Personal - Loans

Need help with jargon?

Here are the five definitions that we think you'll find most helpful.

APR

The Annual Percentage Rate is the rate you will be charged on your loan over the course of a year. It takes into account the interest you pay, how often you make repayments, and any other additional charges such as any processing fees.

Professional and Career Development Loan

A Government-sponsored scheme that will cover your interest payments while you study and for up to two months after you finish your course. If you would like to take up full-time, part-time or distance learning studies to improve your career prospects but are worried about the costs, we may be able to offer you a Professional and Career Development Loan.

Credit rating/Credit history

A system used by banks and finance companies to assess applications for loans. Your credit rating is based on information in your credit file and on the information you give about yourself in your application. Your credit file will include information from the electoral roll, details about any County Court Judgments (CCJs) or bankruptcies in your name and details of your existing and previous credit arrangements (such as credit cards, loans and mortgages) held in the last six years. We may also contact external credit rating agencies if we need further information. We try and make the system as transparent as possible and we also have a dedicated page with Your credit rating . If you have been turned down for a loan, it's a good idea to read through these suggestions before you apply again.

Eligibility criteria

All our loans are dependent on your personal situation. Certain products, like Barclayloan Plus, Graduate Loan or Professional and Career Development Loan, are only available to those in certain circumstances. We make the eligibility criteria clear on our loans pages, in our branches and on the telephone.

Repayment holiday

A rest period from repayments, usually for a period of three months to a year. Generally the interest will keep adding on during this period but it will give you a much-needed break if you're having trouble meeting your repayments. Our graduate loans come with an option of a holiday at the beginning of the loan to give university leavers a chance to find their feet while they look for a job. We also offer a capital repayment holiday on our business loans. Again, this will give you some breathing space at the beginning of your loan period but we will continue to add interest to your account during this time. If you feel you could be in financial difficulty, speak to us to see if we can help.

Need other terms explained? See our Loans Jargon Buster