Advantage Loan

• Borrow between £1,000 – £25,000, up to 5 times your Penny Post savings
• Advantageous interest rates, that reduce for larger loans
• 20% of the outstanding loan value must be kept in Membership Account as security and cannot be withdrawn
• Save as you borrow, so you’ll continue to grow your savings whilst repaying your loan
• Maximum loan term 7 years
• Affordable repayments tailored to suit your budget
• Easy to apply, with options for everyone – apply on our App, apply online, apply on the Nivo App on your mobile, or complete a paper form if preferred, although this takes a bit longer!
• Apply to Top Up when repaid 10% of the original loan value

Please Note: If applying to Top Up, please apply for the amount you are topping up by, when completing the application. If approved, this amount will be the extra amount you receive.

• No application fees or hidden charges
• No penalties for early repayments, so repay early & you’ll save interest
• Affordable loan repayments straight from your pay if a Royal Mail Group employee, or alternatively by Direct Debit
• Apply for a top up once 10% of original loan value repaid
• Convenient weekly or monthly repayments, tailored to suit your budget
• Save as you borrow, so you’ll continue to grow your savings whilst repaying your loan
• Savings continue to attract dividend payments* whilst repaying your loan

*Dividends are not guaranteed. The rate payable is dependent on financial performance and voted on by members at the Annual General Meeting.

• 20% of the outstanding loan value must be kept in Membership Account and cannot be withdrawn until your loan is cleared.
• You must also save a minimum of £2/week or £10/month as you borrow, so continue to grow your savings whilst repaying your loan. This minimum saving amount will be added to your ‘Locked Savings Account’ and cannot be withdrawn until your loan is cleared.
• After repaying 10% of the original loan value, members can apply to top up the loan
• Members may only hold 1 Penny Post loan at any time
• The Advantage Loan is not available to members who are bankrupt or have an Individual Voluntary Arrangement (IVA) that shows on their credit report.
• When a loan requires a level of savings, we usually only take into account savings built up in your Penny Post accounts. However, we will consider lump sums paid into your Penny Post account from other sources, if you are able to provide evidence that the lump sum has come from other savings
• Other terms and conditions may apply.

• 20% of the outstanding loan value must be kept in Membership Account and cannot be withdrawn until your loan is cleared.
• You must also save a minimum of £2/week or £10/month when you borrow, so have a lump sum saved when you’ve repaid your loan. This minimum saving amount will be added to your ‘Locked Savings Account’ and cannot be withdrawn until the loan is cleared
• You can view the Locked Savings 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.

With your consent, we use Open Banking to review your income and expenditure, speeding up the assessment process and saving you time. Open Banking is safe and secure, quick and easy. For more information on Open Banking, click here.

If we cannot use Open Banking, you will need to supply us with copies of your last 3 months bank statements, before we can consider your application. The bank statements must cover the 3 months up to the date of your application, and must include your name details*. Poor quality or incomplete copies cannot be accepted, and will delay your application. Open Banking is therefore the quickest, easiest and most secure way to provide us with the required income and expenditure information.

* If your address (or name) is different to the one on our system, we will need to see a recent, official proof of address document like a bank statement or utility bill before considering your loan application.