Britain wants to save
YouGov research for Post Office has revealed what we really think about borrowing, buying and saving. Our attitudes are changing with the times. Rising prices and stalled wages are making it difficult for us to save for a rainy day. Personal loans for debt consolidation ranked second in the list of reasons to take out a personal loan at Post Office, close behind a new car. Borrowing is part of life in Britain. We borrow for everything we need, from new kitchens to car repairs. And when we do, we want to know things like how to calculate loan repayments.
Not thinking about getting a loan, but…
How easy is it to get a personal loan? What if you were pre-approved for one? Some lenders let their current account customers know the likelihood of their being approved for a personal loan. YouGov found that 28% of Brits would be likely to apply for a personal loan on the spot if we were pre-approved for one. Even if you’re not looking, getting approval might you think about what you could do with the money. Knowing a loan is available could make us reconsider wants and needs.
Life gets in the way of good intentions
We all want to save for the things we need. But interest rates are low on savings accounts. And our lives are unpredictable. Things break and need replacing. A personal loan is an option to explore when you need extra funds fast. When the boiler packs up and the head gasket on your car blows, your savings take a hit. Then another need pops up – your third child is on the way. You’ll need an extra room in the house.
Responsible lending and borrowing are here to stay
Not just because the Financial Conduct Authority (FCA) are keeping closer tabs on Britain’s lenders. If that’s true, how easy is it to get a personal loan? Well, that depends if a lender thinks you can make the repayments. New FCA rules are in the pipeline to protect Britain’s borrowers and help us to better manage our debts. As a nation, we’re more aware of our personal finances than ever. Mobile apps help us manage our money and look after our financial health.
Borrowing from a lender you can count on
Is the key to finding a personal loan that suits you. Provided by Bank or Ireland UK (BOI), Post Office Money Personal Loans can be repaid over 1-7 years. You can borrow from £1,000-£25,000. The interest rate you get is based on your personal circumstances, the amount you borrow and over how long. There are no penalties for overpayments. If you want to pay off your loan faster, you won’t be stung by charges.
Use the repayments calculator to work out how much your monthly repayments will be. And check to see if you’re likely to be approved for a Post Office Money Personal Loan with the Fast Checker. It won’t affect your credit score in any way.