Post Office Money

Post Office loans calculator and review

Stamps? Check. Financial services? Check. Post Office Money now offers first class personal loans, and you can check if you're eligible in minutes, without affecting your credit score, using the "Fast Checker".

3.7 ★★★★★ (167 reviews) Write a review

The Post Office is no longer accepting new personal loans applications. We’ve kept this review for historical purposes. You can compare alternative loans.

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 6.1% p.a. (fixed). Representative APR 6.1% and total payable £10,941.12 in monthly repayments of £303.92.
Post Office Money® Personal Loan
★★★★★
Finder score

Maximum loan

£40,000

Product fee

N/A

Early redemption fee

Yes

Post Office loan calculator

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How do Post Office loans compare against the competition?

1 - 11 of 11
Name Product Ratings Customer rating Finder score Total Payable Monthly Repayment Representative APR Link
Novuna Personal Loan
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Representative example: Borrow £10,000.00 over 3 years at a rate of 7.4% p.a. (fixed). Representative APR 7.4% and total payable £11,142.00 in monthly repayments of £309.50.
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Representative example: Borrow £5,000 over 48 months at a rate of 23.3% pa (fixed). Representative APR 27.1% and total payable £7,854.94 in monthly repayments of £163.64.
Barclays Existing Current Account Loan
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Representative example: Borrow £10,000.00 over 3 years at a rate of 9.9% p.a. (fixed). Representative APR 9.9% and total payable £11,527.92 in monthly repayments of £320.22.
Plend personal loan
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Representative example: Borrow £8,000 over 48 months at a rate of 16.66% p.a. (fixed). Representative APR 17.99% and total payable £11,013.12 in monthly repayments of £229.44.
Tesco Bank Personal Loan
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Representative example: Borrow £10,000.00 over 3 years at a rate of 6.5% p.a. (fixed). Representative APR 6.5% and total payable £11,003.04 in monthly repayments of £305.64.
Tesco Bank Clubcard Personal Loan
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Representative example: Borrow £10,000.00 over 3 years at a rate of 6.1% p.a. (fixed). Representative APR 6.1% and total payable £10,941.12 in monthly repayments of £303.92.
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Zopa Personal Loan
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Representative example: Borrow £1,500.00 over 3 years at a rate of 22.9% p.a. (fixed). Representative APR 22.9% and total payable £2,028.60 in monthly repayments of £56.35.
Lloyds Bank Existing Customer Personal Loan
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★★★★★
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★★★★★
Expert analysis
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Representative example: Borrow £10,000.00 over 3 years at a rate of 6.7% p.a. (fixed). Representative APR 6.7% and total payable £11,034.00 in monthly repayments of £306.50.
Fluro (formerly Lending Works) Personal Loan
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Expert analysis
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Representative example: Assumed borrowing of £7,500.00 over 48 months at 17.9% APR representative. Monthly cost of £214.79. Total amount repayable of £10,309.78. Interest rate of 16.6% p.a.(fixed) and total fees of £150.00. Available for loan amounts between £5,000 - £25,000.
thinkmoney Personal Loan
Finder score
★★★★★
Not yet rated
★★★★★
Expert analysis
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Representative example: If you borrow £29,100 over 12 years, initially on a fixed rate for 5 years at 8.885% and for the remaining 7 years on the Lender's standard variable rate of 9.285%, you would make 60 monthly payments of £375.53 and 84 monthly payments of £380.29.
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Post Office loan overview

Post Office Money provides a range of financial services including current accounts, mortgages and personal loans through branches, online and over the phone. If you apply online you’ll usually receive an instant decision.

Quick overview of Post Office Money personal loans

Loan amount not specified
Loan terms From year to years
Age eligibility Age eligibility not specified
Application fee No application fee
Repayment holiday Repayment holiday not permitted

Key features of Post Office Money personal loans

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

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

Loan typeUnsecured Personal Loan
Loan amounts£1,000.00 to £40,000.00
Loan terms1 Year to 7 Years
Loan rate typeFixed
Product fee0%
Same-day funding available
Instant decisions in most cases
Soft-search facility available
Joint applications
Overpay without penalty
Concurrent loans allowed
Topping-up pays off existing loan and initiates a new loan
Repayment methodsDirect Debit

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

What is the representative APR?

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.

Was I eligible for a Post Office Money personal loan?

You should only have applied for a Post Office Money personal loan if you were certain you could meet the repayment terms, and you met 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.
Screenshot of the Post Office loan eligibility checker

Pros and cons

Pros

  • Competitive interest rates. Post Office Money was frequently to found battling it out at the top of comparison tables for the cheapest loan rates.
  • Eligibility checker. Like most lenders, Post Office Money could give you a clear indication as to your likelihood of being approved for a loan, before you applied.
  • Instant decisions. Most of the time, you would’ve received a decision on your application within seconds.
  • Next day funding facility. Your loan may have been funded the next day, although Post Office Money didn’t clarify exactly when this facility was available (loan companies sometimes don’t transfer funds outside of office hours).
  • Flexibility over early repayment. There was no penalty fee for paying some or all of your loan ahead of time, and if you did overpay, you could ask to shorten your loan or reduce your remaining monthly repayments (choosing the former will usually work out cheaper).

Cons

  • You’ll need good credit. Rates this low usually mean you’ll need a decent credit record to get approved.
  • No repayment holiday option. While some lenders give you a month or 2 at the beginning of your loan before you need to start making repayments, Post Office Money opted not to. On the other hand, repayment holidays push up the overall cost of borrowing significantly.
  • Tracking your loan could be easier. If you want to check your balance or change any details, you’ll need to phone Post Office Money.

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”.

How do I contact Post Office Money?

You can contact the Post Office’s customer service on 0800 169 2000. You can contact the Post office on Monday to Friday from 8am – 7pm and on Saturdays from 8am – 2pm, but are closed on Sundays and on bank holidays

Our verdict

If you’re looking to get funds quickly the Post Office provided instant decisions and next day funding. Not to mention, with its low interest rates and flexibility over early repayments, the Post Office offered competitive loans. However, you needed good credit to be offered these low rates and there wasn’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

Personal loans scores

★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor

Finder scores, in blue, are based on our expert analysis. We also show reviews from users, where we've received more than 10, with a score in yellow. We gather more reviews from customers every year in Finder's customer satisfaction survey.

To find out more, read our full methodology.

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.

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