Why Choose Us?
We’re an open book.
PiggyBank puts you in control of your loan. Using our online loan calculator you can choose the amount you wish to borrow and over what term. The calculator will show you a full breakdown of your loan, how much you should expect to pay back in total, and on which dates.More About PiggyBank
We've built PiggyBank to work at anytime and on any device. So no matter what your circumstance, we're available to help.More About PiggyBank
The price of greatness is responsibility.
At PiggyBank we pride ourselves on being a responsible lender. By this we mean we only lend to people who can afford to repay their loan without putting themselves in any financial difficulty. If our affordability checks suggest that a borrower may struggle to afford their loan, we will not lend to them.More About PiggyBank
Independent Feedback based on 467 verified reviews as of 23/03/2017
PiggyBank Short Term Loans
PiggyBank provides transparent and simple short term loans, payday loans and instalment loans from £100 to £1000 for new customers, and up to £1,500 for returning customers. We're a short term lender, short term lending, but much more human.
PiggyBank short term loans are an online solution to cover an unforeseen expense, like a bill or a problem with a car, or can be used as a short term financial buffer until your next payday. Our short term loans are flexible and can be taken from 7 to 35 days. If you need your money for a bit longer, you can apply for an instalment loan, which splits your repayments over a two to five month period. The loans can be paid back early to save on interest, giving a flexible solution for your short term cash needs.
We make sure that you can see exactly how much your loan will cost you to payback BEFORE you make a decision about your loan. And you can payback your loan early and at any time with no hidden fees or charges.
Although you don't need to have a perfect credit history for a PiggyBank loan, we will only provide loans to people that can afford our loans. Our 100% online system will assess your recent credit history, your affordability for the short term loan that you are applying for and numerous other factors to ensure that we are treating our customers fairly and lending with forbearance.
If you are accepted for a PiggyBank short term loan, we will make sure that we contact you up to five days before your agreed repayment day or the day your instalment is due to make sure nothing has changed in your circumstances and to remind you that if you payback early, you will save on interest.
If your circumstances have changed, we will work with you to freeze interest and charges and get your loan balance cleared as quickly as possible, while still treating you fairly.
Simple as that.
Before you take out a PiggyBank short term or instalment loan, you need to ask yourself whether borrowing money is the right thing for you. If you can cut down on your spending or put off buying something until you’ve saved for it, do that. If you are borrowing money to make repayments on other loans and debts, you may be in a vicious circle and it might not be the best thing to do. If you think you need help with your debts, you can contact the Step Change Debt Charity service at www.stepchange.org
Need Any Help?
Have a look though our FAQ if you still need any help get in touch using the details below.
Most popular questions:
- What type of credit checks do you do for my PiggyBank loan?
- I have a bad credit history - can I still get a PiggyBank loan?
- Can I defer my payment?
PiggyBank Loan Information
Short Term Loans
A short term loan is usually taken out over a 1-3 month period. Short term loans are intended to cover an unforeseen circumstance. Typically you can borrow from £100 up to £1000.
If you can not pay back a loan within one month then an instalment loan is there to help you spread the cost of your loan.
Here is how a PiggyBank instalment loan works.
- A PiggyBank instalment loan can be taken out from 2 to 5 months.
- With a PiggyBank instalment loan you can borrow between £150 and £1000
- The interest is charged at the same rate as a PiggyBank instalment loan at 0.8% per day per £100 borrowed.
- If you repay your instalment loan early you will save interest
There are a few things you need to look for when choosing a lender. There are many payday and short term loan companies that can help you with your unforeseen circumstance however it is important that you look for the following things;
- Make sure you know if are applying with a direct lender or a broker. A broker must make it clear that they do not make lending decisions and that they only pass your details to direct lenders.
- All lenders in the UK must be authorised by the Financial Conduct Authority (FCA). You can check the register here. Simply type in the company name or the FCA registered number which should be at the bottom of the lenders home page and you will be presented with the details of the company.
- Lenders must provide you with ways to contact them if you have any questions or issues. That includes a telephone number and an email address or contact form.
- Before you accept the terms of a loan, all lenders must advise you how much the loan will cost including interest and the date you are due to repay your loan
You agree to repay us the amount payable on the agreed repayment dates, as per your signed legally binding loan agreement. We will collect these payments by debiting the debit card you have registered with us at anytime on the agreed repayment dates. Failure to repay your loan in full on the agreed date will incur a:
- £15 missed payment fee
Continuous failure to repay your loan will result in:
- Daily application of interest against the outstanding balance
- Possible legal action
During the time your loan is in arrears our collections team will make every effort to contact you to discuss your loan and they will do their best to offer a solution and come to an arrangement which suits your financial circumstances and is affordable.
Please be aware that if you can't pay your loan back via your debit card, you can make full payment via bank transfer.
A payday loan is a small short term loan which is generally taken out to cover an unforeseen circumstance. A payday loan is usually paid back on the borrower's next pay date. Typically you can borrow from £100 up to £1000. Here is how a PiggyBank payday loan works.
- A PiggyBank payday loan can be taken out for 7 to 35 days
- You can borrow from £100 up to £1000
- The interest is charged at 0.8% per day per £100.
- If you repay early you will save interest.
Please be aware that the minimum repayment term for a PiggyBank instalment loan is two months. You can apply for a one time repay back payday loan and repay back from seven to 35 days.
The maximum term for a PiggyBank instalment loan is five months. This can be split into five monthly payments or even spread weekly to suit your needs. A PiggyBank short term loan can be taken from two months to five months. But please be aware that this loan can be paid back at any time with no penalty.
Failure to Pay
If you don't communicate with us and we can't recover the money over a reasonable period of time, your account will be passed to our Recoveries Team. Failure to repay a loan may also mean that Credit Reference Agencies (CRAs) will record the outstanding debt. This information may be supplied to other organisations by CRAs and Fraud Protection Agencies (FPAs). Records may remain on file for six years after they are closed, whether settled by you or defaulted.
Defaulting on your loan will negatively impact your credit rating. If you are unable to keep to the terms of your loan agreement, our Customer Care team are available from Monday to Saturday to work with you and help clear your loan balance in an affordable and manageable way.
An option to defer your loan repayment may be available. To be eligible for a loan deferral you will have to undertake an affordability check to ensure that PiggyBank is being responsible in its lending. You should be aware that if you are approved, you will have to:
- Clear the interest on your initial loan and
- Sign a new loan agreement
Your repayment date will then be changed and interest will continue to be charged at the standard 1270% APR representative rate. Each loan deferral is considered on an individual basis.
If you’re having problems making a payment please contact us directly so that we can discuss your payment options. We are here to help and will make every effort to reach a solution with you. You can contact us via telephone or email. We will freeze interest and charges if you are experiencing financial difficulty.