Silver Loan

No savings, no problem!

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

Borrow up to £8,000
(no savings required)

Interest rate 22.3% p.a. (24.9% APR)

No savings with Penny Post? No problem! Borrow up to £8,000 with this flexible loan, exclusively for members with 1 or more years’ Royal Mail service or Penny Post membership.

Members can apply for a Silver Loan for almost any purpose. So if you’re planning home improvements, upgrading the car or have a special occasion to celebrate, talk to us, and we might be able to help!

Silver Loan at a glance
  • Borrow up to £8,000
  • Competitive interest rate of 22.3% p.a. (24.9% APR)
  • Maximum loan term 6 years
  • 1 or more years’ Royal Mail service or Penny Post membership required
  • Apply anytime
  • 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  • Savings not linked and may be withdrawn at any time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

Please Note : If applying to Top Up your existing Silver 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 Silver 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
  • Apply for a top up once 10% of original loan value repaid (10% of total lending if more than loan)
  • Convenient weekly or monthly repayment, tailored to suit your budget
  • Savings are not linked to a Silver Loan and may be withdrawn at any time
  • Awarded a Fairbanking Mark in 2019, like all Penny Post personal loans, & held the Mark until 31.10.21 when the Fairbanking Mark accreditation scheme ceased operating
Things you should know
  • After repaying 10% of the original loan value (or 10% of total lending if you have more than 1 loan), members can apply to top up the loan, providing no ‘special conditions’ were set when the loan was issued.
  • Members may apply for a Rapid or Seasonal in addition to a Silver Loan, but may only have 2 loans at any time with a maximum balance of £8,000.
  • The Silver Loan is not available to members who are bankrupt or have an Individual Voluntary Arrangement (IVA) that shows on their credit report. Lump sum repayments do not count towards the 10%.
  • 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 £2,000 over 99 weeks will cost £25 a week. Total amount repayable is £2439.00 which includes interest at 24.9% APR.

Monthly repayments

Borrowing £5,500 over 48 months will cost £175 a month. Total amount repayable is £8,096.22 which includes interest at 24.9% APR.

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