Are Payday Loans Cheaper than Unarranged Overdrafts?

If you are in need of a short-term solution to financial worries there are often only a few possible options open to you. If you are unable to borrow money from family members and loved ones to help you get through this tough period, the other options are to take out a payday loan or go over your current account limit with your bank and have an unarranged overdraft. PiggyBank understands...

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How to Treat Your Loved One on Valentine’s Day

With Valentine’s Day coming up tomorrow it is the perfect time to have a think about what you are going to do to make it a very special day for your loved one. Loads of romantics will push the boat out, putting them at risk financially as a result. There is no need to do so; with a few things, you can do to make sure your loved one is appreciated, without getting into debt. Make a...

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Bank Overdrafts found to be more costly than Short Term Loans

Research from consumer champions Which? has found that bank overdrafts can be eight times more costly than payday loans. Borrowers needing as little as £100 could be charged up to £156 more by their bank than it would cost at a payday lender, it has been revealed. Which? compared the cost of borrowing £100 for 30 days using an unauthorised bank overdraft. It found some banks...

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Payday Loan or Instalment loan? What should I consider?

When considering the best payday or instalment loan for your needs, there are some key things to consider; • Can you afford it? • What is the interest rate? • How long do you need it for, is it short term? • What happens if you can’t afford to make repayments, what are the penalties? The longer the loan period, the more interest you will pay back. Before you think...

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Being a Responsible Lender…

At PiggyBank, we pride ourselves on being a responsible lender. With a fair amount of negativity in the current press regarding payday loans, we are writing this entry to show that there are positives to payday loans, as long as they are used in the right way. At the very beginning of the application process, prior to being approved for a loan, we conduct a fair amount of checks on each...

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Responsible lending is important

Responsible lending of long and short term loans is important for both lenders and borrowers for varying reasons, and both have different responsibilities. Responsibilities of lenders Lender responsibilities extend from adhering to financial regulations to providing quality loan products and services with exceptional customer service to credit-worthy borrowers. Borrowers require support...

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Why guarantor loans are the new big thing

There are a range of perspectives as to why guarantor loans have gained in popularity. Some may say that it is down to a weakening economy, a time of recession, and the need for banks to compete for borrower confidence. The needs driving the guarantor loans trend are basically two-fold: Lenders are required to deliver responsible long and short term lending practices, including loan...

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Payday lending, the facts

People struggling to pay bills before payday often turn to short term lenders to meet their financial responsibilities. Doing so allows these individuals to pay their bills on time so that they do not default on payments before their wages or salaries are actually received. Short term loans can bridge the gap for meeting financial obligations, while waiting for monies to be received. When...

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Tips on finding a responsible loan company

Finding a responsible lender can take a fair amount of effort on the part of a potential borrower. However, it’s important to take the time to carry out this process in order to find the best value, borrower support, and flexibility throughout the loan duration. Responsible lenders help individuals achieve their borrowing goals, whether for long or short term loans. Finding a...

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