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The Post Office is set to relaunch a big banking service after axing it in all branches in 2023. Customers will soon be able to apply for a Post Office personal loan once again, according to reports in the Sun newspaper.
The Post Office has teamed up with Lendable, a UK fintech company, to offer loans that promise quick approvals and competitive rates.
New loans will be available online only, allowing people to borrow between £1,000 and £25,000, with interest rates starting at 8.1% APR. Ross Borkett, Post Office banking director, said: “We are delighted to launch our online personal loans offering with Lendable and give our customers the ability to take out a loan that covers their needs in minutes.
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“By developing our commercial offering, we will generate income to be shared with postmasters and help sustain their presence in communities nationwide.”
Rachel Springall, Finance Expert at Moneyfactscompare.co.uk, said: “Borrowers might like to choose the Post Office for ease and due to trust, but it is always essential to shop around for a low-rate loan and not just take the first quote they get, even if it feels like a hassle to look elsewhere.
Rachel said: “Borrowers do need to keep in mind that these are advertised rates and, out of all successful applicants, a minimum of 51% are offered this rate.”
Sarah Coles, Head of Personal Finance at Hargreaves Lansdown, said: “This type of loan can be great for those who need money urgently, but borrowers must think carefully before taking on debt.
“Consider whether you need to borrow, whether you can afford repayments, and whether it’s the best option for your circumstances.”
If approved for the loan, most customers should receive their payments in under a minute, it is hoped.
Customers can find the best rates visit price comparison websites.
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