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Savings not linked and may be withdrawn at any time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Members savings are not linked to a Seasonal Loan, and can be withdrawn at any time (£1 must remain to keep the account open).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.