What is Interest Bearing Credit?

A personal loan on a fixed rate, over a fixed time that allows your customers to pay off their purchase in equal monthly payments.

 

 

Benefits for your customers

• Customers repay through equal monthly payments over a set amount of time
• The loan isn’t secured against the product purchased
• Interest is charged across the term of the finance
• The interest rate, monthly payment and term are set at the point of sale
• Customers can pay off the loan balance at any time but there may be an early settlement fee

Representative example

Example is for illustrative purposes only

Who can apply?

To apply for a Barclays Partner Finance loan, your customers will need to meet the below eligibility criteria:

• Be at least 18 years old.
• Ensure their payments are up to date on existing lending and do not have current or recent arrangements with your creditors.
• Ensure they are not subject to Bankruptcy, Debt Relief Orders, County Court Judgments (CCJ’s) or Defaults.
• Be employed, self-employed or retired.
• Have a regular and sustainable monthly net income of £500 or over (£6,000 a year). Only include income from employment, self-employment, pension or certain Department for Work and Pensions (DWP) benefits.
• Have been a UK mainland resident for at least three years (residents of the Channel Islands and the Isle of Man are not eligible)
• Have a UK personal bank account from which Direct Debits can be taken.
• Have a mobile phone number and an email address.

Customers may need to provide a photo ID (either a passport or a driving licence). They must agree to receiving your account documentation from Barclays electronically.

Missing payments will result in their account falling behind and being reported to the credit reference agencies as detailed in the credit agreement.

Credit is subject to application, financial circumstances and borrowing history.