Penny Post Credit Union Reviews, Loan Calculator and Complaints

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Acceptance Criteria

You must be a Royal Mail employee living in England or Wales to become a member and apply for a loan
You don't need to have a good credit history

You need to be 18 years of age or older to apply
It doesn't matter if you are employed, unemployed, on benefits, a carer, a homemaker or on Job Seeker's Allowance, anyone can apply

You don't need to have been a UK resident for any specified length of time
You don't need to have a bank account

Loan Details

APR

8% - 26.8%

Representative APR

12.68%

Loan Amount

£100 - £8,000

Repayment Period

Minimum Term 1 month

Loans up to £8,000 - 5 years

Speed To Payout

5-10 working days

Arrangement Fee

No Fee

Payment Holidays

None Available

Payout Method

Bank transfer to your bank

Bank transfer to a nominated bank

Cheque sent to your home

Cheque to collect from the credit union office

Income Protection Available

No

Areas Covered

Telford
Truro
Uxbridge
London - North West
Darlington
Cardiff
Sheffield
Dudley
London Kensington
Medway
Llandrindod Wells
Enfield
London - North
Walsall
Stevenage
Sutton
Harrogate
Blackburn
Chester
Leeds
Bournemouth
Halifax
Wakefield
Sunderland
Romford
Ipswich
Leicester
Durham
Kingston-upon-Thames
London Chelsea
London Westminster
Newport
London - South West
Dartford
Croydon
Portsmouth
Liverpool
Brighton
Wolverhampton
Worcester
Exeter
Torquay
London - South East
Slough
London - West Central
Hereford
Peterborough
Huddersfield
Redhill
Bath
Gloucester
Dorchester
Luton
Lancaster
Twickenham
Coventry
Nottingham
Southampton
Wigan
Carlisle
Bolton
York
Warrington
Swansea
Kirkcaldy
Llandudno
Cambridge
Reading
Northern Ireland
Crewe
Ilford
Colchester
London
Salisbury
Taunton
Stoke-on-Trent
London - East Central
Blackpool
Hemel Hempstead
Northampton
Harrow
Bristol
Norwich
Royal Tunbridge Wells
Oldham
Preston
Teesside
Milton Keynes
Newcastle upon Tyne
Guildford
London - West
Birmingham
Canterbury
Chelmsford
Manchester
Oxford
Stockport
Lincoln
St Albans
Watford
Bradford
Bromley
Kingston upon Hull
Swindon
Southend-on-Sea
Doncaster
Kirkwall
London Stratford
London - East
Derby
Plymouth
Shrewsbury

Average Customer Review

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Loanfinder Ranking

162nd for APR of 423 loans in the UK (See Lender League Table By APR)

About Penny Post Credit Union

You must be a Royal Mail employee living in England or Wales to become a member.

Credit Unions offer a few different unsecured loans for any purpose. Their loans are considerably cheap and are based on your proven ability to repay, this is why they do a thorough check of your income and expenditures. You need to be a member and you can apply for a loan up to £2,000 after 6 weeks of being a member and saving regularly with them. The maximum amount a new member (min. 12 months membership) can borrow is £2,000.

First you will need to become a member of the union. To apply for a loan, you need to complete an application, which you can download from their website, and you can hand it into their office or one of their collection points. Loan officers will review your application and if granted, you will need to attend an interview.

The process may in some cases take up to two weeks so this is not a good option for you if you need your money quickly. You can manage your loan online so if you need to make changes, you are able to manage your savings and loan online. With credit unions, the money you are borrowing is the money of other members, so if you fail to make payments, they take this very seriously. Their opening hours are very limited, which makes it difficult for you to go in to organise all your documents and sign your agreement. On the other hand, they want to help you rebuild your finances if you haven't got a good history. Their rates are extremely low and their repayments are really small each month.