Below are some common questions, though if you’d rather call, we’re always happy to hear from you!
How Does a PiggyBank Payday Loan Work?
A PiggyBank loan is intended to cover an unforeseen expense - this could be anything from a leaking roof to a broken fridge. Sometimes you may not have enough in savings to cover these costs, so need a short term solution like a PiggyBank loan.
We offer payday loans of up to £400, between 7 and 35 days. If you’re looking for a larger loan, you can look into our instalment options.
Our application is completely online, so you can apply anywhere without the hassle of paperwork. We aim to pay out all approved loans within 1 hour.
How Does a PiggyBank Instalment Loan Work?
Like a payday loan, an instalment loan is meant for any emergency expenses. As larger amounts are typically not easy to pay back in one lump sum, if you’re looking to borrow up to £1000, we have the option of spreading the repayments.
With a PiggyBank instalment loan, you can repay weekly, fortnightly or monthly, over up to 5 months. Simply complete our short application form, and if approved, we aim to have the money in your account within an hour.
How Much Can I Borrow From PiggyBank?
With a payday loan, you can apply for £100 - £400, whereas with an instalment loan you can borrow up to £1000. Returning customers can apply for up to £1500.
The amount you can borrow will depend on your income and expenses - we won’t lend you an amount you can’t afford to repay.
We don’t currently offer the option of a top-up, so it’s best to make sure you’re applying for the amount you need.
Can I Choose the Date I Pay Back My PiggyBank Loan?
Of course! We want your loan to be tailored to you, so that you’re comfortable with the amount and date you repay. You can choose the amount you’re looking to borrow, as well as the date you can make a repayment when you apply. This would typically be your payday.
You can choose to repay weekly, fortnightly, and monthly. We can also spread your instalments over four-weekly payments - just get in touch!
I Entered a Valid Card, But it Says Invalid Card Details?
We don’t currently accept credit cards, Maestro cards or prepaid MasterCards, so these details will be classed as invalid. If you’ve put in debit card details but are seeing an error message, you may have entered a digit wrong, or the card might not match up with other details you entered.
If you’re confident that your card matches your name and current address, and have had it for over two months, it may be best to contact your bank. You’ll need to check that there are no forms of block on the card.
Under rare circumstances, if your card has been newly issued, it may not yet exist with the credit reference agencies we use. If this is the case, we won’t be able to accept your application. So that we can go through the proper checks, you’ll need to wait at least 14 days for your card to be logged with credit reference agencies, and to reapply with PiggyBank.
Can I Change the Amount I Borrow After Applying?
At the moment, this isn’t something we offer. If you haven’t finished applying, you can cancel the application and start again (all your information should still be there), but we don’t offer top-ups.
It’s important to think carefully about how much you need to borrow, and make sure that you’ll be able to repay it before applying.
What If My Application’s Gone to the Underwriters?
If your application is passed to our Underwriting team - don’t panic! They’re simply running through some final checks before a decision is made. They may need some more information from you - they’ll send a text or email to let you know if this is the case.
As a responsible lender, we’ll always make sure that a loan is affordable and you won’t be putting yourself into financial difficulty by making repayments.
Should I Worry If It’s Been Over an Hour Since I Applied?
We understand that if you’re looking for the funds to cover an emergency expense, you’ll need the money as quickly as possible. That’s why we always aim to have the money in your account within an hour of approval.
If it does take a little longer, you’ll know when the money is leaving our account, as we’ll send you an email and text just to confirm.
Why Was I Declined For a PiggyBank Loan?
We’ll always try to give a reason or explanation when a loan is declined. As a responsible lender, even if you've had a loan with us before, we run full credit and affordability checks on every application, so there is no guaranteed acceptance.
Some of the common reasons for being declined for a PiggyBank loan are:
- You have a loan open with us currently. You will need to repay this before taking out another loan.
- You may have changed address, banks or a debit card recently, which has not been updated on your credit file. This can take up to six weeks, but it may be worth checking your credit file.
- Incorrect information on your credit file. Review the information there to see if there are any mistakes.
- You could not afford the amount requested, or wanted to pay it back over too few repayments. Try spreading the repayments over a longer period, or applying for a smaller amount.
- We couldn’t validate your debit card details. Make sure these were put in accurately, and you didn’t put in an expired card.
- You may have been flagged by our Fraud Prevention service. If you have been a victim of fraud, make sure that this is reflected on your credit file.
PiggyBank are a direct lender, not a broker, and we don’t charge any fees for applying for a loan with us. Some brokers do charge a fee, so it’s important to check this before applying for any type of credit.
If you are declined for a PiggyBank loan, you should be able to reapply within 14 days.
Can I Change My PiggyBank Username?
Yes, you can change your username at any time. Simply log into your PiggyBank account, select ‘change username’ from the ‘manage my details’ dropdown, and follow the onscreen instructions.
What If I Can't Get Into My PiggyBank Account?
If you can’t remember your password, you can go to the login page and click the ‘I’ve forgotten my password’ button. You’ll then get an email with instructions for resetting your password.
If you’re seeing an error message, or are having any other problems logging in, please send us a message so that we can help.
How Do I Change My Account Password?
If you can remember your current password, but wish to change it, you can do so at any time. Just login to your online account, select ‘manage my details’ and then choose the ‘change password option’.
If you're unable to recall your password, and can’t log in, simply go to the login page and click on ‘I’ve forgotten my password’. An email will be sent to you with instructions to help you reset your password.
How Do I Change My Personal Details On My Account?
You can change most details by logging into your online account and selecting the ‘manage my details’ option.
There are certain details that you’re not able to change for security reasons. These include things like your name and date of birth. If you need to change anything that you’re not able to edit, please send us a message so that we can look into this for you.
How Do I Change My Bank Details?
If you have a new bank account and need to change these details, simply login to your online account, select ‘manage my details’ and then select ‘payment details’.
If you’ve received a new debit card, you shouldn’t need to change your bank details as these should remain the same. To delete your bank details, please get in touch.
How Do I Change My Debit Card Details?
Once you’ve logged into your account, you can add new card details by clicking on the ‘payment details’ option from the ‘manage my details’ dropdown. This new card will become your primary card - we’ll collect your agreed repayment from this debit card.
If your repayment doesn’t come through, we may try to collect it from your secondary card. You can find more information about this in your PiggyBank loan agreement.
Will You Contact My Work to Confirm My Employer?
No we won’t - though we may ask for a bank statement or payslip, to confirm your wages. We would only ever contact you at work if your account fell into arrears, and we couldn’t reach you any other way.
Can I Get a PiggyBank Loan With Bad Credit?
We can’t guarantee that you’ll be eligible for a loan if you’ve got bad credit, but we do understand that no-one's credit history is perfect. We look at every application individually, and won’t just use your credit file to make a loan decision.
We’ll also look at your income and expenditure, as well as your employment information. Your more recent credit history will be more relevant than things that happened ages ago - you won’t be penalised for a late payment five years ago, for instance.
The simple answer is that if you can’t afford to make the repayments, we won’t lend to you. As a responsible lender, it’s also important to note that if you’re currently on a debt management plan, have more than one CCJ or have been declared bankrupt in the last year, we may not be able to approve your PiggyBank loan.
Can I Pay Back My PiggyBank Loan Early?
Yes you can! Unlike some lenders, we won’t charge you a penalty fee or charge for settling your loan early. You’ll save money if you pay back early, as interest is applied daily - you’ll only pay for interest while your loan is open.
If you want to make an early repayment, you can do so at any time by logging into your online account and going to your ‘my account’ area.
How Do I Cancel My Loan?
You can cancel or change your mind about the loan until the point where you sign the loan agreement. Once you’ve signed this, the money could be on its way to your bank account, so you’d need to repay the loan back in full to cancel it, including any relevant interest.
You can withdraw from the agreement within 14 days of signing it, but you must pay back the full amount with interest if the money has reached your account.
How Do I Cancel My Account?
To repay your loan in full, simply sign into your online account, select ‘manage my money’ and then ‘make a payment’. You’d then need to click on the ‘pay now’ button and follow the onscreen instructions.
Once your loan is paid off, your account will stay open, just with a balance of zero. This means that if you need our help in the future, you can log back in and apply for a new loan. You can request us to place a block on your account to stop you reapplying if you wish.
What Happens If I Can't Pay?
At PiggyBank, we understand that sometimes things happen outside of your control, and you may not be able to make the agreed repayment. We can always help you, so let us know, and we’ll work with you to find the best solution for you. Simply get in touch as early as possible, and we’ll be happy to discuss your options.
It’s important to note that should your account fall behind, this could negatively impact your credit file. Falling into arrears can also make it more difficult to take out further credit. This is why we ask that you get in touch as soon as you can if you think you can’t make the agreed payment.
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