Post Office Loan

Does anyone have any experience in applying for a loan from Post Office?

I applied on Saturday evening and was told that the application was approved and signed the loan agreement online. I then received an email from the Post Office confirming that the money would be in my account within 48 hours.

I have today phoned them just to confirm when I’m likely to receive the money, they’ve advised that it can take up to 7 working days and they will need to send the loan agreement out in the post and I will need to send it back to them before the funds are received. The person I spoke to confirmed that they had received my signed loan agreement yet said everything still needed to be done by post. There’s nothing within my email saying it’ll take this length of time, if I knew it was going to take so long I would’ve applied elsewhere.

Does anyone know which is correct? Am I likely to receive the money within the 48 hours or am I going to be waiting 7 working days? I can’t seem to get a straight answer out of the Post Office. I have a feeling the person I spoke to was maybe getting mixed up with when loans aren’t approved immediately online.

Has anyone else had a loan approved online from the Post Office?

Thanks in advance...
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Comments

  • 48 hours sounds extremely quick and 7 days perfectly reasonable.
  • 3 - 7 days is the usual norm unless its your own bank then its usually minutes from acceptance
  • Ilona
    Ilona Posts: 2,449 Forumite
    2 days - 7 days, what's the rush? Are you in desperate need? If you are struggling with cash flow you could go over to the Debt free Wannabe board and post up your S O A, and the good people on there will help.

    Ilona
    I love skip diving.
    :D
  • Have you heard anything since? I am in the same situation, I got told on email ''congratulations your money is on it's way to you, will be in your account within 2 working days'' this was last Friday morning and still nothing! I signed the agreement online and had nothing in the post.
    Did yours say 'approved' or the same as me ''congratulations''
    Has yours been sorted now?
    Thank you
  • Thanks for some of the replies... I was only asking if anyone had personal experience applying for a loan from the Post Office.

    Kimfisher01 - the money arrived within my account within the 48 hour period initially stated by Post Office.

    Ilona - the rush was to retrieve the item I was buying with the money from the loan. Debt Free Wannabe did not seem a suitable place as I was clearly not ‘debt free wannabe’ by taking out a loan!
  • tetley
    tetley Posts: 104 Forumite
    I got a Post Office loan last year, in my bank within 48 hours, but I applied on a Monday, did you apply midweek or weekend? Maybe that is the cause of the delay
  • Hi, I took out a small loan with the Post Office around two years ago as part of a home improvement. We got especially low interest as my partner works for them. Overall it was a pretty standard, except late last year where i'd paid off the loan, but they still took a monthly payment.. fortunately I got that back (good thing I'd noticed)
  • Hi guys i applied for a post office loan got the agreement out and signed it and uploaded it. Got email tonight to.say to ring them.they would like to talk to me why would they do this
  • I applied for a loan online last Thursday and was accepted and signed the agreement online. I immediately got an email which said Congratulations your money is on its way and should be in your account within 3 working days but it hasn't reached my bank account yet. Should I be worried?
  • Hi just wondering if you got your money? I'm in the same situation you were. ..
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