Rapid Loan

Helping with life’s little emergencies

For all members

Borrow up to £500
(no savings required)

Interest rate 36% pa (42.6% APR)

We’re here to help with the cost of life’s little emergencies, so when you need a helping hand, look no further than a Penny Post Rapid Loan. Borrow up to £500 and repay over 12 months with affordable fixed repayments to help you budget.

Members can apply for a Rapid Loan for almost any purpose. So if the washing machine breaks down, the car needs new tyres or you’re faced with a ‘little emergency’, talk to us, and we might be able to help!

Rapid Loan at a glance
  • Borrow up to £500
  • Interest rate of 36% p.a. (42.6% APR)
  • Maximum loan term 12 months
  • Apply anytime
  • Member may have one other Penny Post Loan
  • Savings not linked and may be withdrawn at any time
  • 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 Rapid 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 Rapid Loan
  • No application fees or hidden charges
  • No penalties for early repayments, & you’ll save interest too
  • Fixed repayments to help your budget
  • Apply for a top up after you’ve repaid your Rapid Loan for a minimum of six months
  • Competitive interest rate compared to a payday loan, a weekly payment store or a doorstep lender
  • Affordable loan repayments straight from your pay if a Royal Mail Group employee, or alternatively by standing order
  • Savings are not linked to a Rapid Loan and may be withdrawn at any time
  • Awarded a Fairbanking Mark in 2019, like all Penny Post personal loans, & held the Mark until 31.10.21 when the Fairbanking Mark accreditation scheme ceased operating
Things you should know
  • Members may apply for a Rapid Loan in addition to another Penny Post loan but may only have 2 loans at any time with a maximum balance of £8,000.
  • The Rapid Loan is not available to members who are bankrupt or have an Individual Voluntary Arrangement (IVA) that shows on their credit report. Exceptional cases may be discussed on an individual basis.
  • 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 £400 over 26 weeks will cost £16.86 a week. Total amount repayable is £435.00 which includes interest at 42.6% APR.

Monthly repayments

Borrowing £500 over 6 months will cost £92.30 a month. Total amount repayable is £536.50 which includes interest at 42.6% APR.

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