Savings Secured Loan

• Borrow up to the value of your Penny Post savings, between £250 – £25,000
• Enjoy our lowest interest rate of just 5.9% 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• 100% of the loan value must be kept in your Membership Account as security and cannot be withdrawn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 – Login to the Penny Post App or Online Banking & complete the application form

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

• 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.

• 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 This will be secured against your loan and cannot be withdrawn until the loan is cleared in full.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.