There are many different types of loan when it comes to borrowing online. For people with bad credit, two of the more popular options are instalment and payday loans. These are typically fixed rate, so you know the total cost and term, as well as the amount you borrow, before you take out the loan.
Borrowing online makes the process more streamlined - there are no paper forms to complete and send back. Online loans are also flexible, as you can choose exactly how much you need and when you can repay. PiggyBank have a slider that you can move around to check the best option for you. You can choose weekly, fortnightly or monthly payments, depending on your payday.
Short term loans allow you to borrow the money you need for an unexpected expense, and in an emergency, 100% online applications can be useful. It is important to remember though, that short term lending needs to be taken seriously. You should never feel pressured to take out a certain amount, or rushed to complete an application form.
PiggyBank Loans Online
PiggyBank offer payday loans between £100 and £400 for smaller expenses, and for those looking to borrow up to £1000, we also have the option of instalment loans. These can be repaid over two to five months. You can also save money in interest if you choose to pay back early - there’s no fee for doing this.
Why Might You Need An Online Loan?
Online loans are generally short term loans. With larger loans, through a bank or building society, you may have to go in branch to apply. Payday lenders, or those offering smaller instalment loans, typically let you apply completely online.
If you have an emergency bill or cost, you’d require quick cash to allow you to pay it. A long application process with loads of hoops to jump through is the last thing you’d need. Banks can also take up to 3 days to transfer the funds. If you had a burst pipe, for instance, you couldn’t afford to wait days for the money to be transfered.
If the unexpected happens, you can apply for a PiggyBank loan and expect to receive your money the same day. If approved, we aim to pay out within an hour.
Are There Online Bad Credit Loans?
It can be more difficult to find loans for people with bad credit. There is more of a risk involved for the lender if there are negative marks on your credit file, as it could mean you were unable to manage your money well in the past. Your credit history stays on your credit file for six years, so even if you made a payment late years ago, it could still impact your ability to take out credit.
PiggyBank do offer payday and instalment loans for those with bad credit, as your credit file isn’t the only thing we look at. We also take into consideration your income and expenditure, as well as your employment information.
If you’re not sure if you have good or poor credit, you can check for free with companies like Noddle.
Before you take out a loan though, it’s important to consider whether borrowing is the most suitable option. If you are able to save up for what you need, this is a good choice, as it will be interest free. Borrowing to pay back other credit is never a good option, as this could lead to a cycle of debt. If you think you may need help or advice with your finances, you can contact Step Change or the Citizens Advice Bureau for free.
To be eligible for an online loan with PiggyBank, you’ll need to be aged 18 or over. You’ll also need to live and work part time or full time in the UK. We do ask that you have a bank account, so that we can transfer the loan into it.
You can find more information about our eligibility criteria here. If you have any questions about our lending terms or about applying, you can contact us directly. You can call us on freephone 0800 206 1560, or email firstname.lastname@example.org.
Other Things To Consider
When looking for a loan online, it’s a good idea to check if you are working with a direct lender like PiggyBank, or with a broker. Brokers will pass on your details to direct lenders, and can charge a fee for their service.
If you’re searching for the best quick loans online, you may also wish to use comparison sites like Money Guru. To see what other customers are saying, you can also check out the companies’ Feefo reviews. You can find PiggyBank’s reviews here.