How much could you save?Posted on Jun 28, 2023
No savings with Penny Post? No problem! Borrow up to £10,000 with our flexible Personal Loan at competitive interest rates.
Or if you’ve got savings with Penny Post, great news, our Advantage Loan rewards savers with advantageous interest rates! Members can borrow up to 5 times their savings, up to £25,000 and with save as you borrow your savings will continue to grow while you repay your loan.
APR price comparison
Let’s compare a £2,000 loan, repaid over 24 months, and see how much you could save…
- Penny Post Personal Loan – 13.5% (fixed) & Penny Post Advantage Loan – 9.9% (fixed)
- Santander All in One Credit Card – 27.7% (variable)
- American Express Credit Card – 29.7% (variable)
- Tesco Bank Credit Card – 29.9% (variable)
Personal Loan – No savings? No problem!
A £2,000 Penny Post Personal Loan, repaid over 24 months will cost £94.80 a month, total amount repaid £2,275.25, total interest £275.25 at 13.5% APR.
Now let’s compare this to a typical credit card at 20.9% APR.
Using Uswitch’s Credit Card Calculator and keeping monthly repayments at £94.80 (the same as the Penny Post Personal Loan), total interest is £463. By opting for a Personal Loan with Penny Post, you could save yourself £187 in interest and you’ll have repaid your loan 3 months quicker compared to the typical credit card!
Advantage Loan – Borrow up to 5x your savings!
A £2,000 Penny Post Advantage Loan, repaid over 24 months will cost £91.74 a month, total amount repaid £2,201.69, total interest £201.69, at 9.9% APR.
Now let’s compare to a credit card with a 20.9% APR.
Using Uswitch’s Credit Card Calculator and keeping monthly repayments at £91.74 (the same as the Penny Post Advantage Loan), total interest is £482. By choosing a Penny Post Advantage Loan could save you over £280 in interest and you’d have cleared your loan 4 months quicker compared to the average credit card!
And, as with all Penny Post loans, interest is charged on a reducing balance so you may be saving even more!
So, if you’re looking to book a summer holiday, planning some home improvements, or hoping to upgrade the car, whatever the purpose, make sure to check out our loans.
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.