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)

Interest rate 2.86% pa (2.9%APR)

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

With our new 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 Bereavement Fund too.

So, if you’re looking to borrow money at a great rate secured against your savings, our new 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  • 100% of the loan value must be kept in Regular Savings Account as security and cannot be withdrawn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 standing order
  • 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 Regular Shares 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 This will be secured against your loan and cannot be withdrawn until the loan is cleared in full.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 Regular Shares 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.
  • Members may apply for a Rapid or Seasonal Loan in addition to a Savings Secured Loan, but no other loans are allowed at the same time.
  • Paying ‘lump sums’ into a savings account to qualify for a Savings Secured 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.
  • Other terms and conditions may apply.

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 £2,550 over 104 weeks will cost £25.23 a week. Total amount repayable is £2,624.33 which includes interest at 2.9% APR.

Monthly repayments

Borrowing £10,350 over 36 months will cost £300.35 a month. Total amount repayable is £13,812.68 which includes interest at 2.9% APR.

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