Could you save £1,000 on garden furniture?

With warmer weather just around the corner, it’s time to spruce up your outside space for those summer nights. There really is nothing like kicking back and relaxing on a lounger, soaking up the British sunshine with your feet up on comfortable outdoors chairs, and dining al fresco!

Shopping for quality garden furniture set is no small task. With hundreds of options at your fingertips, it can be difficult to know where to start with your garden makeover.

Before you make a big purchase, make sure you’re not paying through the nose. Let’s take a look at how much you could save with our Personal and Advantage Loans compared to if you used a typical credit card to glam up your garden.

Let’s compare this 3-seater sofa set and fire pit costing £3,699.99

Personal Loan – No savings? No problem!

No savings with Penny Post? No problem! Borrow up to £10,000 with our flexible Personal Loan at competitive interest rates.

A £3,700 Penny Post Personal Loan, repaid over 48 months will cost £112.59 a month, total amount repaid £5,404.43, total interest £1,704.43 at 21.9% APR.

Now let’s compare this to a typical credit card at 29.4% APR.

Using Uswitch’s Credit Card Calculator keeping monthly repayments at £112.59 (the same as the Penny Post Personal Loan), total interest is £2,887! By opting for a Personal Loan with Penny Post, you could save yourself £1,183 in interest AND you’ll have repaid your loan 11 months quicker, compared to the typical credit card!

Advantage Loan – Borrow up to 5x your savings!

If you have £740 in savings, you could borrow up to £3,700 at just 10.9% APR.

A £3,700 Penny Post Advantage Loan repaid over 48 months will cost £94.55 a month, total amount repaid £4,539.59, total interest £838.59 at 10.9% APR.

Now let’s compare this to a typical credit card 29.4%.

Using Uswitch’s Credit Card Calculator keeping monthly repayments at £94.55 a month (the same as the Penny Post’s Advantage Loan), total interest is over £4,350! Choosing a Penny Post Advantage Loan could save you over £3,500 in interest and you’ll have repaid your loan 37 months quicker than if you opted for the typical credit card.

And, as with all Penny Post loans, interest is charged on a reducing balance so you may be saving even more!

Buy now, pay later

Using Klarna for your garden make over will set you back nearly £300 a month! Late and unpaid balances, and payment breaks are visible on your credit report which can have an unwanted effect on your financial future. You will also be charged a late fee if you miss a payment!

Penny Post loans have no application fees or hidden charges, with convenient and affordable repayments straight from your pay. There has never been a better time to borrow from Penny Post!

Looking to borrow a different amount or over a different repayment period? No problem! Try out our handy loan calculator to see how much you could borrow and how much you would pay back.

Learn more & apply here!