Starter Loan

A flexible first loan for new Penny Post members

For new members with less than 1 years’ Royal Mail Service or Penny Post membership

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

Interest rate 24% p.a. (26.9% APR)

New to Penny Post? Then our new flexible Starter Loan could be for you! Borrow up to £2,000, and repay in affordable bite-sized chunks – perfect for Royal Mail employee family members (living at the same address) or Royal Mail Group employees with less than 12 months service.

Members can apply for a Starter 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!

Starter Loan at a glance
  • Borrow up to £2,000
  • Competitive interest rate of 24% p.a. (26.9% APR)
  • Maximum loan period 2 years
  • 6 months continuous employment 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  • Savings not linked and may be withdrawn at any time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 Starter 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
  • Convenient weekly or monthly repayment, tailored to suit your budget
  • Savings are not linked to a Starter Loan and may be withdrawn at any time
  • Can enhance financial wellbeing – Penny Post personal loans awarded 5 star status from the independent Fairbanking Foundation
Things you should know
  • The Starter Loan is for new members with less than 1 year Penny Post membership. Please note – new members with more than 1 years’ Royal Mail service are eligible to apply for our Silver Loan instead.
  • Members may apply for a Rapid Loan in addition to a Starter Loan, but no other loans are allowed at the same time.
  • There is no top up facility on the Starter Loan. However, once 10% of the original loan value has been repaid, a member may apply for a Silver Loan if eligible.
  • The Starter 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 £1,450 over 89 weeks will cost £20 a week. Total amount repayable is £1757.37 which includes interest at 26.9% APR.

Monthly repayments

Borrowing £1,850 over 24 months will cost £100 a month. Total amount repayable is £2,274.49 which includes interest at 26.9% APR.

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