Interest rate 12.7% pa (13.5% APR)
Are you looking to manage your debts and reduce your monthly outgoings?
If you’ve got outstanding borrowing with one or more lenders, our new Swap & Save Loan could help tidy up your finances and save you money. We could help by consolidating credit cards, store cards, overdrafts, personal loans and other borrowing into one manageable repayment with a lower rate of interest.
Juggling multiple repayments can make your finances complicated. By consolidating all your borrowing into one manageable repayment with a lower interest rate, we can help you tidy up your finances and reduce the amount you repay each month. Our Swap & Save Loan can help by: –
Credit Cards – the interest rate charged by most credit cards is higher than our Swap & Save loan. It can take years to clear credit cards if you only repay the ‘minimum payment’ each month as your repayments cover little more than the interest. The way your credit card costs are worked out can be quite complicated too. Use this site to explore how much your card costs you.
Store Cards – with upfront discounts on spending, store cards can be very tempting and convenient. However, they often charge high interest rates, and even fees, which can swallow up repayments, so it can take years to clear store card debts.
Overdraft – Did you know overdrafts are now one of the most expensive forms of debt with most banks and building societies charging an interest rate between 30% and 40%, and for some, as much as 50%. Find out more here
Buy Now, Pay Later – managed correctly, buy now, pay later firms like Klarna, Clearpay & Laybuy can be an easy way to make a purchase, but you risk being charged late fees if you miss a repayment. If you continually miss making repayments, these fees could eventually dwarf the cost of the product you’ve bought and hurt your credit report.
Personal Loans – It can be easy to accumulate a number of personal loans, whether for new furniture, your car, home improvements and so on, making your finances complicated.
To apply for a Swap & Save loan you will need the following information to hand: –
For some of us, it can be a little overwhelming to find the information needed. Here are some simple steps to help: –
Top Tip – If you’re application is approved, you will need to provide us with further details so we can pay your existing lenders, so keep all the statements and information until we’ve made a decision.
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 details*. 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.
Or if you prefer: –
Use our loan calculator to see how much you could borrow and how much you would pay back.
Need help finding the right Loan for you? Then use our Penny Post Loan Finder.
For help and guidance on applying for a Penny Post loan and everything you need to know to guide you through the application process.
Borrowing 5,000 over 275 weeks will cost £24.97 a week. Total amount repayable is £6839.62 which includes interest at 13.5% APR.
Borrowing £12,000 over 208 weeks will cost £73.60 a week. Total amount repayable is £15,257.45 which includes interest at 13.5% APR.
Borrowing £8,000 over 40 months will cost £251.44 a month. Total amount repayable is £9,676.89 which includes interest at 13.5% APR.
Borrowing £3,000 over 144 weeks (36 x 4/weekly repayments) will cost £99.19 every 4/weeks. Total amount repayable is £3,529.68 which includes interest at 13.5% APR.