
Borrow Without the Price Tag
Posted on Jan 21, 2025With personal borrowing on the rise, many members are looking for affordable ways to borrow money without the hefty price tag.
If you want to borrow a lump sum of money to pay for a new car, home improvements, a holiday to look forward to on the chilly winter nights; a personal loan might be a good option for you.
Which have revealed the loan providers offering the best rates. but let’s compare them to Penny Post.
What is a Representative Rate?
Many high street lenders use representative rates, but what does this really mean? When you see a bank advertise representative rates, this means 51% of more of customers receive this rate, but the other 49% are paying more than advertised!
At Penny Post, all our APR’s are fixed, meaning the rate you see is the rate you get!
£10,000 loans
Which compared the best deals available for a £10,000 loan repaid over 5 years. Tesco Bank offers 6.5 %representative APR*, but did you know that Penny Post is a cheaper alternative!
If you have £2,000 in savings, you could borrow £10,000 with Penny Post at just 5.9%! Borrowing £10,000 over 5 years at 5.9% fixed APR, will cost £192.17 a month. You would repay just £1,540 in interest. With affordable repayments tailored to suit your budget, and repayments straight from your pay, Penny Post could be the option you’re looking for.
By opting for a £10,000 Advantage Loan with Penny Post, you would save yourself money in interest!
£15,000 loans
Let’s look at how Penny Post compares to other popular high street lenders, if you were looking to borrow £15,000.
If you have £3,000 in savings, you could borrow £15,000 at just 5.9% fixed APR. Borrowing £15,000, over 5 years, at 5.9% APR would cost £288.25 a month.
In comparison, if you chose to borrow £15,000 with Tesco bank you would pay 6.5% representative APR, and remember, you might actually be paying even more than this. At Penny Post, our APR is fixed – the rate you see, is the rate you get.
By opting for a Penny Post loan, you could save £££ in interest!
No application or admin fees, no hidden charges and no nasty surprises. The Advantage Loan is available 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 could help!
£25,000 loans
Whether you’re looking to borrow for a special occasion, a home makeover or a new car, Penny Post could help.
Got £5,000 in savings? You could borrow up to £25,000 at 5.9% fixed APR.
Borrowing £25,000 over 5 years, at 5.9% fixed APR would cost £480.42 a month. Total amount repayable £28,825.15. However, if you opted for Halifax’s £25,000 loan at 6.7%, you would pay more than £29,350 in total. You could save £££ by choosing Penny Post.
Your interest rate depends on your credit score and credit history, meaning if you have a lower credit score, you might end up paying even more. Many banks and building societies set your interest rate based on how well you’ve managed other accounts with them and your overall credit history. This means that if you have a poor credit record, your rate will could be higher than average.
With affordable repayments straight from your pay, or by handy Direct Debit payments, Penny Post could the option you’ve been looking for.
Savings Secured Loan
Sometimes you need money but don’t want to dip into your savings. With our Savings Secured Loan, you could borrow up to the value of your Penny Post savings at our lowest ever rate of just 2.9% fixed APR.
With our Saving Secured Loan, your savings will continue to earn an annual dividend, and if the worst was to happen to you, your family could still benefit from our Free Life Cover too!