Post Office Loans
Good:
Application online is straightforward and you are given a provisional decision instantly
Bad:
People with really good credit have to know to have been rejected
Verdict:
Very poor reputation - application is a drawn out process and has been known to take up to 3 weeks, customer service useless for informing you of your applications status
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. Bear in mind that Post Office can only lend up to 75% of your total 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, you can apply 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.
In principle, loans from the Post Office look affordable and are from a reputable company. However, the reviews would indicate otherwise. Many customers complain about having to wait around for long periods, not getting the initial APR quoted and poor customer service. If you are accepted make sure you check the APR stated on the loan agreement before you sign anything. With this in mind it might be worth looking elsewhere.
Loan Calculator (Representative 7.4%APR)
Loan Amount £
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dont even waist your time filling out online forms load of rubbish
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!
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.
very good
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.
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...!
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
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....
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.
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!!
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.
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
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
Loans up to £25,000 - 7 years
- You must have a good credit history
- You need: your employer's address, 3 years address history, bank details and incoming/outgoings details
- You must have been a UK resident for three years or longer
- You must have a bank account or building society account
- You cannot have any CCJ's registered against you
- You must be earning a minimum of £8,000 per year
- You must be 21 years of age or older to apply
- You must have always managed previous credit commitments well
- Direct Debit fails - Your bank will charge you this fee
- They do not charge a fee but because the loan is "front-loaded", it may work out more expensive to pay it back early
- None – if you think you are going to miss a payment you need to call them to sort out a different date for payment
