Latest news with #Lendable
Daily Mail
28-07-2025
- Business
- Daily Mail
Post Office to offer personal loans as part of plan to raise income for postmasters
The Post Office will offer personal loans to customers for the first time since 2023, in a bid to generate more revenue for postmasters. It will offer personal loans of up to £25,000, with rates starting from 8.1 per cent APR. The new loan offering comes as part of the Post Office's promise to deliver a 'new deal for postmasters'. This was unveiled in November 2024 to increase the total annual income of postmasters through a number of revenue-sharing measures. Under it, the Post Office has promised a quarter of a billion pound boost to postmasters' income by 2030. The Post Office has already increased the amount of money postmasters receive for handling cash transactions as part of this deal. The personal loans tie up will generate additional income, of which some will be shared directly with postmasters. Post Office personal loans will be available online only. The amount available to borrow ranges from £1,000 to £25,000, with rates starting at 8.1 per cent APR and repayment terms spanning one to five years. The loans will be offered in partnership with credit platform Lendable. Lendable is an artificial intelligence-enabled lender, founded in London in 2014. It says it uses AI to identify low-risk borrowers using data beyond their credit score, allowing it to accept more borrowers at lower rates. Borrowers will receive interest rates tailored to their specific circumstances, and Lendable claims most will receive their loan in under a minute. Ross Borkett, Post Office banking director, said: '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.' The Post Office previously offered personal loans through its partnership with Bank of Ireland, but this ended in 2023.
The Sun
25-07-2025
- Business
- The Sun
Post Office set to relaunch big banking service after axing it in all branches in 2023
THE Post Office is bringing back a key banking service, two years after it was discontinued, The Sun can reveal. Customers will soon be able to apply for a Post Office personal loan once again. 1 It has teamed up with Lendable, a UK fintech company, to offer loans that promise quick approvals and competitive rates. The postal service stopped offering personal loans through its partnership with the Bank of Ireland in 2023 but continues to provide savings accounts. Now, 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. Borrowers will be able to choose repayment terms of one to five years. As an example, borrowing £5,000 over two years would mean paying £226.38 per month, with £433.12 worth of added interest. Personal loans are unsecured, meaning you don't need to offer up assets like your home or car as collateral. They're often a safer and cheaper way to borrow compared to using a credit card, an overdraft, or payday loans, which can charge interest rates of up 1,250%. consolidating debts. A good credit score helps you get the best interest rates, but the Post Office's partnership with Lendable will use AI to look beyond this metric, making it easier for more people to qualify for better rates. If approved for a new Post Office loan, most borrowers will get their money in under a minute. 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. "By developing our commercial offering, we will generate income to be shared with postmasters and help sustain their presence in communities nationwide." The loans will be available directly through the Post Office website and on comparison websites. What is a personal loan? A PERSONAL unsecured loan is a type of borrowing where you receive a lump sum from a lender and agree to repay it in instalments, along with interest. Unlike secured loans, it doesn't require any collateral, such as a house or car. Approval is based on your creditworthiness, income, and existing debts, making it a riskier option for lenders and potentially more expensive for borrowers. Despite this, personal loans can be cheaper than credit cards and overdrafts, but it's not always guaranteed. While personal loans often have lower interest rates, especially if you have a good credit score, the overall cost depends on several factors like the loan term, fees, and your individual circumstances. Credit cards and overdrafts can be more expensive due to high interest rates and fees, especially if you only make minimum payments or exceed your overdraft limit. It's essential to compare the total cost of borrowing, including all fees and interest, before making a decision. How does it compare? Rachel Springall, Finance Expert at 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. One of the lowest advertised loan rates on the market is 5.9% APR, such as with M&S Bank, Santander and TSB. However, 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, suggests considering credit unions when comparing options. Their interest rates are capped, making them a cost-effective alternative to payday loans, credit cards, or overdrafts. Rates range from 12.7% APR (1% monthly) to a maximum of 42.6% APR (3.5% monthly), and some even offer same-day funding. If you're thinking about using a personal loan to consolidate debts, it's important to address overspending habits first - otherwise, you could end up in a worse financial situation later. Sarah 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." To find the best rates visit price comparison websites including and How to get free debt help There are several groups which can help you with your problem debts for free. Citizens Advice - 0800 144 8848 (England) / 0800 702 2020 (Wales) StepChange - 0800138 1111 National Debtline - 0808 808 4000 Debt Advice Foundation - 0800 043 4050 You can also find information about Debt Management Plans (DMP) and Individual Voluntary Agreements (IVA) by visiting or Speak to one of these organisations - don't be tempted to use a claims management firm. They say they can write off lots of your debt in return for a large upfront fee. But there are other options where you don't need to pay.
The Sun
23-04-2025
- Business
- The Sun
Delphos Advises on Historic $20 Million Investment for Fintech LendMN to Propel Financial Inclusion in Mongolia
WASHINGTON, DC and ULAANBAATAR, MONGOLIA - Media OutReach Newswire - 23 April 2025 - Delphos, a premier advisor in private emerging markets, proudly announces its role as the exclusive financial advisor for LendMN's landmark $20 million USD debt financing. This strategic financial move marks the first significant milestone for a Mongolian fintech company, positioning LendMN and Mongolia on the international stage for fintech innovation and investment. Delphos President Andrew Brown This significant debt facility is provided by Lendable, a leading name in debt finance for tech-enabled companies across emerging markets. Lendable is dedicated to fostering greater economic justice and sustainability worldwide. The funds will enhance LendMN's commitment to technology-driven financial solutions for Micro, Small, and Medium Enterprises (MSMEs) in Mongolia. Delphos President Andrew Brown highlighted the transaction as 'a testament to Delphos' expertise in facilitating impactful cross-border financings that drive financial inclusion. We are proud to support LendMN in its mission to expand access to credit for Mongolia's underserved populations.' LendMN BNFI JSC CEO LendMN, Mongolia's first digital lending fintech and a subsidiary of AND Global, has revolutionized the financial landscape with its fully digital Flexi Business Loan, which has already disbursed $60 million USD in loans to over 3,800 micro and small business owners since its launch. The platform's innovative approach includes automated credit scoring and instant loan disbursement without collateral, leveraging AI to bridge the financial gap for businesses traditionally overlooked by standard banking practices. Uuganbayar Tserendorj, CEO and Board member of LendMN, expressed his optimism, stating, 'We are delighted with this achievement as it denotes LendMN's robust technology and successful business model, opening doors to future international investment opportunities With this landmark investment, Delphos continues solidifying its position as a definitive source for innovative financial solutions and strategic advisory services for development projects worldwide. Delphos has raised over $20 billion in development finance, benefiting over 1,200 companies globally. Hashtag: #Delphos
