The Post Office has re-entered the personal loans market in partnership with AI credit platform Lendable.
Post Office personal loans are an online-only product, with the amount available to borrow ranging from £1,000 to £25,000 and rates starting at 8.1% APR. Repayment terms span one to five years.
The last time the Post Office offered personal loans was in 2023, in partnership with the Bank of Ireland.
The state-owned company said its relaunch in the market formed part of its commitment to deliver the ‘New Deal for Postmasters’, which aims to strengthen its commercial offering and generate additional income that can be shared directly with franchisees.
“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 – whether it’s for home improvements, purchasing a new car, consolidating debts, or for anything else,” said Post Office banking director Ross Borkett.
“By developing our commercial offering, we will generate income to be shared with postmasters and help sustain their presence in communities nationwide. We are proud to partner with Lendable, one of the UK’s leading homegrown fintech companies, whose AI helps consumers get more from their finances.”
Lendable CEO and founder Martin Kissinger said: “This relationship is a significant milestone in the growing number of major consumer brands turning to Lendable to power fast, transparent lending.
“The Post Office has a clear vision to provide easily accessible loans to consumers seeking to borrow up to £25,000. We’re thrilled to use our advanced AI to bring this vision to life for UK borrowers, while contributing materially to their New Deal for Postmasters.”
No comments yet