We have simplified our loans!  Members* can now apply for a Personal Loan after their first payroll deduction up to a maximum of £2,000.   After six weeks saving the maximum loan amount that can be applied for goes up to £6,000.  There is no minimum amount, small loans application are welcome.

The interest rates on a Personal Loan  up to £3,999 is 26.8%apr.  For loans of £4,000 to £6,000 it is 19.6%apr

We also offer an Attached Loan after six weeks saving.  Members can apply for up to 4 times their savings to a maximum of £10,000.  The interest rate is 11.7% apr.  There is a requirement to keep the equivalent of at least 25% of the outstanding loan in savings.

Only one loan at a time is permitted and all without additional fees or transaction charges. There are no penalties associated with paying off your loan quicker than agreed and it will save you interest.

Repayments are on a weekly or monthly basis; and members should be aware that there are some legal limitations to length and amount of loans. Our general advice is to try and repay a loan in as short a time as possible (this way it will cost you less).  The current maximum loan period is set at five years.

*Members who have been bankrupt or taken an Individual Voluntary Arrangement (IVA) that shows on their credit report (normally six years after the event) are welcome to save with Penny Post Credit Union and benefit from the Annual Divided (profits allowing), however, loans are not available to these members.


  • Competitive rates
  • Much better value than ‘pay day loans’, with low rates of interest and flexible repayment options
  • No hidden fees or charges for set up, processing, documentation etc.
  • Easy application process and speedy decisions
  • Repayment terms to suit your circumstances
  • No penalties for clearing your loan early
  • Flexibility to make larger or lump sum payments with no penalty
  • Repayments calculated on the reducing balance of the loan. This means reduced interest repayments as your loan gets smaller
  • You as a member benefit from any surplus that we make by way of the Annual Dividend
  • All loans considered on a case by case basis
  • Loans are covered by our Bereavement Fund – your loan is paid off in the event of your death