send the completed form, along with a copy of the competing loan agreement, to the freepost address on the form
You must claim under the Price Guarantee within 30 days from the date we signed your Barclayloan agreement.
What we do next
We’ll write to you within 5 working days of receiving your claim form to let you know whether you’ve been successful (please allow time for the post). If you’re successful, once your Barclayloan is open we'll lower the interest rate to produce an APR equal to the competing loan, so that your total interest and monthly repayment amount go down. We’ll write to you to confirm the new monthly payments you’ll need to make. Changes will be backdated to the loan opening date and if you’ve made any payments, we’ll give you back the difference.
If your claim isn’t successful, we’ll write to let you know why and your loan will continue under the terms of the enclosed agreement.
Price Guarantee Terms and Conditions
Price Guarantee is only available if you open a Barclayloan.
- You must claim under the Price Guarantee within 30 days from the date we signed your Barclayloan agreement
- You can only make 1 successful claim for each Barclayloan
- You must apply using our Price Guarantee claim form which you can obtain from us
- You must provide us with written confirmation of the competing loan offer. This should be the loan agreement or you could provide pre-contract credit information supported by evidence satisfactorily demonstrating that the offer is available to you subject only to you signing a loan agreement. We’ll check the validity of your claim within 5 working days of receiving your request and let you know the result
- Quotations and Pre-contract Credit Information alone from another provider are not acceptable as they don’t give evidence that a personal offer has been made. A photocopy of the agreement will be fine, but we may ask you for the original agreement if we need to check it. If you provide an original document, we will return it within 3 weeks of assessing your claim. Photocopies won’t be returned and will be destroyed securely by us
- Please remember that applying for multiple loans may impact your credit rating, so think carefully before making extra applications
About the competing loan you’re offered
To qualify, the loan you’ve been offered elsewhere (excluding the companies within the Barclays Group), must be an unsecured, fixed rate loan and comparable to Barclayloan on a ‘like-for-like’ basis, with a lower APR. We’ll assess this against the criteria set out in these Terms and Conditions and determine ‘like-for-like’ based on all of the following:
- Loan amount must be equal to or up to £99 lower than your Barclayloan offer
- Number of repayments must exactly match your Barclayloan offer
- Loan term must not exceed the term on your Barclayloan offer by more than 3 months
- Customer name must be exactly the same as your Barclayloan, ie multiple borrowers are excluded
- Loan structure must be fixed rate with even, or nearly even payments (ie no ‘balloon payments’)
Other terms such as early settlement fees or other charges won't be considered as part of our assessment.
The competing offer must be available to the general public and be verifiable by Barclays. It must have been offered no more than 2 months before the date your Barclayloan was offered and must still be available to you at the time of your claim.
Loans that the Price Guarantee doesn’t apply to
The Price Guarantee doesn’t apply to the following rate or loan types:
- Loans where the funds are not available for immediate use
- Discount rates offered only to members of groups or individuals who meet previously specified criteria
- Rates that are not immediately available, promotions that are not at everyday rates and products which are sold under different terms and conditions, such as special financing (ie dealer loans, promotional loans for specific goods)
- Loans that are secured or guaranteed
- Loans being charged interest at a variable rate
- Credit products which are not personal loans including but not limited to lease, contract hire, hire purchase or conditional sale agreements
- Loans where interest has been temporarily or permanently suspended (including 0% or reduced interest rate loans for an initial period)
- Loans to support periods of study, or the period immediately following completion of studies (eg student loans or graduate loans)
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