Can I Still Apply For A Penny Post Loan?

We are in extraordinary times, aren’t we? As key workers, the majority of Penny Post members are continuing their essential work, but for others, life is very different. Working from home, social distancing, isolation, childcare, home schooling … the coronavirus pandemic is having a huge impact on everyone.

In line with government advice, the Penny Post team are working remotely at present, but we’re all working hard to ensure full services are available to support our members in these unprecedented times. Spring is usually one of our busiest periods, helping members with loans for holidays, home improvements, special events and so on. At present, we can only dream about these occasions, but life as we know it will return. In the meantime, we are here to help members in whatever ways we can.

Life goes on, and we will all, no doubt, face situations we could do without in the current climate. The washing machine breaks down, leaving you and your clothes in deep, soapy, water! You’re making more meals from scratch, but the cooker decides to pack up (happened to me last weekend, part way through a roast dinner!) or the freezer fails to freeze! The boiler goes up in smoke, the car won’t start, the vacuum cleaner dies, the lawn mower won’t work … the list goes on!

Our members are important to us and we want to help – especially during times like these. For some, the solution may be to dip into savings, so we’ve removed withdrawal restrictions from our Plus and Christmas accounts to help. You can withdraw funds from these accounts online or by telephone if required.

But if you don’t have the funds needed, don’t turn to expensive lenders. Instead, talk to us … we’re here to help if we can. A Penny Post loan, with bite sized repayments straight from your pay, is a more convenient and often a far cheaper option. You can apply online, and will need to upload a recent payslip. Loan decisions are based on affordability and your personal circumstances, and in most cases, you will have a decision and funds, if approved, in your account the same working day. And if you need help applying, ring our friendly customer services team – they’re always happy to answer your questions, talk you through an application and support in any way they can.

Financial Well-being help & advice

During these troubling times, your financial well-being is also important. We are in unprecedented territory, and many households are experiencing a reduction in income.

From mortgage payment holidays, help with household bills to ‘pausing’ Sky Sports packages, help is available. We’re put together an overview of help and guidance which may be available to help members through these difficult times. If you’re struggling, take time to get the help that is available to you, reduce your bills and help look after your financial well-being now.

Do you have an overdraft?

If coronavirus has negatively affected your income and you already have an arranged overdraft on your main personal current account, you can ask your bank for up to £500 charged at 0% for 3 months.

This is a particular help given that FCA introduced new rules applying to overdrafts, starting this week. The financial regulator, the Financial Conduct Authority (FCA), hopes these changes will make overdrafts ‘simpler, fairer, and easier to manage’ but with most banks setting an interest rate between 35% – 40%, for many overdraft costs could almost double.

Are you going to be one of the 8 million set to pay more?

If so a Penny Post Silver Loan, with a fixed 24.9% APR, is a lower interest rate than a 39.9% APR overdraft, and could be significantly cheaper for long-term overdraft users. Find out more here.

Stay safe everyone, and remember ….. we’re here to help.