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Reviews

Status Money Review

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Would knowing what other people are doing with their money affect how you save, spend and invest your money? Status Money, a New York City-based fintech company, is betting you’ll make a change for the better if you can see exactly where you stand compared with your peers and millions of other people.

Status Money’s founders are data scientists who hope the information their platform provides — like how much the average person your age spends dining out — puts your finances in context. Ideally, you can then use those insights to make improvements.

What is Status Money?

Status Money is a free financial management and budgeting service, similar to Mint or Personal Capital but with the added benefit of being able to compare your financial standing with about 15 million other people in the U.S. Like other personal finance services, Status suggests financial products or services, based on its analysis of your accounts and other financial information you provide.

You can access it online at StatusMoney.com, and a mobile app is in the works, slated for Apple and Android devices by the end of 2018. The service launched in September 2017 and, as of this writing, Status is only available to users based in the U.S.

Here’s a breakdown of what Status Money offers, as well as my experiences with the service since using it in May 2018.

Peer comparisons

Status’ major standout feature is the anonymous peer comparisons it provides — something none of its competitors in the fintech space do. Status collects and sorts data from millions of public and private records — including the U.S. Census report, credit reporting bureaus and the like — and organizes it for you in easy-to-read charts and graphs so you quickly see how you stack up compared with millions of others.

Source: statusmoney.com

“The information itself should be available. There is no rhyme or reason in the world that the information isn’t available for free for everybody,” said Majd Maksad, Status Money co-founder. “It has to be useful and it just has to be out there.”

On Status, you can see in real time how every detail of your financial picture compares with your peers and either the national average, income range, your age group or a random sample.

Your peer group comprises of people in your age range (e.g. 18 to 29), your income range (e.g. $50,000 to $65,000), your area (e.g. the NY/NJ/PA area), the type of location you live in (urban versus rural), your credit score and whether you pay rent or own your home. All of those factors are taken into account for an accurate peer comparison.

Status provides analytics for just about every financial aspect from your spending habits broken down by category, to your net worth, credit score and the interest rate you pay on your debt.

Insights

Status provides algorithmically derived, real-time insights about how your data compares with your peers’ and lets you know about opportunities for improvement. For example, Status may recommend you consolidate your credit card debt with a personal loan at a lower rate if it notices you pay more interest on your debt compared with your peers.

Source: statusmoney.com

Status recently added an entirely separate “Opportunities” tab where you can not only see recommended financial opportunities, but also how well you match with the opportunity. Maksad told MagnifyMoney the match was developed with Netflix in mind. It’s based on your financial behavior and your peers. It takes into account things like your financial situation, the financial institutions you use, your previous interaction with similar opportunities and opportunities your peers may have taken advantage of.

Source: statusmoney.com

Spending tracker

You can use the monthly tracker feature in Status as a budgeting tool. You can set a spending limit by category for the month overall, and Status will send you an alert when you go over your intended spending limit. You’ll receive an email, for example, if you spend $110 on expenses in the transportation category for the month when your limit was $109.

You can also see your projected spending in the current month for that category, your historical spending habits broken down by category and how your spending compares to your peer group and a second group you have selected (either the national average, income range, your age group or a random sample).

Source: statusmoney.com

Is Status Money secure?

You might be wondering: With the ability to compare your financial stats with those of 15 million other people, is your information secure?

“Security and privacy have been our focus areas since the beginning,” said Maksad. “From day one we had to buckle down on privacy and security.”

Status says it encrypts and stores personal information using security technology independently rated by BitSight, a top security agency.

What about my data?

Status doesn’t sell your information to anyone but it may share your personal information with its partners that help it provide its service. That means Status won’t try to make money off your data, but it would share some of the information you provide with TransUnion in order to access your credit reporting data so you can use it with Status Money to help make financial decisions.

If Status is free and doesn’t sell data, how does it make money?

Status makes money through ads for products advertised to you based on your profile, as many of its competitors do.

What we like about Status Money

Peer pressure through information

Status money gives you information about the people most similar to you, and research has shown that knowing what your peers do may influence your behavior.

In a study released this year, researchers at the University of Chicago’s Booth School of Business and the University of Maryland Smith School of Business analyzed the spending habits of 6,000 Status Money users from September 2017 to April 2018.

The study found the average Status Money user reduced their spending as a percentage of monthly income by about 7% after joining. When people realized they were spending more than their peers, they reduced their spending by an average 23%, or $600 per month, regardless of income level. Those who realized they were underspending increased spending by an average 1%.

The university researchers approached Status to conduct the research and were not incentivized in any way.

Reviewer’s take: I was shocked to see I spent thousands less than my peers on average, and that made me feel good. So good, in fact, that I started paying more attention to my spending habits so I could stay ahead of the curve.

I was also surprised to see I have $10,000 more in debt on average than the 34 million others in my age group, but I was I was pleasantly surprised to know I have competitive rates on all my credit cards and student loans.

And seeing that I don’t have as much in assets as my peers do motivated me to rebalance my retirement funds, increase my retirement contribution and get serious about my emergency fund.

Actionable information

Status doesn’t simply tell you that you’re paying more in credit card interest than your peers do. It will show you opportunities to reduce your costs, like debt consolidation. Just keep in mind that the products Status shows you may not be your only options, and you should shop around before opening any new accounts to make sure you’re getting the best deal.

Reviewer’s take: I didn’t personally take advantage of the Opportunities tab, but I thought they were fairly accurate and I’m interested in moving forward with some of them when I’m ready.

I thought it was interesting that one Opportunity was saving on things to do in NYC with Groupon. I already use Groupon for self-care services like massages and facials, but didn’t really think to use it for entertainment, although I do spend a fair amount of money on live events. It made me feel the options were very personalized — more tailored to my tastes than recommendations from other budgeting apps.

Multiple levels of comparison

You can compare yourself in just about every way to your peers, and either the national average, income range or your age group on Status. Here are a few examples of what you can compare with Status:

  • Monthly income
  • Credit score
  • Debt as a whole
  • Debt, broken down by type
  • Interest rate on debt
  • Overall monthly spending
  • Monthly spending by category
  • Overall savings
  • Monthly savings
  • Overall net worth
  • Net worth, broken down by debt and assets
  • Overall assets
  • Assets, broken down by type
  • Historical home and car values

Maksad told MagnifyMoney the service aims to add comparison categories like marital status, household size, education level and gender in the future.

Important insights, all in one place

Like most of its competitors, Status allows you to see your net worth, track your spending and manage your budget, using a single platform. These are crucial components of any personal financial management system.

Reviewer’s take: The app was pretty good about categorizing my transactions, but I did have to routinely go in and recategorize some of them. This was a minor hassle since editing transactions is quick and easy. I’d spend a few minutes a week reviewing the transactions.

Free

You get all of the insights, comparisons, budgeting features and financial opportunities Status provides, for free. There is no paid version of Status Money and there might never be, Maksad told MagnifyMoney.

Downsides to Status Money

No mobile app

Status says it plans to release iOS and Android mobile apps in 2018. Maksad said the app will also be free once it’s released.

Reviewer’s take: This bothered me because it’s not my natural inclination to type a web address into a web browser when I’m on my phone. Also, I absolutely abhor having to manually enter my login information. If it doesn’t say “continue as Brittney” or use FaceID, I’m not logging in. I didn’t try creating a shortcut prior to writing this review, but I am considering the switch. Again, it’s putting in the effort. For now, I can’t wait for Status to roll out the app for iOS so I can log in more regularly.

No bill pay

As of this writing, Status doesn’t offer bill pay, but that’s on par with competitors.

No investing

As of this writing, Status doesn’t offer wealth management or investing features, which some competitors do (for a fee).

Who Status Money would be best for

Status may be a good tool for anyone who wants to see where they stand financially in reference to others, track their budget or monitor and build their wealth.

The service’s tech-savvy design and use of peer comparisons to influence spending behavior make it a better money-management app for the younger generations (millennials and Generation Zers).

Several studies have shown that peers are more influential to younger people. As we age, our peers have less and less influence on our beliefs and behaviors. On top of that, millennials and Gen Z are the first generations to grow up with social media. They are the demographics that have been conditioned to want to know what their peers are doing and care about keeping up with trends in the groups they identify with.

If you aren’t interested in what your peers are doing and would prefer to have access to bill management or investment features, you may want to try out a different budgeting and financial management service.

How to sign up for Status Money

To sign up for Status Money, you provide the usual personal information (name and email) and set a password to create an account.

Source: statusmoney.com

Then Status requires you to enter more detailed personal information that’s needed to track your finances, set your peer group and pull your credit information like your income, housing status, Social Security number and assets like your car or home. When all of that’s done, you can link your financial accounts and access Status Money’s services.

Status says it can connect to more than 12,000 financial institutions. If your institution isn’t available, you can email Status and request to have it added. It took me about 20 minutes to link all of my accounts, but it could have taken less than 10 minutes if I had all of my passwords on hand. For that reason, I recommend you gather all of your login information for all of your accounts ahead of time.

After that’s handled, you’re all set. You will see a dashboard with various options to see high-level and more detailed financial information and comparisons.

How Status Money compares with competitors

Status Money has something no other fintech service provides: anonymous peer comparisons. But the service also lacks features its peers offer like access to a human financial adviser, and Status doesn’t yet have a mobile app.

Here’s a breakdown of how Status Money fares against its main competitors: Mint and Personal Capital.

Status Money vs. Mint vs. Personal Capital

Feature

Status Money


Status Money

Mint


Mint Budgeting APP

Personal Capital


Personal Capital App

Peer comparisons

Yes

No

No

Budgeting/spending tracker

Yes

Yes

Yes

Credit score monitoring

Yes

Yes

Yes

Credit report information

Yes

Yes

Yes

Spending alerts

Yes

Yes

Yes

Bill pay

No

No

No

Bill management

No

Yes

No

Mobile app

No. iOS and Android apps to be released by the end of 2018

Yes. Apps for iOS and Android.

Yes, but only for budgeting features. Apps for iOS and Android.

Website/web app

Yes

Yes

Yes

View net worth

Yes

Yes

Yes

Paid version

No

Yes

Yes, 0.49%-0.89% of what you invest, if you want to use wealth management features

Investing/wealth management

No

No

Yes, charged as a percentage of invested funds

Retirement planning

No

No

Yes

Tax preparation assistance

No

Yes

No

Customer service

Email

Email

Phone 24/7 & Email

The bottom line

The lack of a mobile app is pretty annoying, but I’m hoping Status stays on track with its plan to release apps for iOS and Android soon. Overall, I feel having the comparison in front of me motivated me to become more mindful about how I use my money so that I could “win” in my financial life. I know that is technically impossible, but it feels like a competition and if you are competitive, you will be driven to do better than your peers, too.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Brittney Laryea
Brittney Laryea |

Brittney Laryea is a writer at MagnifyMoney. You can email Brittney at brittney@magnifymoney.com

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Reviews

SoFi Money Cash Management Account Review

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

SoFi Money review
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SoFi, the financial institution known for low rates and low fees on student loans and mortgages, is making a foray into consumer cash management accounts. SoFi Money™ will offer a high-yield checking account with no account fees.

We looked at every aspect of SoFi’s new checking account offering to see how it stacks up to competitors.

What sets Money apart from the competition is that SoFi clearly wants this account to be a one-stop shop for both savings and checking. Basically, the SoFi Money account will offer an interest rate that’s much higher than the rate on most checking accounts. This means you can keep your savings in your checking account rather than a savings account. This sounds convenient, but it’s not always the best idea.

Some people may manage to save more money when they separate their money into a different account, even if the account doesn’t have a great interest rate. And you can certainly find savings accounts with higher yields than the 2.25% APY SoFi Money is offering.

We dug into the details that are available at this time to see who should consider replacing their current checking account with SoFi Money.

SoFi Money vs Ally and Simple

The SoFi Money account offers an excellent blend of low fees and high interest rates, but it won’t be perfect for everyone. We’re highlighting a few accounts that shine where the SoFi Money account is a bit weaker.

“The important thing about this account is that it’s not a checking or savings account,” said Ken Tumin, editor of DepositAccounts.com, another LendingTree-owned site. “This appears to have more risk than a checking or savings account.” Why is it riskier? Instead of providing FDIC insurance directly, SoFi sweeps your deposits into one or more partner banks for the FDIC coverage. Your money isn’t FDIC-insured until the funds arrive at a partner bank, nor is it SIPC-insured when held with SoFi.

Banking with competitor Ally provides immediate and direct FDIC insurance for your banking deposits. “Its checking account rates may be a little lower than SoFi’s account for most balances, but they also offer savings and money market accounts which offer much higher interest rates. Savings and money market rates have risen much more than checking account rates since the Fed began raising interest rates.”

Bank

APY (Checking)

APY (savings)

SoFi Money

2.25%

N/A

Pros:

  • No monthly fee
  • No overdraft fees
  • High APY on checking
  • No ATM fees and unlimited ATM fee reimbursements, worldwide (as long as the ATM accepts Visa)
  • No foreign transaction fees

Cons:

  • Honestly, we can't find any! Just be sure to read the fine print to thoroughly understand everything.
Checking Account + Protected Goals Account*

2.02%

N/A

Pros:

  • Connected Savings Goal
  • Zero fees, even for non-sufficient funds and overdrafts
  • Built-in budgeting tools
  • Free Allpoint® ATM use

Cons:

  • No ATM fee refunds
  • No check-writing abilities
Online Savings Account from Ally Bank

0.10% on account balances up to $14,999.99.



0.60% on account balances of $15,000 or more.

2.20%

Pros:

  • Up to $10 ATM reimbursement
  • Free use of Allpoint® ATMs
  • High-yield savings
  • Instant transfers between checking and savings (including free transfers to protect against overdrafts)

Cons:

  • $25 overdraft fee (one per item)
  • Up to 1% foreign transaction fees
  • ATM reimbursement only available in the United States

What’s exciting about the SoFi Money account

No account fees. This will be a huge benefit to people who tend to keep low balances or live paycheck to paycheck, as fee-free accounts are few and far between among traditional big banks these days. With SoFi Money, you won’t pay a monthly maintenance fee and you won’t have to worry about paying non-sufficient funds fee (NSF) or overdraft fees either. You’ll also get free checks, free automatic bill pay and free mobile funds transfers. SoFi won’t even charge you a foreign transaction fee whenever you use your debit card to make a purchase in a foreign currency. Very few banks offer this level of “fee free,” and those that do often offer paltry interest rates.

High yield without complicated account requirements. Some high-yield checking accounts require account holders to maintain minimum balances, use their debit card a certain number of times or set up direct deposit. SoFi has no such requirements. The interest rate on the account is currently 2.25% APY, and it is a variable interest rate that is subject to change. In a rising rate environment, you could easily see that rate go up over time, as many other banks have been raising their rates in response to the rising federal funds rate.

Up to $1.5 million in FDIC insurance. One of the unique features of the SoFi Money account is in its design. Money kept in the SoFi Money account is actually “swept” into one of six program banks. All six banks give account holders up to $250,000 in FDIC insurance, so SoFi Money™ holders get up to $1.5 million in total FDIC insurance. While not many people will need that much insurance, it is a notable feature.

ATM fee reimbursement. SoFi doesn’t charge any ATM fees. Plus, SoFi will reimburse you for any ATM fees you pay worldwide when you use your Visa Debit card at any ATM with the Visa, Plus or NYCE logos. In contrast, other banks may reimburse for ATM fees up to a set dollar limit, like $10 at Ally.

Membership with SoFi. Opening a SoFi Money account makes you a member of SoFi. SoFi isn’t an exclusive club, but it provides its members with unique services like career coaching, local networking events and an entrepreneurship accelerator. If you’re looking to grow in your career, spruce up your resume, network with local career-minded individuals or just put a face with your bank, SoFi provides events that can help you out.

Digital first banking. Most people will interact with their SoFi Money account through the digital app. The app will include mobile banking features such as bill pay, photo check deposit, and mobile cash transfers. Although SoFi promises a digital-first experience, it remains to be seen if they can deliver. SoFi had a rocky update to its current app at the end of 2017, but has resolved the issues. Hopefully, the addition of SoFi Money to the SoFi app goes smoothly.

No account minimums. You do not need to maintain any particular balance to avoid fees or to earn interest.

Free checks. Plenty of SoFi Money account holders will forgo physical checks altogether, but those that need them can request checks for free.

There isn’t much not to like about SoFi Money™, to be honest. But there are a few areas where we think taking a closer look at the fine print is necessary. Although, considering that SoFi doesn’t charge any fees, plus the relatively high APY it offers, some of the items in the fine print might be okay to overlook, depending on how you use your account.

magnifying glass

What’s in the fine print?

  • Visa 1% foreign transaction fee. Although SoFi won’t charge you for making purchases in a foreign currency with your SoFi Money Visa® Debit Card, Visa will. You’ll pay a 1% fee to have the transaction converted to U.S. dollars.
  • Note that SoFi offers unlimited reimbursement on ATM fees, but only when you use your SoFi Money Visa® Debit Card at any ATM with the Visa®, Plus® or NYCE® logos. SoFi can also choose to limit or revoke ATM reimbursements at any time without notice.
  • To open up a SoFi Money account, you must be 18 years old and a U.S. citizen or permanent resident.

Accounts with better interest rates

Smaller banks that have “reward” checking accounts offer superior interest rates to the rates offered by SoFi. These banks limit their high interest rates to a subset of balances. They also require account holders to meet certain account usage requirements (such as debit card use minimums or direct deposits). Despite these requirements, these checking accounts may be superior savings vehicles.

For example, people with low checking account balances should consider an account at America’s Credit Union rather than SoFi. America’s Credit Union offers a 5.00% APY on balances up to $1,000. (After that, rates drop to 0.10% on balances between $1,000.01 and $15,000 and 0.25% on balances over $15,000.01). This account doesn’t have any monthly service fee, but it doesn’t offer any ATM refunds. Plus, earning the high interest rate requires you to meet several standards including 10 monthly uses of the debit card, at least $15,000 in loans or deposits with ACU, and at least $500 in direct deposits monthly.

Still, with a massive 5.00% APY on the first $1,000, many people can earn more interest by checking with America’s Credit Union. You can learn more about the details, requirements and limitations of America’s Credit Union here.

People with larger account balances (up to $20,000) may prefer holding their account at Consumers Credit Union. This account has no monthly service fees, unlimited ATM reimbursement and high-yield accounts. You’ll earn 3.09% APY on balances up to $10,000, 4.09% APY on balances up to $15,000 and 5.09% APY on balances up to $20,000.

Consumers Credit Union requires account holders to meet four requirements to earn interest. The requirements include making 12 point-of-sale debit purchases (without using a PIN number), having a direct deposit or bill pay, signing onto the online banking system once per month and signing up for eStatements. The requirements may be annoying, but the interest is shockingly high. Learn more about the account here.

Comparable accounts that reimburse all ATM fees worldwide

One of the huge perks to the SoFi Money account is the unlimited ATM fee reimbursements per month. If you’re a heavy ATM user (especially while abroad), this should be a huge advantage for you.

The Charles Schwab High Yield Checking account is probably the best example of a comparable account with this feature. Not only will you receive unlimited ATM reimbursements, you’ll also avoid paying any foreign transaction fees. However, a huge downside is that this account has an APY of 0.40% compared with SoFi’s 2.25% APY.

Similarly, the Save & Spend Account at Aspiration Bank has unlimited reimbursement on ATMs worldwide. This account also offers a 2.00% APY on all balances. Aspiration also doesn’t charge foreign transaction fees or overdraft fees. However, SoFi’s rate is still higher.

Comparable accounts with no foreign transaction fees

The SoFi Money account doesn’t have a foreign transaction fee, which some major banks have but often waive if you meet certain requirements. Once again, the Charles Schwab High Yield Checking account waives all foreign transaction fees. It also offers unlimited reimbursements on ATM fees worldwide. This is likely the premier account for international travelers, but it offers a paltry 0.40% APY, while SoFi Money stands out with a 2.25%.

Capital One also waives all foreign transaction fees on its checking accounts. However, these accounts carry a number of other fees and a lower interest rate than the SoFi Money account. Plus, Capital One won’t reimburse ATM fees charged by other banks.

Final take on SoFi Money

SoFi Money is a cash management account that will make a lot of sense for a lot of people. It’s one of the simplest accounts, and it offers unique benefits. The blend of no fees and higher interest rates should appeal to plenty of people. It’s an account that beats out most checking accounts from large banks, and it beats out accounts from most smaller banks, too (especially on the low-fee front).

If SoFi manages to implement the account without messing up its app, this account will quickly become a favorite account among people seeking accounts that don’t charge unnecessary fees.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Hannah Rounds
Hannah Rounds |

Hannah Rounds is a writer at MagnifyMoney. You can email Hannah here

Lauren Perez
Lauren Perez |

Lauren Perez is a writer at MagnifyMoney. You can email Lauren here

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Reviews

Barclays Personal Loan Review

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Disclosure : By clicking “See Offers” you’ll be directed to our parent company, LendingTree. Based on your creditworthiness you may be matched with up to five different lenders.

Barclays
APR

5.74%
To
18.99%

Credit Req.

700

Minimum Credit Score

Terms

36 to 60

months

Origination Fee

None

SEE OFFERS Secured

on LendingTree’s secure website

Barclays is a global bank with customers in 40 countries. ... Read More

Barclays Personal Loan Details
TermsFees and Penalties
  • Term lengths: 36 to 60 months
  • APR range: 5.74% to 18.99%
  • Loan amounts: $5,000 to $35,000
  • Time to funding: A few business days
  • Credit check: Soft Pull
  • Origination fee: None
  • Prepayment fee: None
  • Late payment fee: None

Barclays product details

One of the most unique features of the Barclays personal loan is the complete lack of late fees — your balance will still accrue interest if your payment is late, which could increase your total loan payment, but you won’t incur a penalty.

When you check your personal loan rate, Barclays performs a soft pull that won’t affect your credit score. This allows you to comparison shop, without lowering your score. Do note, the bank will check your credit score to determine your creditworthiness after you submit an application.

Eligibility requirements

  • Minimum credit score: 700
  • Minimum credit history: Not specified
  • Maximum debt-to-income ratio: Not specified

Specific eligibility requirements for personal loans are not available on the Barclays website.

Applying for a personal loan from Barclays

The Barclays personal loan application is entirely online. To begin the process, click “Check your rate,” follow the prompts and choose the options that best meet your needs. You do not need an invitation code to apply, but if you have one, click “Use my invitation code” at the top of the page to receive your customized rate.

During the application process, you’ll be asked to provide your name, address, contact information, Social Security number, employment details, and personal financial information. Barclays will send you a message through its secure application center to request written documents needed to evaluate your application. These items can be uploaded through the bank’s secure application center.

Before you sign your loan application, you’re free to cancel it at any time. If you choose to accept your loan, Barclays will issue the money within a few business days. You’re able to have the funds deposited in a U.S. checking or savings account or direct the bank to pay off up to five of your credit card balances without touching the funds yourself.

Pros and Cons of a Barclays Personal Loan
ProsCons
  • No fees: Barclays personal loans come with zero fees. This includes origination fees, prepayment penalties and late fees, which can result in significant savings.
  • Soft pulls: Checking your rate will not impact your credit score, because Barclays uses a soft credit inquiry that is not reported to creditors or credit reporting agencies.
  • Flexible terms: Choose a repayment period that fits your budget, as Barclays offers terms of 36, 48 and 60 months.
  • Competitive baseline APR: Barclays offers a baseline APR of 5.74%, which is lower than most lenders. However, rates are based on creditworthiness and length of term requested, so depending on your unique situation, you could end up with the maximum 18.99% APR.
  • Loan amounts: Barclays only offers loans between $5,000 to $35,000. This can be problematic if you’re looking for a smaller amount.
  • Time to funding: After you’re approved for a Barclays loan, it takes at least few business days to get you the money. The bank notes that delays are possible based on the policies and procedures of your financial institution.

Who’s the best fit for a Barclays personal loan?

A Barclays personal loan might be a great fit if you’re opposed to paying fees of any kind. The lack of origination fees, prepayment penalties and even late fees can result in serious savings.

Considering loan amounts range from $5,000 to $35,000, this product will only work if you need to borrow a substantial amount of cash. Due to the seriously competitive baseline 5.74% APR, it’s also a better choice if you have a low credit score. Rates are based on creditworthiness and length of term requested, so if your credit isn’t the best, you could end up with the highest rate, which tops out at 18.99% APR.

Since Barclays’s personal loans offer a fully digital experience, this is also a better choice for the tech savvy crowd. While a customer service team is always a phone call away, you might become frustrated with the self-service features and the lack of face-to-face interaction if you prefer more a more personalized banking experience.

Before deciding on a personal loan, it’s smart to read Barclays reviews and comparison shop to see what other lenders have to offer. LendingTree has a personal loan tool that can be used to quickly and efficiently explore your options. Barclays loans have no origination fees, and below are a few alternatives that also offer this benefit.

Alternative personal loan options

LightStream

APR

3.99%
To
16.99%

Credit Req.

660

Minimum Credit Score

Terms

24 to 144

months

Origination Fee

No origination fee

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

LightStream is the online lending division of SunTrust Bank.... Read More


Your APR may differ based on loan purpose, amount, term, and your credit profile. Rate is quoted with AutoPay discount, which is only available when you select AutoPay prior to loan funding. Rates under the invoicing option are 0.50% higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 3.99% APR with a term of 3 years would result in 36 monthly payments of $295.20.

LightStream, a division of SunTrust Bank, offers personal loans from $5,000 to $100,000. Rates are extremely competitive — the bank is willing to beat any qualifying lower rate offered by another lender by 0.10% — and vary by loan purpose. There are no fees attached to the loan, including prepayment penalties. This can be a good choice if you’re looking for a fee-free loan, but need a higher amount than Barclays offers.

SoFi

SoFi
APR

5.99%
To
16.99%

Credit Req.

680

Minimum Credit Score

Terms

24 to 84

months

Origination Fee

No origination fee

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

SoFi offers some of the best rates and terms on the market. ... Read More


Fixed rates from 5.990% APR to 16.990% APR (with AutoPay). Variable rates from 5.74% APR to 14.70% APR (with AutoPay). SoFi rate ranges are current as of March 18, 2019 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. See APR examples and terms. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 5.72% APR assumes current 1-month LIBOR rate of 2.49% plus 4.28% margin minus 0.25% AutoPay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.

To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull.

See Consumer Licenses.

SoFi Personal Loans are not available to residents of MS. Minimum loan requirements might be higher than $5,000 in specific states due to legal requirements. Fixed and variable-rate caps may be lower in some states due to legal requirements and may impact your eligibility to qualify for a SoFi loan.

Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)

SoFi grants personal loans from $5,000 to $50,000. There are zero fees attached to the loans and SoFi’s unemployment protection benefit allows you to temporarily pause payments, while helping you find work if you lose your job. If you’re looking to borrow more than the maximum Barclays personal loan limit or want to spread your payments out across a longer term, a SoFi personal loan can be solid option.

Earnest

Earnest
APR

6.99%
To
18.24%

Credit Req.

680

Minimum Credit Score

Terms

36 to 60

months

Origination Fee

No origination fee

SEE OFFERS Secured

on LendingTree’s secure website

Instead of offering credit-based loans, Earnest has taken a very nontraditional approach using a merit-based system.... Read More

Earnest offers personal loans that range from $5,000 to $75,000 and you’re able to choose your desired monthly payment. You might also score a more competitive rate with Earnest, as the lender analyzes your entire financial profile to calculate your APR, instead of relying solely on your credit score. Earnest could be a good choice if you need more money than the maximum Barclays limit or you feel like your credit score doesn’t properly represent your financial standing.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Laura Woods
Laura Woods |

Laura Woods is a writer at MagnifyMoney. You can email Laura here

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