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7 Day Loans

The minimum length of most payday loans is 7 days. At PiggyBank, we offer payday loans of £100 to £400, over 7 to 35 days. If you need to borrow a little more, over a longer period, we also offer instalment loans of up to £1000. These can be taken out between 2 and 5 months.

Why Might You Need a 7 Day Loan?

Life doesn’t always go to plan, and sometimes you receive a bill in the post you weren’t expecting, or your car breaks down and you don’t have the funds to pay. In those types of situation, you need an instant loan if possible, as waiting until payday to pay a bill could cost you more in the long run, and you probably need your car to get to work.

The likelihood is that you won’t have just been paid when these unexpected expenses crop up, and even if you’ve got savings they might not be enough to cover the whole expense.

You might have a few options if you need to borrow cash for 1 week. Few people like to ask friends and family to lend them money. It’s often a difficult topic to bring up, and they might not have the funds to lend to you even if they want to help.

Banks are not normally willing to lend money over a short period, and some charge you for paying back early. This means you could end up paying interest over months or years when you only need a loan for 7 days.

At PiggyBank, you can take out a payday loan of up to £400 for a week. If you only need the funds for a few days, you can also pay back early to save money in interest. We’ll never charge you for this.

Do PiggyBank Offer 7 Day Loans?

PiggyBank offer loans over 7 days to 5 months. Once you know how much you need to borrow and for how long, you can check the total amount you’d be repaying by moving the sliders on our homepage.

Interest is applied at 0.8% per day, so if you’re borrowing £100 over 7 days, you’d only be paying £5.60 in interest.

PiggyBank are a direct lender not a broker, which means we’ll transfer the funds straight into your bank account with no middleman. We aim to pay out funds within an hour of approval. We also don’t charge a fee for taking out a loan, which some brokers do.

If you’re not sure whether taking out a loan is the best option for you, it’s important to consider whether you are able to save up for something rather than take out credit. Long term financial difficulty and borrowing money to pay back other lenders should not be reasons for taking out a loan, and responsible lenders like PiggyBank won’t be able to lend to you. In these sorts of situation, it can be helpful to seek third party advice, from companies like Step Change or the Citizens Advice Bureau.

Can You Apply for a Payday Loan With Bad Credit?

Having bad credit may make taking out loans more difficult. You may not be eligible for taking out a credit card for example, or only have the option of ones that charge a lot of interest.

The problem with having a poor credit history is that it’s difficult to prove that you can repay loans and increase your credit score if nobody’s willing to lend to you. At PiggyBank, while we don’t offer no credit check loans, we don’t just look at your credit file when making a loan decision.

Even if your credit isn’t perfect, you may still be eligible for a PiggyBank loan. You can find more information on our Eligibility page.

How Do You Apply?

To be eligible for a PiggyBank short term loan, you’ll need to be in full or part time employment, be a UK resident and be 18 or over. You’ll also need a mobile phone and a valid bank account - we can’t pay out funds without your bank details.

Once you know how much you need to borrow, and for how long - 7 days to 5 months, fill in our short, simple application form. We’ll ask for a few personal details, your employment information, and your income and expenditure.

You should receive a loan decision the same day you apply - we’ll try to get this to you as soon as possible. If approved, we aim to transfer the funds within 1 hour.

Apply Now!