The Post Office is one of the most recognisable brands on the high street. They are perfectly suited to everyday banking through their vast network of 11,500 branches. Should you sign up for a bank account, credit card or loan it is Bank of Ireland (UK) who acts as the lender. Their high street dominance is supported by over 370 years of service that traces back to the first general post office in London that opened in 1643. Today this company is owned by the Government through the Postal Services Holding Company Ltd. The Money division was launched in 2015 that combines a wide range of financial products, all of which are issued by outside partners.

Whilst Money arrived recently in 2015 they have actually been offering personal loans via Bank of Ireland since the year 2004. More recently, the product page at www.postoffice.co.uk was taken down. Our theory back then was that their contract was coming to an end as BOI were also working with The AA who on that side claimed to hold an exclusive partnership. Anyway, as it turns out both companies are now using them. To run through the product ins and outs, the Post Office loans range between £1000 and £25,000 with repayment options of 12 up to 84 months. The loan pricing is competitive with a £1000 sum over 12 months costing £67.28 (12.9% APR).

As with the big banks, the real value is unlocked when you access the higher sums. At £10k, you’ll see the lowest rate of 3.9% that translates to a charge of £208.78. Instant decisions are provided, but postal forms must be completed and so it can take some time before you can start spending. There is a Post Office login at www.postoffice.co.uk, but this covers their other products and not their loan. Qualification is open to anyone with good credit aged between 21 and 70 who are employed with a salary of £12,000+. Self-employment for 2+ years can still get the green light. 7/7 support is provided from Monday to Saturday (8am/8pm) and Sundays (9am/5pm).

In comparison with BOI’s other partner, when we introduced The AA they charged the rates of 18.9% and 3.9%. On checking just now, the rates were 12.9% and 3.2%. This means that you receive a better deal on that side and they also provide loan logins. Other than that there is no difference between either solution. What helps on this side is obviously those 11,500 branches. This makes them a tempting choice for general banking. The personal loan prices are competitive, but the lowest unsecured bank rates drop down to 3.1% APR. It is handy that you don’t need to hold a current account, but with some banks this usually translates to same day funding.