The Post Office Money Personal Loan is provided by the Bank of Ireland UK. The post office has been in operation for more than 300 years and has over 11.500 branches in the UK which is more than all the high street banks combined, but its banking division is its new addition.
This article is about its personal loan product which has an interesting low rate. With a low annual percentage return on their loans, it is expected they are targeting customers who have a good credit rating. Post Office Money Personal Loan ranges from £7500 up to £25000 and the payment period is between 1 to 7 years. The interest rate they charge on their unsecured loan is very reasonable.
Upon application and approval, the amount requested takes 2 working days to reflect in the customers’ account. They do not charge overpayment on the customers’ repayments and no arrangement fee is applicable. However, their loans are front-loaded which means that either the customer pays a higher repayment amount at the beginning of the interest charged is a larger percentage of each payment at the start.
Additionally, customers do not enjoy payment holidays with this type of loan but they can change the repayment date at least once every year. Online loan application is possible by following easy and simple steps.
Why Post Office Money?
Instant decision personal loans
Rates start from as low as 4.4% APR on loans from £1000 to £25000
Online loan application
Eligibility To apply for Post Office Money Personal Loan
Have been a UK resident for at least three years
Must have a regular income of above 12,000 Euros a year
Must be over 21 years and not older than 70 when the loan term comes to an end
Must have a good credit rating
Must have a UK based bank or building society account that can pay direct debits
Ensure that they can meet the repayments because missed payments incur and could have severe consequences on your ability to obtain future credit.
Must not have any CCJs registered against them.
If a customer wants to apply for loan, these details would be required so as to assess his credit file:
Their address history for the last 3 years
Details of their regular income and expenses
Their current employer’s details
Details of their building society to set up your Direct Debit.
Interest Rates
The rates on loans offered are determined by factors such as credit score, income, and expenditure. Customers can, however, use the Post Office Money Personal Loan calculator to determine the rate applicable to them. Before applying, customers can try the personal loan calculator to find out how much will be charged.