Services Loans

Take Out a Loan

We have simplified our loans! Members can now apply for a Personal Loan after their first payroll deduction up to a maximum of £2,000. After six weeks saving the maximum loan amount that can be applied for goes up to £6,000. There is no minimum amount, small loans application are welcome.

Loan Calculator

Important To Know

Only one loan at a time is permitted and all without additional fees or transaction charges. There are no penalties associated with paying off your loan quicker than agreed and it will save you interest.

Repayments are on a weekly or monthly basis; and members should be aware that there are some legal limitations to length and amount of loans. Our general advice is to try and repay a loan in as short a time as possible (this way it will cost you less). The current maximum loan period is set at five years.

Members who have been bankrupt or taken an Individual Voluntary Arrangement (IVA) that shows on their credit report (normally six years after the event) are welcome to save with Penny Post Credit Union and benefit from the Annual Divided (profits allowing), however, loans are not available to these members.

Our Loans At a Glance

Personal Loan

The amounts & interest rates to suit you

  • The interest rates on a Personal Loan up to £3,999 is 26.8%APR.
  • For loans of £4,000 to £6,000 it is 19.6%APR
  • Interest rate is fixed and your repayments won't vary
  • More competitive interest rates than a payday loan or doorstep lender
  • No application fees or early repayment charges

Attached Loan

Borrow from £50 to £10,000

  • Available after six weeks of saving
  • Members can apply for up to 4 times their savings to a maximum of £10,000
  • The interest rate is 11.7% APR.
  • There is a requirement to keep the equivalent of at least 25% of the outstanding loan in savings.
  • No application fees or early repayment charges

Representative Example

Borrow £800 over 18 months, repay £53.36 per month, total amount payable (including interest of £160.51) is £960.51.
Annual interest rate (fixed) is 24%.

Contact Us
  • Penny Post Credit Union
  • Tel: 0333 332 1461
  • Email:
  • Web:
  • Address: North West Midlands Mail Centre, Sun Street, Wolverhampton WV1 1AA

Penny Post Credit Union was formed in 1996 as a joint project between Royal Mail, the Communication Workers Union (CWU), Communication and Managers' Association (CMA) and Welfare Services.
We are committed to providing an easy and safe way for our members to save and manage money.

Penny Post Credit Union
  • Tel:
  • Fax:
  • Email:
  • Address:
  • 0333 332 1461
  • 01902 877204
  • North West Midlands Mail Centre, Sun Street, Wolverhampton,
    WV1 1AA
Opening Hours
  • mon
  • tue
  • wed
  • thu
  • fri
  • 09:30am-04:00pm
  • 09:30am-04:00pm
  • 09:30am-04:00pm
  • 11:00am-04:00pm
  • 09:30am-04:00pm
Penny Post Credit Union is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Reg No. FRN213860