Latest news with #RossBorkett
Daily Mail
2 days ago
- 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
4 days ago
- 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.
Scottish Sun
18-06-2025
- Business
- Scottish Sun
Top 50 slang words for money revealed including ‘shekels' and ‘spondulicks'
Go to the bottom of this story to find the top 50 list Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) BOOMERS call it "cash", while Gen Z prefer to use "paper" – this is how different ages talk about money. A poll of 2,000 adults found Gen Z is the most likely generation to use slang terms, with 58% adopting new phrases, compared to just 19% of Boomers. Sign up for Scottish Sun newsletter Sign up With the way we pay for things continually evolving, so is the language we use to communicate these payments, and as such 29% believe the word "cash" may die out entirely one day. Longstanding phrases such as "lolly" (67%), "shekels" (35%) and "folding green" (13%) are widely used by the over 65s, but are rarely recognised or used by Gen Z or Millennials. However, terms such as "stacks" (32%) and "P's" (27%) are more commonly said by Gen Zs. Despite the introduction of cashless payments, 71% of Brits agree the decline of cash is not inevitable, with 82% believing it's important to have it readily available. Ross Borkett, banking director at Post Office, which commissioned the research said: 'Money, how we talk about it and how we use it, has always been a unique part of British culture. 'Such a wide range of phrases are being used for money, showing how entrenched cash still is within our society. 'Whether you need money to pay the window cleaner or own a local shop and need to deposit your daily takings, we believe cash matters, and it seems so does the public. 'While we're seeing a shift towards contactless and digital payments, this research highlights that Brits still find value in having access to cash - whether they call it 'quid' or 'coin'.' It's not just different generations which have slang terms for money; the research also found that where you live can impact your cash vocabulary. For example, "dosh" is most popular in the North East, while "bread" is most likely to be said by people in the South East. But in Northern Ireland "bank" and "moolah" are popular terms. This has resulted in more than a quarter (27%) of Brits travelling to a different part of the UK and hearing an unfamiliar term for cash. Common ways to pick up these quirky phrases are from parents (42%) and friends (46%), according to the OnePoll data. Dr Lynn Robson, lecturer in English Literature at Oxford University, said: 'As money has evolved from shells and coins to plastic and digital forms, so too has the language we use to describe it. Brit top 50 terms for money 1. Cash 2. Quid 3. Fiver 4. Tenner 5. Coin 6. Notes 7. Change 8. Dosh 9. Grand (or G - £1000) 10. Dough 11. Funds 12. Bucks 13. Bills 14. Coppers 15. Bank 16. Loot 17. Ton (£100) 18. Brass 19. Bread 20. Readies 21. Wonga 22. Lolly 23. Moolah 24. Pony (£25) 25. Monkey (£500) 26. Shrapnel 27. Smackers 28. Wedge 29. Score 30. Peanuts 31. Spondulicks (or Spondoolies) 32. Squids 33. Plastic 34. Paper 35. Shekels 36. Greenbacks 37. Stacks 38. Green 39. Foldin' stuff 40. Bob / Tenners and Twenties 41. Benjamins 42. Crust 43. Ching 44. Large 45. Cheddar 46. Beans 47. Folding green 48. Bangers and mash 49. P's 50. Racks 'Despite the changes in how we pay for things, 'cash' - which has been used in our language for over 500 years - is still the most popular word for money. "When it comes to the language of money, there are many cultural influences that can move phrases from the margins to mainstream culture. 'For example, sayings like "loot" are infiltrating conversations due to the popularity of games like Minecraft, but it is still those closest to us which have the greatest impact on our language.' Do you have a money problem that needs sorting? Get in touch by emailing money-sm@ Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and stories
The Sun
18-06-2025
- Business
- The Sun
Top 50 slang words for money revealed including ‘shekels' and ‘spondulicks'
BOOMERS call it "cash", while Gen Z prefer to use "paper" – this is how different ages talk about money. A poll of 2,000 adults found Gen Z is the most likely generation to use slang terms, with 58% adopting new phrases, compared to just 19% of Boomers. With the way we pay for things continually evolving, so is the language we use to communicate these payments, and as such 29% believe the word " cash" may die out entirely one day. Longstanding phrases such as "lolly" (67%), "shekels" (35%) and "folding green" (13%) are widely used by the over 65s, but are rarely recognised or used by Gen Z or Millennials. However, terms such as "stacks" (32%) and "P's" (27%) are more commonly said by Gen Zs. Despite the introduction of cashless payments, 71% of Brits agree the decline of cash is not inevitable, with 82% believing it's important to have it readily available. Ross Borkett, banking director at Post Office, which commissioned the research said: 'Money, how we talk about it and how we use it, has always been a unique part of British culture. 'Such a wide range of phrases are being used for money, showing how entrenched cash still is within our society. 'Whether you need money to pay the window cleaner or own a local shop and need to deposit your daily takings, we believe cash matters, and it seems so does the public. 'While we're seeing a shift towards contactless and digital payments, this research highlights that Brits still find value in having access to cash - whether they call it 'quid' or 'coin'.' It's not just different generations which have slang terms for money; the research also found that where you live can impact your cash vocabulary. For example, "dosh" is most popular in the North East, while "bread" is most likely to be said by people in the South East. But in Northern Ireland"bank" and "moolah" are popular terms. This has resulted in more than a quarter (27%) of Brits travelling to a different part of the UK and hearing an unfamiliar term for cash. Common ways to pick up these quirky phrases are from parents (42%) and friends (46%), according to the OnePoll data. Dr Lynn Robson, lecturer in English Literature at Oxford University, said: 'As money has evolved from shells and coins to plastic and digital forms, so too has the language we use to describe it. Brit top 50 terms for money 1. Cash 2. Quid 3. Fiver 4. Tenner 5. Coin 6. Notes 7. Change 8. Dosh 9. Grand (or G - £1000) 10. Dough 11. Funds 12. Bucks 13. Bills 14. Coppers 15. Bank 16. Loot 17. Ton (£100) 18. Brass 19. Bread 20. Readies 21. Wonga 22. Lolly 23. Moolah 24. Pony (£25) 25. Monkey (£500) 26. Shrapnel 27. Smackers 28. Wedge 29. Score 30. Peanuts 31. Spondulicks (or Spondoolies) 32. Squids 33. Plastic 34. Paper 35. Shekels 36. Greenbacks 37. Stacks 38. Green 39. Foldin' stuff 40. Bob / Tenners and Twenties 41. Benjamins 42. Crust 43. Ching 44. Large 45. Cheddar 46. Beans 47. Folding green 48. Bangers and mash 49. P's 50. Racks 'Despite the changes in how we pay for things, 'cash' - which has been used in our language for over 500 years - is still the most popular word for money. "When it comes to the language of money, there are many cultural influences that can move phrases from the margins to mainstream culture. 'For example, sayings like "loot" are infiltrating conversations due to the popularity of games like Minecraft, but it is still those closest to us which have the greatest impact on our language.' .
North Wales Live
17-06-2025
- Business
- North Wales Live
Top 50 British words for money - from 'dough' to 'spondoolies' and 'moolah'
The way Brits refer to money varies greatly between generations, with 'cash' being the term of choice for Boomers and 'paper' preferred by Gen Z, according to a recent survey. The poll of 2,000 adults showed that 58 per cent of Gen Z use contemporary slang for money, whereas only 19 per cent of Boomers do the same. Older phrases such as 'lolly', 'shekels', and 'folding green' remain popular with over-65s, yet these are rarely recognised or used by the younger generations. In contrast, trendy terms like 'stacks' and 'P's' are part of Gen Z's vernacular. Ross Borkett, banking director at Post Office, which conducted the study, commented to say: "Money, how we talk about it and how we use it, has always been a unique part of British culture. "Such a wide range of phrases are being used for money, showing how entrenched cash still is within our society. "Whether you need money to pay the window cleaner or own a local shop and need to deposit your daily takings, we believe cash matters, and it seems so does the public." The research also indicates that regional dialects influence the language we use for money, with terms varying greatly across the UK. In the North East, 'dosh' is widely used, whereas 'bread' is popular in the South East. Meanwhile, in Northern Ireland, the preferred slang comprises 'bank' and 'moolah'. Dr Lynn Robson, lecturer in English Literature at Oxford University, said: "As money has evolved from shells and coins to plastic and digital forms, so too has the language we use to describe it. "Despite the changes in how we pay for things, 'cash' - which has been used in our language for over 500 years - is still the most popular word for money. "When it comes to the language of money, there are many cultural influences that can move phrases from the margins to mainstream culture. "For example, sayings like 'loot' are infiltrating conversations due to the popularity of games like Minecraft, but it is still those closest to us which have the greatest impact on our language." Top 50 British words for money: Cash Quid Fiver Tenner Coin Notes Change Dosh Grand (or G - £1000) Dough Funds Bucks Bills Coppers Bank Loot Ton (£100) Brass Bread Readies Wonga Lolly Moolah Pony (£25) Monkey (£500) Shrapnel Smackers Wedge Score Peanuts Spondulicks (or Spondoolies) Squids Plastic Paper Shekels Greenbacks Stacks Green Foldin' stuff Bob Benjamins Crust Ching Large Cheddar Beans Folding green Bangers and mash P's Racks
