Savings Secured Loan

Borrow the value of your Penny Post savings, at our lowest rate

For all members

Borrow up to your Penny Post savings balance
(borrow £250 – £25,000)

Maximum loan term – 7 years

Interest rate 2.86% pa (2.9%APR)

Sometimes you need money, but don’t want to dip into your savings.

With our Savings Secured Loan, your loan is secured against your Penny Post savings, protecting them whilst enabling you to still borrow money at a great interest rate of just 2.9% APR, our lowest ever rate. And remember… your savings continue to earn an annual dividend* (making the rate even better than most high street lenders!), and you benefit from our Free Life Cover too.

So, if you’re looking to borrow money at a great rate secured against your savings, our Savings Secured Loan is for you!

Savings Secured Loan at a glance

Borrow up to the value of your Penny Post savings, between £250 – £25,000
Enjoy our lowest interest rate of just 2.86% p.a. (2.9% APR)
Maximum loan term 7 years
100% of the loan value must be kept in your Membership Account as security and cannot be withdrawn
Top Up by a minimum of £100 at any time, up to the value of your Penny Post savings
Affordable repayments tailored to suit your budget
Quick & easy application – apply in minutes with Nivo or login to the Penny Post App or Online Banking & complete the application form

Please Note : If applying to Top Up your existing Savings Secured 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 Savings Secured Loan

No credit or affordability checks
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 Direct Debit
Convenient weekly or monthly repayment, tailored to suit your budget
Savings continue to attract dividend payments* whilst repaying your loan

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

Things you should know

Members must keep 100% of the loan value in their Membership Account. This will be secured against your loan and cannot be withdrawn until the loan is cleared in full.
If savings in a Prime, Plus or other account count towards security, they must be transferred to a Membership Account before the loan is issued.
Members can Top Up their Savings Secured loan up to the value of their savings at any time. The minimum Top Up value is £100.
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.