Post Office loans calculator and review

Our verdict

Our verdict

If you’re looking to get funds quickly the Post Office provides instant decisions and next day funding. Not to mention, with its low interest rates and flexibility over early repayments, the Post Office offers competitive loans. However, you’ll need good credit to be offered these low rates and there isn’t a repayment holiday option available. If you can’t make your repayments, you run the risk of damaging your credit score.

Best for: Good credit

Pros

• Competitive interest rates
• Instant decisions
• Next day funding facility
• Flexibility over early repayment

Cons

• You’ll need good credit
• No repayment holiday option
• Tracking your loan could be easier

Representative example: Borrow £10,000.00 over 3 years at a rate of 5.1% p.a. (fixed). Representative APR 5.1% and total payable £10,786.68 in monthly repayments of £299.63.

★★★★★

User survey

Check eligibility

9.9% APR representative (Fixed)

Maximum loan

£40,000

Product fee

N/A

Early redemption fee

Yes

Post Office loan calculator

How much do you need to borrow? £

15000

How long do you need to borrow for?

3

years

Sort by:

Name	Product	Total Payable	Monthly Repayment	Representative APR	Link
Post Office Money® Personal Loan					Check eligibility View details	Representative example: Borrow £10,000.00 over 3 years at a rate of 5.1% p.a. (fixed). Representative APR 5.1% and total payable £10,786.68 in monthly repayments of £299.63.	Compare	loading Fetching your data...

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How do Post Office loans compare against the competition?

How much do you need to borrow? £

15000

How long do you need to borrow for?

3

years

Sort by:

Name	Product	Total Payable	Monthly Repayment	Representative APR	Link
Zopa Personal Loan					View details	Representative example: Borrow £1,500.00 over 3 years at a rate of 19.9% p.a. (fixed). Representative APR 19.9% and total payable £1,959.84 in monthly repayments of £54.44.	Compare	loading Fetching your data...
Tesco Bank Personal Loan Finder Award					View details	Representative example: Borrow £10,000.00 over 3 years at a rate of 5.6% p.a. (fixed). Representative APR 5.6% and total payable £10,864.08 in monthly repayments of £301.78.	Compare	loading Fetching your data...
Post Office Money® Personal Loan					Check eligibility View details	Representative example: Borrow £10,000.00 over 3 years at a rate of 5.1% p.a. (fixed). Representative APR 5.1% and total payable £10,786.68 in monthly repayments of £299.63.	Compare	loading Fetching your data...
Novuna Personal Loan					Check eligibility View details	Representative example: Borrow £10,000.00 over 3 years at a rate of 6.4% p.a. (fixed). Representative APR 6.4% and total payable £10,987.56 in monthly repayments of £305.21.	Compare	loading Fetching your data...
Fluro (formerly Lending Works) Personal Loan					Check eligibility View details	Representative Example: Assumed borrowing of £7,500.00 over 48 months at 16.9% APR representative. Monthly cost of £211.47. Total amount repayable of £10,150.38. Interest rate of 15.7% p.a.(fixed) and total fees of £150.00. Available for loan amounts between £5,000 - £25,000.	Compare	loading Fetching your data...
Lendwise					View details	Compare	loading Fetching your data...
Plend personal loan					View details	Compare	loading Fetching your data...
Barclays Bank Existing Current Account Customer Barclayloan					View details	Representative example: Borrow £10,000.00 over 3 years at a rate of 8.9% p.a. (fixed). Representative APR 8.9% and total payable £11,373.48 in monthly repayments of £315.93.	Compare	loading Fetching your data...
Lloyds Bank Existing Customer Personal Loan					View details	Representative example: Borrow £10,000.00 over 3 years at a rate of 5.9% p.a. (fixed). Representative APR 5.9% and total payable £10,910.52 in monthly repayments of £303.07.	Compare	loading Fetching your data...
Tesco Bank Clubcard Personal Loan Finder Award					View details	Representative example: Borrow £10,000.00 over 3 years at a rate of 5.2% p.a. (fixed). Representative APR 5.2% and total payable £10,802.16 in monthly repayments of £300.06.	Compare	loading Fetching your data...
Vanquis Bank Personal Loan					View details	Representative example: Borrow £10,000.00 over 3 years at a rate of 22.3% p.a. (fixed). Representative APR 22.3% and total payable £13,433.76 in monthly repayments of £373.16.	Compare	loading Fetching your data...
My Community Bank Personal Loan					Check eligibility View details	Representative example: Borrow £6,000.00 over 4 years at a rate of 18.85% p.a. (fixed). Representative APR 18.85% and total payable £8,335.00 in monthly repayments of £173.64.	Compare	loading Fetching your data...

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Post Office loan overview

Post Office Money loan rates at a glance

The Post Office Money® Personal Loan charges 9.9% APR representative on loans between £3,000 and £4,999. Post Office Money offers the loan with repayment terms between 1 and 7 years and applicants can apply to borrow from £1,000 to £40,000.

Key features of Post Office Money personal loans

Post Office Money personal loans are unsecured loans – meaning they’re based on creditworthiness, rather than using property, a vehicle or other asset as collateral.

While Post Office Money rates are normally competitive, the advertised representative APR may not be the rate you’ll receive: Post Office Money will offer you a rate based on factors including your credit score, your income and your expenditure. We base our calculations on the advertised APR.

Post Office Personal Loans are provided by Bank of Ireland UK. Post Office Limited is a credit broker and not a lender.

Am I eligible for a Post Office Money personal loan?

You should only apply for a Post Office Money personal loan if you’re certain you can meet the repayment terms, and you meet the following criteria:

• You must be aged over 21, and no older than 70 when the loan ends.
• Have an annual income of at least £12,000. If you’re self employed, you must have been employed for a minimum of 2 years.
• Have lived in the UK for at least three years.
• Have a UK based bank or building society account that can pay direct debits.
• Have a good credit rating without a history of County Court Judgement or bankruptcy.

How do I apply?

If you’ve decided that a Post Office Money personal loan is for you, then make sure you have the following information handy for your application:

• Your address details for the past three years.
• Your current income and details of your monthly outgoings.
• The sort code and account number of your bank or building society account.

Before you apply, it’s a smart idea to check your eligibility using Post Office Money’s “Fast Checker”. This will give you a clear indication of the likelihood that your application would be approved, plus an estimate of the rate you’d be offered.

Pros and cons

Post Office Money customer reviews

In our 2023 customer satisfaction survey, Post Office Money scored 4 out of 5 stars with 79% of its customers saying they’d recommend the brand to a friend.

Customers in our survey commented positively on Post Office Money’s helpful service. One commented: “Post Office Money provide a friendly professional service and staff who have the knowledge and expertise to help its customers”.

Our verdict

If you’re looking to get funds quickly the Post Office provides instant decisions and next day funding. Not to mention, with its low interest rates and flexibility over early repayments, the Post Office offers competitive loans. However, you’ll need good credit to be offered these low rates and there isn’t a repayment holiday option available. If you can’t make your repayments, you run the risk of damaging your credit score.

Frequently asked questions

• Can you check your eligibility without impacting your credit score?

  Post Office Money offes a “Fast Checker” quotation tool which enables you to find out how likely you are to be accepted without impacting your credit score. All you need to do is provide a few details. Working with credit reference agencies, Post Office Money does a pre-application check of your credit record. You’ll be able to see the search on your file, but it won’t show up to other organisations. This means there’s no impact on your credit rating or ability to borrow money.

• Will Post Office Money offer me the advertised APR?

  No, not necessarily – Post Office Money is only obliged to award this rate to 51% of its customers. Fortunately you can get a good idea of the rate you would be offered – without affecting your credit score – by using the “fast checker” on Post Office Money's loans page.

• Can I use a Post Office loan to consolidate debt?

  Yes, you can. You’ll need to declare that this is the purpose of the loan during the application process.

• Can I change my mind about taking out a loan?

  Yes. You’ll have 14 calendar days from the day after you receive your acceptance letter to withdraw from your agreement. If you decide you no longer want a loan, just call 0800 169 2000 within this 14 day period.

• Can I take a repayment holiday?

  At the time of writing, Post Office Money does not offer this service.

• Can I change the date on which I make repayments?

  Yes, Post Office Money allows you to change this once per year.

• Can I pay back the loan early?

  Yes. Let Post Office Money know you’d like to pay off the loan early orally or in writing. If you repay part of your loan early, unless you request otherwise, your monthly repayment amount will stay the same but you will potentially repay the loan more quickly.

  It’s important to check the early repayment terms before applying for any personal loan. If there’s a likelihood that you’ll be able to clear a loan early, then good early-repayment terms should be an important factor in deciding which lender to use, as you could potentially pay less overall. Many lenders will not charge a penalty for overpayment, but that does not necessarily mean you will pay less in interest.