Seeking bigger U.S. presence, Barclays joins crowded online lending market (subscription)

British giant Barclays is the latest bank to join the crowded field of online lending.

As part of a broader effort to build out its U.S. consumer business, London-based Barclays is now offering unsecured personal loans online, targeting prime and super-prime borrowers. It has been testing its online lending platform with select U.S. customers since late last year and plans to roll it out in full force in 2018, said Curt Hess, the CEO of Barclaycard U.S.

Barclays has $33.1 billion of assets in the U.S., the bulk of which are credit card loans to consumers with stellar credit records. Its personal loans typically range between $5,000 and $35,000 and can be repaid in three, four or five years. The interest rates range from 4.99% to 18.99% and the loans carry no origination fees or prepayment penalties, Hess said.

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