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Help Area: Application Enquiries

Below are some common FAQs. Please take a look.

Loan Details

How does a PiggyBank loan work?

A PiggyBank loan is a short term cash loan that is intended to be used to pay for an unforeseen expense. e.g. a broken washing machine, car repairs, a new computer for work etc.

You can borrow from £100-£400 and pay us back on your next payday or a payment date of your choice up to 35 days later. If you’re accepted for a PiggyBank loan, we’ll aim to have the money in your account within an hour and you can apply 100% online by apply 100% online here.

How does a PiggyBank Instalment loan work?

A PiggyBank loan is a short term cash loan that is intended to be used to pay for an unforeseen expense. e.g. a broken washing machine, car repairs, a new computer for work etc.

You can borrow from £100-£400 and pay us back in monthly, fortnightly or weekly instalments for up to five months. If you’re accepted for a PiggyBank loan, we’ll aim to have the money in your account within an hour and you can apply 100% online by apply 100% online here.

How much can I borrow from PiggyBank?

Here at PiggyBank, we want to build relationships with the people we lend to. That way, you know you can come straight to us if you ever have an unexpected expense and we know you’ll pay us back if we lend you money.

So the first time you borrow from PiggyBank you can apply for £100 to £400. Then, once you’ve had a loan and paid it back to us, you may be able to borrow up to £1500 on your next visit. We call this your “level of trust” and it’s something we consider along with all the standard loan checks like your credit check, affordability check and the period of the loan.

Can I choose the date I pay back my PiggyBank loan?

Of course, we want your PiggyBank loan to fit in with your circumstances. When you apply for your PiggyBank loan, we’ll ask you to pick the date you pay us back, along with the amount you want to borrow! Just remember, the date you pay us back can only be a maximum of 35 days later as this is the maximum time we’ll lend out a short term loan for.

Login Issues

Can I change my PiggyBank loan account username?

Yes, you can change your username at any time by logging into your PiggyBank account.

Simply login, select “change username” from the “manage my details” dropdown and follow the on screen instructions.

I can't get into my PiggyBank loan account, what do i do??

If you’ve forgotten your password, simply go to the login page and select the “I’ve forgotten my password” link. An email will be sent to you with instructions for resetting your password.

If you’re having problems logging in for any other reason or you’re seeing an error, please send us a message.

How do I change my Piggybank loan account password?

You can change your password at any time by logging into your PiggyBank account. Simply login, select “manage my details” and then choose the “change password” option and follow the on screen instructions.

If you’ve forgotten your password completely and need to change it, go to the login page and select “I’ve forgotten my password”. An email will be sent to you with instructions for resetting your password.

Account Details

How do I change my personal details for my PiggyBank loan?

You can manage most of your details by logging into your PiggyBank account and selecting the “Manage my details” option.

There will be certain details you’re not able to edit for security reasons e.g. your name, date of birth etc. If you need to change anything that you’re not able to edit in the “manage my details area”, please send us a message.

How do I change my bank details?

You can add new bank details by logging into your PiggyBank account and selecting the “Manage my details” option and selecting “payment details”.

If you need to delete any of your bank details, please send us a message.

Can I change the debit card that I make my PiggyBank loan payment with?

You can add new card details by logging into your PiggyBank account and clicking on the “payment details” option from the “Manage my details” dropdown.

The newest card you add in this area will become your “primary card” - which means it’s the one we’d take payment from on your agreed repayment date.

If your payment didn’t come through, we may try to use your secondary card details for the payment, as explained in your loan agreement that we emailed you when you took out your PiggyBank loan.

Credit Score

I have a bad credit history - can I still get a PiggyBank loan?

It really does depend on the individual. We understand nobody’s perfect, so we don’t expect your credit history to be faultless. PiggyBank loans are made for people with different credit histories but the simple answer is; if you can’t afford a PiggyBank loan then we won’t let you take one out.

We believe that your current circumstances, income, expenses and credit commitments are more important than a late payment on a credit card three years ago! That’s why at PiggyBank, we do a full credit check but also assess your affordability.

That said, we’re responsible lenders so bear in mind, if you have had a CCJ in the past 12 months, are on a debt management plan or have been declared bankrupt in the past year, you will not be approved for a short term loan with PiggyBank.

Application Issues

I entered a valid card, but it says Invalid Card Details?

If we are unable to verify your card details it may be that you got a digit wrong when you first typed the information, or that the registered card doesn't match up with the details you entered. We also don't accept credit cards, Maestro cards or pre-paid MasterCards.

Please be aware that we used to verify a debit card by doing a ghost transaction where 10p would be taken and automatically refunded to the card. This no longer takes place as we match up the card to the address on your application and credit file. If you have had the card for over two months and are confident that the details are registered to the correct address you have used to apply, please contact your bank to ensure there is no form of block on the card for tokenisations.

Under rare circumstances newly issued card details may not exist with the credit agencies we use. If this is the case, then we cannot accept your application at this time and would recommend you come back no earlier than 14 days.

Can I change the amount I borrow after applying for my PiggyBank loan?

At the moment, this isn’t something we’re able to offer you. So just make sure you think carefully about how much you need to borrow before you apply for your PiggyBank loan!

My application has gone to the underwriters

At PiggyBank we are a responsible lender and we will always ensure our processes are to a high standard. This is to help our clients receive the best possible service and to make sure we continue to lend responsibly.

If your application does go to our underwriters, don’t panic. They are simply running through the final checks before a decision is made. If they require any further information from you to make a decision, they will notify you via text and email and the same applies for a decision of your loan application.

It has been over an hour since I applied

We understand that when an unexpected expense comes up, you need to get your hands on that money as quickly as possible! That’s why we always aim to have the money in your account within an hour of you being accepted, using our “faster payment” method.

Don’t worry, we’ll send you an email and a text when the money is leaving our account, so you can keep an eye on yours - because we’re nice like that!

Why was I declined for a PiggyBank loan?

It’s difficult to give a general answer to this because it will really depend on your individual circumstances. We’ll always try and give you a reason or explanation of some sort at the time your loan is declined. Some of the common reasons you may get declined for a PiggyBank loan are:

  • We ran a credit check and your credit score isn't high enough for our criteria
  • We didn’t feel you would be able to afford the loan based on what you told us about your income and expenses
  • We weren’t able to match up your personal details to a credit file
  • We couldn’t match your card details to an active bank account
  • You already have an existing PiggyBank loan that hasn’t been paid off yet

Why was I declined for a PiggyBank loan when previously I was accepted?

At PiggyBank we value our repeat customers who decide they need further help. However as a responsible lender we will always ensure that our correct checks are carried out on each application as we want to ensure that our high levels of forbearance are maintained. We’ll always try and give you a reason or explanation of some sort at the time your loan is declined. Some of the common reasons you may get declined for a PiggyBank loan are:

  • We ran a credit check and your credit score isn't high enough for our criteria
  • We didn’t feel you would be able to afford the loan based on what you told us about your income and expenses
  • We weren’t able to match up your personal details to a credit file
  • We couldn’t match your card details to an active bank account
  • You already have an existing PiggyBank loan that hasn’t been paid off yet

Loan Repayment

If I want to pay back my PiggyBank loan early, is that ok?

Yes! If you choose to pay back your loan early, you can do so in your “my account” area which can be accessed 24/7. Unlike some other lenders, we won’t charge you any penalty fees or charges for settling your loan early, because we’re all about being friendly and responsible to our customers! If you pay back early you will save money because you only pay the interest for the time you have the loan. So if your loan is £350 for 30 days and you pay back 10 days early you would save £28.00.

How do I cancel my loan?

You can cancel or change your mind until the point where you sign the loan agreement.

Once you’ve signed your loan agreement, the money will be on its way to your bank account, so if you choose to cancel at this point or later, you’d need to pay the loan back in full (including the relevant interest).

How do I cancel my account?

Once you’ve signed your loan agreement, your loan will be paid into your account. So if you choose to cancel at this point or later, you’d need to pay the loan back in full (including the relevant interest).

To pay your loan off, all you need to do is login to your PiggyBank account and select “Manage my money” and then the “Make a payment” option. Then simply select “Pay now” and follow the onscreen instructions.

You don’t actually need to ever “cancel” your account with us. Once your loan is paid off, your account will stay open, just with a balance of zero - so if you ever need our help again in the future, you can simply log back in and re-apply for a new loan.

Financial Difficulty

What happens if I get into financial problems and I can't pay?

Obviously, in an ideal situation, we lend you money, you pay us back on the date you agreed and everyone’s happy.

However, we also understand that sometimes our customer’s circumstances can change for the worse in a way that’s completely out of your control. If this happens, it’s our “PiggyBank promise” to you that we’ll be understanding and do everything we can to work with you to come up with a resolution to get your loan paid back. It’s a process we call “Responsible Collections” and it’s all part of our philosophy of making finance a friendlier and more human place for our customers.

If something happens and you know you’re not going to be able to pay back your loan, just get in touch, speak to us and we’ll go from there!

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