Post Office

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The Post Office (Postoffice.co.uk) might not be the first place you think about when you consider taking out a loan, but the institution has moved away from its traditional focus on mail towards an expanded product range. One of the best things to come out of this has been the Post Office’s loans which offer a more flexible approach than many high street banks.

While personal loans were once the preserve of those in well paid jobs, the Post Office will lend to anyone earning £8000 or more per year, provided they’ve been a UK resident for the past three years. This is a substantially lower minimum salary than most lenders, and means that even those with part time jobs are eligible for Post Office loans.

Loans are offered on amounts from £2000 to £25,000 for a term between one and seven years. Interest rates are fixed, so you won’t be hit by sudden hikes from the Bank of England. The representative APR of just 7.4% is available for loans between £7500 and £14,999. While those borrowing between £5000 and £7,499, and those borrowing £15,000 or more, will typically see rates of 8.4%. For amounts between £2000 and £4,999 the representative APR is 14.9%.

Decisions are made online and are typically instant, although it can occasionally take up to four working days. After your instant decision you will be sent documentation in the post which you can then fill in and return. This will then be checked, and pending a final decision the money will be deposited into your bank account.

One of the best features of the Post Office loans is the ability to take repayment holidays. You can select payment holiday months while applying for a loan, for instance in order to have a bit more money at Christmas or for summer holidays. It is also possible to pay off your loan early, but this is subject to an early repayment fee.

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

It was my boss who told me to try the Post Office for a loan and so I took his advice and now here I am saying thank you to the Post Office for this very good loan that I couldn't get from any other lender that would not be charging me so much interest rates for such a small loan amount. The Post Office give me a loan even though my salary is not very much by standards of other workers I no. The Post Office gave me this loan and also they say I can take holidays with the payments which means I do not have to find the money every month and can have a break and a chance to spend my money on other things. I am really happy with this loan and really happy with my boss for such good advice and maybe if he could increase my salary I will be even happier.

Review posted by Latania Costa, Finsbury Park

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

Post Office loans are a great option for people like me on a part time employment wage. Not earning a huge sum is okay because I can get by happily with what I earn except when it came to getting a small personal loan to help with the cost of a car for my grandson when he passed his driving test. I'd always promised him some money towards a car and never thought I'd have a problem raising the funds. But my bank refused me the loan and said I didn't earn enough so I guessed that would be the case for most of the other high street lenders. Then I found out more about Post Office loans and realised they could be the solution for me and I am delighted to say they were. I know where to go to if I ever need another loan!

Review posted by Simon Glynn, Poole, Dorset

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

My mum told me about the Post Office doing personal loans and I didn't believe her at first so I went online and checked them out and she was right. She also said they gave loans to people like me on lower incomes and that is one of the reasons I couldn't get a loan from my bank or any of the other main banks and loan companies. I even tried Tesco Bank who I used to work for in my local store but they said no. I was about to give up until mum told me about the Post Office but I am so glad I didn't because they have just approved a loan for me that means I can go on holiday with my friends and I won't even have to start repaying it until September because they let you take a repayment holiday which is really cool because it means I'll have a bit more spending money for my holiday. I am definitely going to use the Post Office again for another loan when this one is repaid.

Review posted by Gemma Stevens, Cranbrook

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