"Penny Lover" is the title of the fifth and final single released from Lionel Richie's multi-platinum 1983 album, Can't Slow Down.

In a song review printed in Billboard by an anonymous writer in 1984, "Penny Lover" was described as "another of his unfailingly effective universal-appeal ballads".

In addition to being shortened by nearly 2 minutes, the single version is remixed with added reverb and more prominent background vocals, as well as a cold ending with just vocals and keyboard.

Jamaican reggae duo Sly and Robbie covered the song in 1997, from their album Friends.

It features singer Ambelique, and the song also appears on his 1997 album Sings the Classics.