Gold Loan

Rewarding saving, this flexible loan offers members a preferential interest rate

For members with 2 or more years’ Royal Mail Service or Penny Post membership

Borrow 4 x Penny Post savings balance
(borrow £1,000 – £15,000)

Interest rate 9.4%pa (9.9% APR)

The Penny Post Gold Loan rewards members who have built up savings by offering a preferential interest rate. This flexible loan allows members to borrow up to 4 times their savings, up to £15,000, and is exclusively for members with 2 or more years’ Royal Mail service or Penny Post membership.

Members can apply for a Gold Loan for almost any purpose. So if you have a special occasion to celebrate, are looking to upgrade the car, or are planning home improvements, talk to us, and we might be able to help!

Gold Loan at a glance
  • Borrow between £1,000 – £15,000, up to 4 times your savings
  • Preferential interest rate of 9.4% p.a. (9.9% APR), rewarding you for saving
  • Maximum loan term 6 years
  • 2 or more years’ Royal Mail service or Penny Post membership required
  • Affordable repayments tailored to suit your budget
  • 25% of the original loan value must be kept in Regular Savings Account as security & cannot be withdrawn
  • Quick & easy online application – apply in minutes with Nivo or login to Online Banking & complete the application form

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

Benefits of a Gold Loan
  • No application fees or hidden charges
  • No penalties for early repayments, & you’ll save interest too
  • Affordable loan repayments straight from your pay if a Royal Mail Group employee, or alternatively by standing order
  • Convenient weekly or monthly repayment, tailored to suit your budget
  • Savings continue to attract dividend payments* whilst repaying your loan
  • Awarded 5 star status, like all Penny Post personal loans, from the independent Fairbanking Foundation

*Dividend dependent on company performance and agreed by Board and members at the AGM.

Things you should know
  • Members must keep 25% of the original loan value in their savings account as security. This amount cannot be withdrawn until the outstanding loan balance is less than the amount held in the Regular Shares account.
  • If savings in a Prime, Plus or other account count towards security, they must be transferred to a Regular Shares account before the loan is issued.
  • After repaying 25% of the original loan value for loans above £10,000 or 10% of the original loan value for loans under £10,000, members can apply to top up the loan. Lump sum repayments do not count towards the 10% or 25%.
  • Members may apply for a Rapid Loan in addition to a Gold Loan, but no other loans are allowed at the same time.
  • Paying ‘lump sums’ into a savings account to qualify for a Gold Loan is not permitted. Instead regular weekly or monthly savings are required. However, transferring regular savings from another savings account may be considered, on an individual basis.
  • The Gold Loan is not available to members who are bankrupt or have an Individual Voluntary Arrangement (IVA) that shows on their credit report.
  • Other terms and conditions may apply.
Open Banking

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 and address*. 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.

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.

Representative Examples

Weekly repayments

Borrowing £3,500 over 111 weeks will cost £35 a week. Total amount repayable is £3857.89 which includes interest at 9.9% APR.

Monthly repayments

Borrowing £10,000 over 55 months will cost £225 a month. Total amount repayable is £12,245.35 which includes interest at 9.9% APR.

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