29 March 2004
The Post Office has revealed it is to launch a personal loan and compete against high street bank loan providers.
Following on from the loan, the Post Office along with the Bank of Ireland also plans to offer motor insurance, a savings account and a credit card within the next year and a half.
David Mills, chief executive of the Post Office told This is Money: “The long-term vision is to be a highly-reputable financial services company on the High Street.
“We are already competing with the High Street banks. If we win 5 per cent of the loans market we will be delirious.”
Under the new plans the Post Office will be investing £125 million and customers of the new loan will be able to borrow between £1,000 and £25,000 with a range of rates from 14.9 per cent to 7.9 per cent.