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The Post Office Money® Personal Loan charges 8.9% 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 £25,000.
Post Office Money personal loans are unsecured loans – meaning they’re be 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.
|Loan type||Unsecured Personal Loan|
|Loan amounts||£1,000.00 to £25,000.00|
|Loan terms||1 Year to 7 Years|
|Loan rate type||Fixed|
|Same day funding available|
|Instant decisions in most cases|
|Soft-search facility available|
|Overpay without penalty|
|Concurrent loans allowed|
|Topping-up pays off existing loan and initiates a new loan|
|Repayment methods||Direct Debit|
Post Office Personal Loans are provided by Bank of Ireland UK. Post Office Limited is a credit broker and not a lender.
The Annual Percentage Rate (APR) is designed to provide an annual summary of the cost of a loan. All lenders must calculate it using the same formula. They must take into account both interest and any mandatory charges to be paid (for example an arrangement fee) over the duration of the loan. Post Office Money doesn’t charge application/arrangement fees, so its interest rate and APR will be one and the same.
Post Office Money’s APRs vary depending according to the amount and term you’re after – as our calculator shows – but they’ll also vary according to your personal situation. The representative APR is the APR that Post Office Money offers to at least 51% of its borrowers. The other 49% may be offered a higher rate.
In other words, if Post Office Money thinks that you’re a really safe bet to lend money to (based on things like your credit score, your income/outgoings etc.), then it will likely offer you its representative APR. Since Post Office Money advertises some of the most competitive representative APRs you’ll find on the market, it’s likely that you’ll need excellent credit to bag those advertised rates.
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:
Post Office Money typically offers loans to applicants with high credit scores. It's important to note that your credit record is just one factor that Post Office Money will consider, however if you don't have a high credit score, you're very unlikely to get approved for a Post Office Money loan.
A "Good" or "Excellent" credit rating would require a score of 881 or higher, if you're referring to Experian's scale, 420 or higher if you're referring to Equifax's scale and 604 or higher if you're referring to TransUnion's scale.
Yes, Post Office Money offers instant decisions online in most cases (occasionally more info may be required). First, you can use the soft search eligibility checker to find out your chances of getting approved (this won't affect your credit score). Then, if you opt to go ahead and apply, you'll get an instant answer.
Yes, Post Office Money allows you to have more than one loan running at the same time. Each application for credit will be considered on its own merit. Alternatively, Post Office Money also allows you to effectively "top up" your loan, by closing your current loan and starting a new, larger loan. There's no penalty for repaying ahead of time, but bear in mind that any overpayments may be subject to up to two months of interest beyond the date on which you overpay. Because of this, it may work out cheaper to run a second loan alongside the first, rather than consolidating the two.
Yes, you can make overpayments without incurring any penalty fee. However Post Office Money can continue to charge interest for up to two months on any sums overpaid, so although making overpayments stands to save you money in interest, you may not save quite as much as you'd imagined.
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:
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.
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