Members Quotes
From time to time we all need to borrow, and Penny Post is here to help. With rates from just 2.9% APR and cheaper than most credit cards, our straightforward loans are easy to apply for, with options for everyone! And … with save as you borrow, you’ll have a lump sum when you’ve repaid your loan too.
Borrow up to £10,000
(no savings required)
Save as you borrow
Interest rates
25.9% APR for loans <£1,999
21.9% APR for loans £2,000 – £4,999
19.9% APR for loans £5,000 – £10,000
Borrow 5 x Penny Post savings balance
(borrow £1,000 – £25,000)
Save as you borrow
Interest rates
10.9% APR for loans <£9,999
5.9% APR for loans >£10,000
Tidy up your finances by consolidating outstanding borrowing into 1 manageable repayment
(borrow between £2,000 – £25,000)
Save as you borrow
Interest rate
16.9% APR
Borrow up to your Penny Post savings balance
(borrow £250 – £25,000)
Save as you borrow
Interest rate
2.9% APR
our lowest rate
Loan Calculator
Use our loan calculator to see how much you could borrow and how much you would pay back.
Which Loan?
Need help finding the right Loan for you? Then use our Penny Post Loan Finder.
Loan FAQs
For help and guidance on applying for a Penny Post loan and everything you need to know to guide you through the application process.
Members may only hold one loan at any time. If members currently hold 2 loans, they will be amalgamated into 1 loan, when the member next applies to Top Up.
There are no arrangement fees or hidden charges with Penny Post loans. Members can also pay off loans early, without incurring penalties – instead you will save money on interest.
Repayments are on a weekly or monthly basis, with repayments tailored to suit your budget. Interest is calculated on the reducing balance, so the quicker you repay a loan, the less interest you will repay.
All members must save a minimum of £2/week or £10/month as they borrow, so you’ll have a lump sum saved once you’ve repaid your loan. This minimum saving amount will be held in your ‘Locked Savings Account’ – you can view the balance online and watch your savings grow, but withdrawals are not permitted until the loan is cleared. When your Locked Savings balance exceeds your outstanding loan balance, you may contact Penny Post if you wish, and use your locked savings to clear your loan balance, saving you interest too.
As part of the loan assessment, we use licensed Credit Reference Agencies. The ways they use and share personal information are explained in more detail in the Credit Reference Agency Information Notice (CRAIN). To view Experian’s CRAIN, click here. To view Equifax’s CRAIN, click here. To view Transunion’s CRAIN, click here.
Unfortunately, a member who is on sick leave is not eligible to apply for a loan. Members who are currently on sick leave can re-apply once they return to work.
Members who are bankrupt or have 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.
We would encourage members who experience financial difficulties to contact us at the earliest opportunity to discuss the possibility of a revised repayment plan.
