Post Office Personal Loans of between £1000 and £25000, with repayments over 1 – 7 years.
Why use the Post Office loans?
The Post Office may not be the first provider that springs to mind when seeking out a personal loan. However, over recent years, the post office has expanded their ‘ Post Office Money‘ brand and, as part of this, is offering customers the chance to take out personal loans for a wide variety of reasons.
Whether you require finance for a car, to redecorate, to take the family on holiday or simply to consolidate other loans, the Post Office may just have the product you’re looking for.
Post Office Money – Post Office Loans
Post Office has been in the finance industry for many years and is among the most established lenders in the UK. The institution provides banking and financial services to residents in the UK and offers some of the best rates in the market. They offer borrowers a number of benefits including tailoring their lending options to accommodate the lifestyle, budget, and personal income of the borrower. Their loan categories are diverse and there are options for business and personal borrowing, and above all this, their repayment process is flexible and tailored to help the borrower enjoy the best experience. Here is an in-depth preview into the services offered by the bank to help you get started.
Post Office personal loan
You can get a personal loan from Post Office for use in a wide array of needs. The institution offers loan amounts ranging from £1,000 to £25,000. The loans come with an APR of 6.9% (Annual Percentage Rate). Applicants with a bad credit rating who apply to get bad credit personal loans are subjected to an APR that’s a bit higher, and the reason is because lending to people with a poor credit history comes with many risks when compared to lending to those who enjoy a positive credit rating.
The loans are approved by the Bank of Ireland and the money is made available 48 hours after approval. No arrangement fees are charged for post office loans, and you are able to receive an instant decision if you submit your application for post office money online.
Post Office Debt consolidation loan
Post Office money loan also allows you to pay other debts you might have. This is made possible through a debt consolidation agreement that is crafted to purposely help you pay other loans. It puts all other loans in one pool, so you are left with tracking of interest rate and make a single payment every month. Make sure to review the options you have when applying to confirm the loan you are applying is the perfect choice for you.
Note that a consolidation loan might sometimes come with higher interest payments, so make sure to confirm all information from Post Office before you take the decision to apply for a consolidation loan. Also remember the advertised APR may vary from time to time and is subject to market forces, which means it’s basically right to say the rate you are awarded is personalized and based on your circumstances.
How much can I borrow Post Office Loans?
Post Office Personal Loans are provided by the Bank of Ireland. As such, it is strictly regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Under this umbrella, the Post Office will offer loans of between £1000 and £25000, with repayments over 1 – 7 years.
The process is relatively pain free, with an easy online application form and post office loan calculator (repayments calculator). The Post Office Money website also offers a ‘Fast Checker’, in which you can check your eligibility for a loan without affecting your credit score.
Post office Loan repayment flexibility
You don’t need to follow the monthly repayment schedule to clear your loan. Post Office loans come with a flexible schedule that allows you to clear the loan early in full. If you would prefer to repay your loan in full, you can send them a request for a settlement quotation that could be used to edit your plan. They can also give you a chance to make partial payments to reduce the term of repayment.
Repayments are remitted through direct deposits monthly and the first loan repayment is scheduled one month after the loan is released to your bank account.
What about the interest rates?
Loans are issued in British pound sterling and, at the time of writing, have a representative (fixed) APR of 3.2%. The rates on GBP loans will vary slightly depending on your personal circumstances, such as the size of the loan you have requested and the repayment period you need.
Once you have applied for the post office loan online (and have been successful) the money could be with you within 24 hours. The Post Office offer a 14 day cooling off period in which you can cancel your loan without penalties should you decide that you no longer require it.
For further information, head over to the Post Office website