APR is the Annual Percentage Rate (APR) and is used to describe the overall cost of money borrowed. It takes into account the interest rate, when it is charged (daily, weekly, monthly or annually), any fees charged when setting up the loan and any other costs applicable to the loan. The APR makes it easy to compare different loan products across the market.
The APR you receive may vary from the advertised rate. This is the representative rate which we expect most people who apply to get.
The rate you are offered will be a personalised rate based on your current individual circumstances including credit information held about you by the credit reference agencies, the loan amount you borrow and length of time you borrow for.
Yes. A credit check will be completed to help us make a decision on your loan application. Please read our decision explained leaflet for more information on how we assess your application.
Yes, in the right circumstances debt consolidation can be beneficial and help you manage your debt. If you have all your debts in one place, it means that you only have to track one interest rate and one payment to make each month.
However, before applying for a consolidation loan you should review your options to make sure that the loan which you are considering is right for you. For example, compare the rates of interest between your current loan providers and your proposed Post Office Money Loan and consider how long the loans are for.
In some circumstances taking out a consolidation loan could mean you end up paying a higher rate of interest and / or it may take longer for you to pay the money back.
We aim for the money to be in your bank or building society within 2 working days once we’ve received your signed agreement.
Yes. You have 14 days to change your mind.
You will have 14 calendar days from the day after you receive your acceptance letter to withdraw from your Agreement. If you decide you don’t want a loan from us, just call 0800 169 2000 within this 14 day period.
We are open Monday to Friday 8am-7pm and Saturday 8am-2pm. Closed on Bank Holidays.
Your first loan repayment will be one calendar month from the date the loan is released to you. You’ll see the date on your Welcome Letter. If this day falls on a bank holiday or weekend, the repayment will be made on the next business day.
If you're unhappy with our decision you can ask us to reconsider by telephoning us on 0800 169 2000.
You should be aware that we cannot give any guarantees that our original decision will be changed. To support your appeal you will need to provide us with any additional relevant information which was not given to us when you first made your application.
Yes, of course. Just call us on 0800 169 2000 and let us know which day of the month is best for you.
Repayment date changes are limited to one per calendar year.
If you ever want to find out the outstanding balance of your loan account, simply call us on 0800 169 2000.
Please contact us to tell us of the bereavement – we are here to offer you our full support. You can either complete our online form on the Bank of Ireland UK website, who as the provider of our personal loans will support you with your request. Or, call us on 0800 169 2000 (8:00am - 7:00pm Mon – Fri, 8:00am - 2:00pm Sat, Closed Bank Holidays).
We will use the information you have provided for identification purposes only in dealing with you in your role as the deceased customer’s Executor/Administrator or Nominated Next of Kin. Please read our Privacy Notice for full details on the types of personal information we collect, how we use it and who we may share it with.
If you're ready to pay towards outstanding arrears, you can make a payment online. We understand that if you've fallen behind with loan repayments, you might be worried. We want to help you as much as possible, so please call us on 0800 012 1548.
If you are struggling to keep up with the repayments on your loan for whatever reason, we’re here to help. It is important that you call us on 0800 169 2000 and we’ll talk you through the options available to you.
There are lots of organisations that can provide confidential, impartial and free help and advice. More information can be found in our leaflet, are you in financial difficulties?
If you are already in touch with an organisation that is giving you financial advice, please let us know and we can deal with them directly.
Are you worried about being pressured into taking out a loan, due either to fraud or financial abuse?
Fraud scams can include people asking you to take out loans for investment opportunities or on their behalf.
Help is available on the Take Five website where the government and UK Finance have advice on how to protect yourself from fraud.
Or if you're being pressured into taking out a loan through coercion, manipulation or any form of abuse, the Money Advice Service has impartial advice for you.
Remember, only apply for a loan for your own use. You're liable for any loan taken out in your name, even if you transfer the money to another person.
Our Personal Loans are not permitted for the purpose of investing or trading in cryptocurrencies or other high-risk investments.
Our Personal Loans are predominantly to be used for personal lifestyle, such as consolidating debt, buying a new car or home improvement. Investment & investing in areas such as Crypto Currencies or stocks and shares can fluctuate wildly and, in many cases, customers lose some or all of their money invested.
Additionally, markets such as the Crypto Currency does not have opening hours, like the traditional stock markets, and access to this market 24/7 means that people already struggling with compulsions like gambling, or others who may already be vulnerable, could find themselves in situations that may negatively impact other areas of their lives.
If you are struggling with a gambling or trading compulsion, please visit www.gamcare.org.uk. GamCare is the leading UK provider of free information, advice and support for anyone harmed by gambling.
Your Post Office Loan is regulated by the Consumer Credit Act 1974 (CCA) which gives you certain protections and entitlements when entering into a credit agreement. One of these entitlements is that you can choose to repay your loan either partially or in full before the end of the term you originally signed up for. What is the difference between a Partial and Full Early Settlement?
• Partial Early Settlement – This is where you make a payment towards the sum you owe to us which is over and above your normal contractual monthly repayment amount. There is no limit to the number of early settlements you can make during the term of your loan and there is no minimum or maximum amount you can pay.
• Full Early Settlement – This is where you pay the full amount you owe to us and clear your loan before the end of the original agreed term.
In both cases, you will be entitled to a rebate (further information on rebates can be found below).
You can request a Partial or Full Early Settlement by either contacting us on 0800 169 2000 or writing to us at Customer Services Department Post Office Loans Customer Service Team
PO Box 246
You will have 28 days from the day after you contact us to make your payment. If you don’t make the payment within this timeframe you will need to contact us again so that we can provide you with up to date information - you then have a further 28 days from the day after this date to make your payment. Remember that if you change your mind you are under no obligation to proceed.
Some points to note:
• If you want to make a Partial Early Settlement you can choose to either reduce the term of your loan or your monthly repayment amount. If you ask us, we can tell you how both options would affect you to help you decide what to do. If you don’t tell us which option you want to take, we will automatically reduce your term meaning your monthly repayment would stay the same.
• If you want to make a Full Early Settlement we will tell you how much you need to pay us to clear your remaining balance completely and then confirm this to you in writing.
• If you have any unpaid charges or arrears on your agreement, these will be cleared first and then the remaining amount will be used against the full or partial settlement to your loan.
· By phone on 0800 169 2000, using your debit card.
· By bank transfer, once a settlement quote has been obtained. You must include your agreement number as a reference on your payment, so that we can correctly apply the payment to your loan.
Before you take out a personal loan with us we will calculate what interest charges you need to pay based on the applicable fixed rate, the amount borrowed and the original term of your agreement. The interest is added onto the amount you’re borrowing and the total is then divided by number of months over which you have chosen to repay your loan – this gives you your monthly repayment amount. If you make an Early Settlement you will be entitled to get some of this interest back and this is known as a rebate.
• If you’re making a Partial Early Settlement we will deduct the rebate amount from your remaining balance. This will be taken into consideration when calculating what your new monthly repayment amount or new final payment date will be, as applicable*.
*The amount of your rebate will depend on which option you take.
• If you’re making a Full Early Settlement, we will deduct the rebate from the amount you need to pay to clear off your loan balance.
When calculating your rebate we use a formula as prescribed by the Consumer Credit (Early Settlement) Regulations 2004 which takes into consideration information such as how much you are repaying each month, how long you still have to pay on your loan and the settlement date. The settlement date determines how much the rebate will be and, if you’re making a Full Early Settlement, how much you owe us. The settlement date we use is as follows:
• 28 days from the date you notify us
• Plus an additional deferment of 30 days
This means that when we calculate your rebate we will use a date which is 58 days from the date you notify us. The regulations also entitle us to claim compensation from you in certain circumstances if you make an Early Settlement, however, we don’t do this or apply any other charges or penalties.
• Partial Early Settlement:
If you choose to reduce your contractual repayment amount this will take effect 58 days from the date you notify us, so for example, if you notified us on 1st October and your normal monthly payment date is the 15th of each month, then your first reduced payment would be on 15th December.
If you choose to reduce the term of your loan we will tell you what the new end date for your loan will be when you notify us.
• Full Early Settlement – We will close your loan agreement within 2 days of receipt of your payment. Once this has been completed we will provide confirmation to you in writing.
We will automatically cancel your direct debit once your loan has been settled. If you want to cancel it with your bank you should wait until we have confirmed to you that your loan agreement with us has been closed. If we receive any payments after your loan has closed we will return these to your bank.
Yes, you can settle your agreement early in full or in part, at any time.
If you wish to pay off your loan in full you will firstly need to request a settlement quotation by calling us on 0800 169 2000.
To make a partial settlement you can call us to make a debit card payment. As a result of any repayment we will reduce the term of your agreement unless you tell us otherwise.