Penny Post Credit Union

Established as a joint venture between Royal Mail, the Communication Workers Union, Communication and Managers' Association and Welfare Services in 1996, the Penny Post Credit Union has brought its members together to deliver only the best services available.

As a credit union, we are committed to serving members and offering them an easy and safe way to save and manage their finances.

Our members are our shareholders

Not only do we offer the security of FSCS protected savings but also options for flexible, convenient and easy to access fast loans. Our members are not merely customers but they are the shareholders and part of a community. All our members earn an annual dividend on savings, which is dependent on the yearly performance of the credit union.

Easy, quick loan application

Simply complete our standard loan application form. After submission, your loan application will then be considered by a loan officer or team.

Any purpose loans

Online loan applications from members for any purpose will be considered. Each one of our members is valued and respected. Thus, each application is treated in the utmost confidence and will be considered on its own merits. And as a credit union, it is our policy to meet the borrowing requirements of as many members as possible. However, this is also dependent on the available funds of the credit union.

Members of the Penny Post Credit Union have access to a number of loan types that have been designed to cater for specific requirements.

Rapid loans

• Ideal of unexpected expenses, and emergencies
• The interest rate on the Rapid Loan is 42.6%APR.
• Loan amounts up to £500 over a maximum of six months
• Apply anytime from 1st payroll deduction
• Members who have other loan types can still apply
• Interest rate is fixed and your repayments will not change
• More competitive interest rates than a payday loan
• No application fees or early repayment charges

Silver loans

• Borrow up to £6,000
• The interest rate is 24.9% APR
• The maximum loan repayment period is five years
• Savings are not held as security, giving the freedom of withdrawing savings when you want to
• Top-up option once the outstanding loan amount is below £5,500
• No application fees or early repayment charges

Gold loan

• Our lowest interest rate personal loan
• Borrow up to £10,000 over a maximum repayment period of five years
• With an interest rate of 9.9% APR
• Members can apply for up to four times their savings
• Savings are attached to the loan as security
• The Gold Loan option is available to members with six months Royal Mail Service or Penny Post membership and an income of at least £1,700 monthly
• No application fees or early repayment charges