The Pathway Loan is a new way to borrow from us. Instead of looking only at your credit score, we look at your income and what you spend each month.
Members can use a Pathway Loan for everyday costs, like a broken boiler, car repairs or new school uniforms. You borrow a small amount and know exactly what it costs from day one.
Pathway Loan at a glance
Your repayments stay the same for the whole loan.
Paying on time helps you build a good record of borrowing with us.
Apply for further lending when you have repaid 50% of your Pathway Loan.
Easy to apply, with options for everyone.
Benefits of a Pathway Loan
No application fees or hidden charges.
No penalties for paying your loan off early.
Repayments straight from your pay, or pay by Direct Debit.
Weekly or monthly repayments, to suit your budget.
Save as you borrow, so you’ll have a lump sum when you’ve repaid 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.
Things you should know
Members may only hold 1 Penny Post loan at any time.
All loans are subject to our affordability checks. We may offer you a different amount, or we may not be able to lend.
Missing repayments can make it harder to borrow in the future, and may affect your credit file.
This 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 apply.
Grow your savings
You must save a minimum of £2/week or £10/month while you repay your loan.
You can see your savings balance online, but you can only withdraw your available balance. Once your loan is repaid, you can withdraw your full savings amount.
Speeding up your assessment with Open Banking
With your consent, we use Open Banking to look at your income and spending. It’s the quickest way for us to look at your application. To find out more about Open Banking, click here.
If we cannot use Open Banking, you will need to send us your last 3 months of bank statements. They must show your name and cover the 3 months up to the date you apply. Poor quality or incomplete copies will slow things down.
Loan Calculator
Use our loan calculator to see how much you could borrow and how much you would pay back.
Borrowing £500 over 52 weeks will cost £11.48 a week. The total amount repayable is £596.96 which includes interest at 42.6% APR.
Monthly repayments
Borrowing £1,000 over 12 months will cost £100.46 a month. The total amount repayable is £1,205.52 which includes interest at 42.6% APR.
Penny Post Credit Union is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Reg No. FRN213680
