Post Office Money is one of the most credible credit brokers in the UK. They offer various personal loans ranging from £1,000 to £25,000. You can use Post Office Money personal loans to spread the cost for your car purchase or upgrade your space. Likewise, you can use a personal loan from Post Office Money to merge all your existing debts into one monthly payment.
Representative APR on Different Loan Amounts for Post Office Money Personal Loan
Post Office Money charges fixed, 14.7-8.9% representative APR on loans between £1,000 and £5,000. They offer a 4.3-3.0% representative APR on loans of more than £5,000. The actual interest rate may vary depending on the loan amount and repayment term.
Your current financial circumstances and credit rating also affect the total amount of interest on a Post Office Money personal loan. However, they assure you will not get an annual percentage rate of more than 29.9% on any personal loan.
Repayment Term Choices
Post Office Money allows you to choose a repayment term from 1 to 7 years for loans of more than £5,000. You can set a payback period from 1 to 5 years for the loans between £3,000 and £5,000. You can only choose a repayment term from 1 to 3 years if you are borrowing less than £3,000 from Post Office Money.
Loan Application Approval Process
It is important to note that Post Office Money is a credit broker and not a lender. They do not lend money to their customers but link them with the lender. Post Office Money gets a personal loan from the Bank of Ireland, UK and transfers funds to your account.
Post Office Money offers its customers a Fast Checker quotation tool. This tool allows you to estimate the chances of your loan application approval without affecting your credit score. The transfer of funds to your bank account could take a day or so after the approval of your loan application. Remember, Post Office Money may charge an upfront fee to review your financial requirements and process your loan application.
Top Up Your Existing Post Office Money Personal Loan
You can borrow more money from Post Office Money when you are already holding a loan with them. They give you a choice to top up your existing loan or take out another loan along with it. You can get a no-obligation quote to borrow more money from the Post Office that will not affect your credit score. They offer the same range of loan amounts, APR, and repayment terms for the new loans as for your first loan.
Post Office Money offers repayment breaks to its customers who are impacted by COVID-19. You can contact them to discuss different options available to hold or reduce your monthly loan repayments. Post Office Money assures you these repayment breaks will not affect your credit rating.
Early Loan Settlement
You can settle your Post Office Money personal loan before the end of the originally agreed term. You can also pay monthly loan installments to Post Office Money over your normal contractual repayment amount. They will charge no early settlement fee and automatically cancel your Direct Debit once you have settled your loan.