Post Office

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The Post Office’s (Postoffice.co.uk) loans are ideal for debt consolidation due to their flexibility and low income requirements. While other lenders often insist on incomes for £15,000 or more, the Post Office has a minimal requirement of just £8000 per year. They’re loans are flexible offering amounts between £2000 and £25,000 and repayment terms of between one and seven years, allowing you to choose the amount and time frame than suits your needs.

The loans are available to anyone who has been resident in the UK for three years and is 21 or older. While they do insist that you have a good credit rating, this does not exclude those with existing debts from applying as only poor management of existing debts will damage your credit rating.

With a typical APR of just 7.4% on loans between £7500 and £14,999 the loan is priced just right for paying off expensive credit cards and overdraft debts. As the interest rate is fixed, you won’t be hit if the Bank of England choose to increase their base rates, which seems increasingly likely. For those who needs more or less the APR is lightly more, 8.4% for amounts over £15,000 or between £5000 and £7,499. For those only wishing to borrow between £2000 and £4,999 the APR rate is 14.9%.

For those who often struggle at Christmas or at other times of year with debts, the Post Office loan is ideal as it allows you to predefine two months as payment holidays each year. You can not change these months after applying, so choose carefully, and you can not have two months consecutively.

Saving yourself thousands of pounds of interest on higher APR debts is one of the smartest things you can do, and the Post Office loan is an ideal way to do this, especially if you need repayment holidays or are on low income.

39 Reviews of Post Office have been submitted - read the latest 3 below

I knew I needed a debt consolidation loan and how much I needed, that was the easy part but what wasn't so easy was finding a lender that would give me a loan based on my earnings. It took me a while searching on the internet but to my surprise I eventually found the Post Office did loans and whats more they did them for people on a reduced income. I didn't delay and got straight onto applying for a small loan to cover all my debts and within a week I have ended up with an affordable and very reasonable interest rate on a 2 year loan that should see me debt clear and in control of my finances again. I couldn't be happier with this loan and want to say a big thank you to the Post Office.

Review posted by D. Potter, Eltham

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Going back to the days when the post office was just that a post office seems a lifetime ago especially for my children who were toddlers when the post office first started doing savings and current accounts. Doing loans was just a natural progression for them and I am very glad indeed that they do these excellent loans especially for people on a low income. Without the post office I wouldn't be able to clear some of my debts before I retire in 2 years and have to live on just my pension money. Doing this debt consolidation now while I am still employed is the most sensible thing because it will mean I have a lot more spare cash from my pension when the household bills are paid each month. More money to relax and spend time with the grandchildren is what I am hoping to get from this loan.

Review posted by Stan Hawkins, High Wycombe

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  • Value For Money

I think it is marvellous that the Post Office do debt consolidation loans as well as other good loans. I had no luck getting a loan through my own bank because of my part time income not being enough and most of the other lenders I looked at were similarly discriminating of my lower than average earnings. I would have thought the lower your earnings the more in need of a debt consolidation loan you would be but that wasn't the case. The Post Office seemed to think on the same lines as me though because I managed to get a very good loan from them that was both affordable and enough to allow me to pay off most of my debts and actually leave me a lot better off even after the monthly loan repayment is made. Now i wonder why my bank couldn't have looked at it that way?

Review posted by Janet Walker, Dagenham

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money