Seasonal Loan

Spread the cost of annual expenses with this flexible loan

For members with 1 or more years’ Royal Mail Service or Penny Post membership

Borrow up to £2,000
(no savings required)

Interest rate 18% p.a. (19.6% APR)

Spread the cost of annual expenses like Christmas, holidays and car insurance with this flexible loan especially for members.

Do you struggle with large annual expenses like the cost of Christmas or a family holiday? Rather than opting to use a credit card, talk to Penny Post about a Seasonal Loan – we may be able to help. Repay your loan over 12 months in bite-sized chunks, straight from your pay – easy!

Seasonal Loan at a glance
  • Borrow up to £2,000
  • Competitive interest rate of 18% p.a. (19.6% APR)
  • Maximum loan period 12 months
  • 1 years’ Royal Mail service or Penny Post membership required
  • Affordable repayments tailored to suit your budget
  • Savings not linked and may be withdrawn at any time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
Benefits of a Seasonal Loan
  • 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
Things you should know
  • Members with a Silver Loan can apply for a Seasonal Loan providing the total balance does not exceed £8,000. (Members may have a maximum of 2 loans at any time).
  • Members savings are not linked to a Seasonal Loan, and can be withdrawn at any time (£1 must remain to keep the account open).
  • There is NO top up facility on the Seasonal Loan.
  • Members may apply for a Rapid Loan in addition to a Seasonal Loan, but no other loans are allowed at the same time.
  • The Seasonal 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 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 £1,000 over 52 weeks will cost £21.04 a week. Total amount repayable is £1089.87 which includes interest at 19.6% APR.

Monthly repayments

Borrowing £1,800 over 12 months will cost £165.03 a month. Total amount repayable is £1948.72 which includes interest at 19.6% APR.

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