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Post Office Loans

Post Office Loans

(15 customer reviews) Submit review
Post Office Loans has an average rating of 1.9 out of 5 based on 15 user reviews

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Address
Post Office, FREEPOST, PO Box 740, S73 0ZJ
Telephone
0800 169 2000
Email
[email protected]
 
 

Acceptance Criteria

You need:
  • You cannot have any CCJ's registered against you
  • You must be 21 years of age or older to apply
  • You must be earning a minimum of £8,000 per year
  • You must have a bank account or building society account
  • You must have a good credit history
  • You must have always managed previous credit commitments well
  • You must have been a UK resident for three years or longer
  • You need: your employer's address, 3 years address history, bank details and incoming/outgoings details
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Reviews
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Customer Reviews - The truth about Post Office Loans

Average Customer Review: (15 customer reviews) Add your own review

Average Customer Review:

(15 customer reviews)
Add your own review

The most favourable review

very good review

Georgina
2 years ago

 
 
 
 
 
  price
 
 
 
 
 
  simplicity
 
 
 
 
 
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very good

The most critical review

On line savings acct

Robert, Milton keynes
1 year ago

 
 
 
 
 
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I've just managed to finally get my savings out of the Post Office on line savings account. Absolute rubbish organisation, everything takes between 3/5 working days to transfer money, dealing with staff abroad, couldn't understand them . They maintained that I had requested on 4 occasions that I had requested money be transferred from my bank account to their account, rubbish. I would advice anyone to think again if thinking of investing in this disorganisation.

On line savings acct

Robert, Milton keynes
1 year ago

 
 
 
 
 
  price
 
 
 
 
 
  simplicity
 
 
 
 
 
  speed to payout

I've just managed to finally get my savings out of the Post Office on line savings account. Absolute rubbish organisation, everything takes between 3/5 working days to transfer money, dealing with staff abroad, couldn't understand them . They maintained that I had requested on 4 occasions that I had requested money be transferred from my bank account to their account, rubbish. I would advice anyone to think again if thinking of investing in this disorganisation.

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load of rubbish

Lee, Bridgend
2 years ago

 
 
 
 
 
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dont even waist your time filling out online forms load of rubbish

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Don't touch them - awful!

Patricia, Cheshire
2 years ago

 
 
 
 
 
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I wish I had read these reviews before I applied! I applied for a small loan & I too have a perfect credit history. After not hearing anything for a week I telephoned & was told that my loan had been declined. The lady on the phone couldnt tell me why.
What a dreadful service. I indicated on the form that I wished to be contacted by email but had absolutely nothing. I suggest you try someone more reliable!

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Terrible

Turner, Worthing
2 years ago

 
 
 
 
 
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Had no response after 2 weeks so u phoned to check on the progress only to be told I'd been refused. Not Helpfull at all, there is no contact to let you know of the progress of the application. Don't waste your time with the post office.

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very good review

Georgina
2 years ago

 
 
 
 
 
  price
 
 
 
 
 
  simplicity
 
 
 
 
 
  speed to payout

very good

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wish id read this before

Julieanne longley, Surrey
2 years ago

 
 
 
 
 
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Im still waiting. This is for surgery and at this rate I am going to have to cancell. Thought the post office was good. You live and learn.

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Kept in the dark

Mark, Cardiff
2 years ago

 
 
 
 
 
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Applied for a Post Office loan over 2 weeks ago now, and have heard absolutely nothing. Have called them to check that they had received my application (which they confirmed), and have called them again since to check that it was actually being processed (which they said it was). Had no phonecall from them to keep me up to date (which other loan providers have done in the past) and don' t have a clue what's going on!

It's extremely frustrating as I wanted to borrow the money for a new car, and without it I literally have no mode of transport. Luckily I work locally, but with family in Shropshire and Worcestershire it will cause quite a headache if I have no way of getting to them except for overpriced public transport!

The service is shocking. In this day and age I find it impossible to believe that a loan application can take this length of time just to be approved/refused!

I wish that I'd seen this review website before I applied, because believe me I wouldn't have bothered! To anyone thinking of taking out a personal loan through the post office, one word of advice - DON'T...!

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face problem but got it finnally

Jhon smith, London
3 years ago

 
 
 
 
 
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i got the loan from the post office but face a bit problem...becoz in the post office funds were not available at that point of time so i went to the different one which was the main one ...but i got the funds available their

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Got it

Jhon, London
3 years ago

 
 
 
 
 
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i got the loan in the post office .....but make sure first ask to the post office people do they have sufficent funds with them....

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avoid

Da, Caerphilly
3 years ago

 
 
 
 
 
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totally unprofesional. filled out online application.

made 3 calls, when over a week later told i did not get the loan.

the loan was not for a huge amount, i have no ccjs etc and could have made the repayments easily.

but my main complaint was how unprofesional they seem to be, didnt even bother to respond or call me back. i understand its their money and they can lend to who they want to, but at least have the decency to respond so i can go elsewhere.

after waiting over a week, making 3 calls with no reply i then went to santander and got a "yes" decision, within minutes.

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dont bother

Da, Caerphilly
3 years ago

 
 
 
 
 
  price
 
 
 
 
 
  simplicity
 
 
 
 
 
  speed to payout

totally unprofesional. filled out online application.

made 3 calls, when over a week later told i did not get the loan.

the loan was not for a huge amount, i have no ccjs etc and could have made the repayments easily.

but my main complaint was how unprofesional they seem to be, didnt even bother to respond or call me back. i understand its their money and they can lend to who they want to, but at least have the decency to respond so i can go elsewhere.

after waiting over a week, making 3 calls with no reply i then went to santander and got a "yes" decision, within minutes.

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A total waste of time!

Jilly, Nottingham
3 years ago

 
 
 
 
 
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So much for "simply" having to fill in an application and finding out "within minutes" if your application has been accepted or not- i filled out the application,sent it, then at the end it said "we are unable to process your application at this time" so i contacted their helpline, gave the call handler my reference number, the call handler then said "we don't seem to have your application.The reference number you provided me with is for a shared loan and doesn't hold your details. We've been having issues with our computer systems for a few days" So i filled out another application, again after sending my application the outcome was "we are unable to process your application at this time" so i called the helpline, the call handler checked my reference and said he couldn't find my details as it can take up to an hour for the details to appear on their computer system,he said call back in an hours time, so i did, gave my details and this call handler said "oh nooooo, it takes up to 24 hours for your details to appear, i don't know why he told you an hour! call back in 24 hours" So i called back 24 hours later, finally they had recieved my details but i was declined even though I have good credit, he said "no reason could be given as to why your application was declined" Since I was declined I checked the reviews online about PO loans, it would seem alot of people have been having the same issue-being declined even though they have good credit and no reason being given as to why we were declined!! My advice to anyone who is thinking of applying for a loan with them is don't bother, it's a total waste of time!!

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Didnt tell me why i wasnt accepted

Pauline
3 years ago

 
 
 
 
 
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I have absolutely perfect credit history and I was shocked when I applied for a loan for £6,000 over 5 years and got rejected! I called them up to ask why and the gentleman on the phone was a bit rude and he did not give me any reason as to why I was rejected.

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I work for the RM and i still wont use them

Amy
3 years ago

 
 
 
 
 
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I work for royal mail i have done for over 11 years ,I have no outstanding loans,never missed any payments on anything ,never had ccjs,i owe nothing on my credit cards and I saw a car i wish to buy so I contacted post office personal loans about a loan for 6000 pounds over 5 years,at first they said it was ok and they will contact me back after 4 days of no calls i decided to call them ,the guy was rude and said we will not be giving you the loan at this time i asked why not as my credit is excellent he said i don't have to explain to you why if you want a loan try somewhere else..terrible company also the rates they advertise change once you get accepted it happened to my mate at work got quoted 7.9 his documents came threw and it was 12.percent ..avoid these try somewhere else

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Takes forever for a decision

Sharon, Grantown-on-spey
3 years ago

 
 
 
 
 
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As an existing customer when their rate was as low as 5.8% I thought a top up load for a new car would be easy.How wrong I was its took 3 weeks so far and you get the same responce"Its at the underwriters" I really would not bother even trying.They have still not said YES I have the loan yet.Its all a game to them with sadly us "Joe Public" in the middle.so LEAVE WELL ALONE go eleswhere for finance

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Loan Details
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Loan Details

Representative APR 7.4%
Interest Rate 7.4% Fixed
Loan Amount £2,000 - £25,000
Repayment Period Minimum Terms 1 year

Loans up to £25,000 - 7 years
Repayment Method Direct Debit
Speed To Payout 7 working days
Arrangement Fee No Fee
Payment Holidays 2 months payment breaks per year
Payout Method Transferred into your bank account
Representative APR 7.4%
Interest Rate 7.4% Fixed
Loan Amount £2,000 - £25,000
Repayment Period Minimum Terms 1 year

Loans up to £25,000 - 7 years
Repayment Method Direct Debit
Speed To Payout 7 working days
Arrangement Fee No Fee
Payment Holidays 2 months payment breaks per year
Payout Method Transferred into your bank account
Representative Example
Representative example: based on £2000 over 12 months, monthly repayments of £173.20, total amount repayable £2,078.42. Fixed interest rate of 7.4% p/annum. Representative APR 7.4%.

About Post Office Loans

Post Office offer personal loans between £2,000 and £25,000. The interest rate on their unsecured loans is reasonable, compared to other high street lenders, which you can have over 7 years. Post Office will only offer you loans of up to 75% of your annual income.

Their loans are "front-loaded" which either means the payments are bigger at the beginning of the loan period, or the interest is a larger percentage of each payment at the beginning, even though the payments are equal. If you wish to pay off a "front-loaded" loan early, it may end up costing you a lot more.

The application process is relatively simple and pretty similar to other lenders that you can apply to online. Once you have completed their online application form, they will give you an instant provisional decision. If you are provisionally accepted, they will email you and they will then send the loan documents to you in the post which should arrive within 4 working days. Once you receive them, carefully read through them and sign the agreement. As soon as you have signed and returned all the documents (make sure you include any other documents they may request), they transfer the funds directly into your account which should take about 3 working days.

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