Why Might You Need To Borrow Money?
We understand that not everyone is prepared for an unexpected expense. Whether your car has broken down, or your freezer needs replacing, your budget may struggle to cover this as well as other financial commitments before next payday.
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.
In these types of situations, you should assess whether your savings will cover the unexpected cost, or if you can wait until next payday to resolve the situation. Is it possible for friends or family to help out? If these options aren’t available to you, you may need to borrow money online. This is where PiggyBank can help!
PiggyBank offers online payday loans between £100 and £1000. You can choose to repay the loan all at once or in weekly or monthly instalments - whatever fits your budget. You can also save money on interest if you choose to pay back your loan early and we don’t charge an early repayment charge.
Benefits Of Borrowing Money Online
Faster than a bank
Gone are the days of waiting around in banks. Our online application can be completed under 30 minutes from the comfort of your own home. You can also get your loan on the same day if your application is approved— we will pay out your money using the faster payments service.
Easy application process
All we need is your personal information, details of your monthly income and expenditure, the bank details you want the funds to be sent to and the debit card you want to use and pay us back. We also carry out a credit search. If accepted, we’ll transfer the money into your account.
Flexible repayment schedule
We understand that not everyone gets paid on the last Friday of the month. Using the sliders above, you can confirm how much you want to borrow and when you want to pay it off. With a payday loan, you can pay back between 7 and 35 days. With instalment loans, you can pay back between 2 to 5 months.
Can You Borrow Money Online If You Have Bad Credit?
A bad credit score can make it difficult to secure an affordable loan. As your credit file shows all previous credit commitments and transaction over the last six years, any defaulted, missed or overdue payments will be visible to lenders. Thus, lenders may perceive you as a risky borrower, and be hesitant to lend to you.
You can borrow money with poor credit, many short term lenders like PiggyBank understand that financial mistakes can happen and believe you shouldn’t be punished for errors made years ago. Although we recognise that a bad credit score can indicate a risk, we also assess your recent credit history, your income and expenditure, as well as your employment information to make our decision.
If you’re unaware of your credit rating, check for free with credit reference agencies like Experian.
Is It Safe To Borrow Money Online?
Yes - if you use a trusted lender like PiggyBank!
PiggyBank is a short term loan direct lender, and are authorised and regulated by the Financial Conduct Authority. This means we only lend money responsibly and you’ll never be charged more than £15 in fees and charges or pay more than twice the amount you borrow. We’ll also make you aware of the total repayment amount, payment dates, interest and charges before signing the agreement and won’t charge any fees for paying off your loan early.
If you’re contemplating applying for a loan, it’s important to consider whether borrowing is the most suitable option. If you’re able to save for what you need, this is a better choice, as it will be interest free. We don’t recommend borrowing to pay back other credit as this could lead to a debt spiral. If you think you need help with your debts, you can contact Step Change for free independent advice.Apply Now!