Below are some common questions, though if you’d rather call, we’re always happy to hear from you!
How Much Can I Borrow From PiggyBank?
Once you’ve repaid your current loan, you can apply for up to £1500. It’s important to note, however, that as a responsible lender, we conduct affordability checks on each application, so we won’t lend to you if making the repayments will put you into financial difficulty.
If you need to borrow a larger amount, it can be a good idea to spread the repayments over a longer period, to make them more manageable.
How Long Can I Borrow For?
We want your loan to work for you, so you can choose the date you want to make your repayment. Generally, our customers choose their next payday, but as long as you’re confident that the date you choose is the best date, we really don’t mind!
If you take out a payday loan, you can borrow over 7 days to 35 days. With an instalment loan, your repayments can be spread over 2 to 5 months. If you choose to make early repayments at any time, you could save money in interest.
Can I Borrow From PiggyBank More Than Once?
Of course! Once you’ve repaid your existing loan, you can apply for a new one. It’s just important to remember that PiggyBank loans are meant for short term financial issues. If you’re experiencing long term financial problems, and looking to take out loans regularly, borrowing may not be the best option.
Can I Pay Back My PiggyBank Loan Early?
Yes you can - and there’s no penalty charge or fee for repaying early. Simply log into your online account, and go to your ‘my account’ area.
If you do decide to settle your account early, or make early partial payments, you could save money in interest. As interest is applied daily, if you settle a few days early, you wouldn’t pay interest for those days.
How Would I Pay Back Early?
If you want to settle your account early to save on interest, just log into your online account, select ‘manage my money’ and then ‘make a payment’. You’ll see an option to ‘pay now’, which will take you through a few onscreen instructions to settle your loan.
What If I Over or Under Pay?
If you don’t quite cover the agreed repayment, our system may not pick up on this, and your account could fall into arrears. It’s important to check how much your repayment is if you’re making it early, and if in doubt, just get in touch. You also need to let us know if you’re making a partial payment as the full agreed amount will automatically be collected.
Making an overpayment could affect your agreed term amounts. Your final repayment might be less than originally agreed. You can check this via your online account.
Can I Get a Loan Extension?
Your options will vary depending on whether you’ve taken out a payday or instalment loan. If you’ve taken out a payday loan, you may be eligible for a deferral - you can find more information about this in the section below.
If you’ve taken out an instalment loan, a ‘deferral’ is not an option, but there are other options we can offer. If you think you may not be able to make your upcoming instalment, you can call our Customer Care team on freephone 08002061560, or email firstname.lastname@example.org and we can discuss all the ways we can help.
Can I Defer My Payment?
A ‘deferral’ option is only available with a payday loan, as the interest and term are not fixed. With a deferral, you’ll be subject to a new affordability assessment, to make sure that deferring is the most appropriate option.
In order to defer your loan repayment, you’d need to make a payment of the interest that had accrued up until that point. This is so that your balance would be reduced to the original amount borrowed. Once a deferral payment has been made, your agreement would reset. You can choose to defer for up to 35 days, and you can defer your loan no more than twice.
To defer your loan, you can log into your online account, and click on ‘move your payment date’. You can alternatively call us on 08002061560 or email email@example.com.
How Do I Change My Debit Card Details?
To update your debit card details, simply login to your online account, go to ‘manage my details’ and click on the ‘payment details’ button. The card you add will become your primary card, which means that your repayments will be collected from this card.
If your repayment doesn’t come through when attempted from your primary card, we may try to collect it from your secondary card. For more information about primary and secondary debit cards, you can check your PiggyBank loan agreement.
How Do I Change My Bank Details?
If you’ve updated your debit card, you may not need to change your bank details. Should you have a new bank account, you can update your details by logging into your online account, clicking ‘manage my details’ and then payment details’.
What If I Can't Afford to Make My Repayment?
Life doesn’t always run smoothly, and something may happen outside of your control to mean that you can’t make your repayment. The most important thing to do in these situations is get in touch. If you let us know what’s happened, we can go through your options, and find the best solution for you. We can always help you.
If an account falls three days into arrears, a £15 late payment charge could be added, and interest will continue to accrue, so you need to let us know. If you’re able to speak to us before your payment is due, we can stop this from happening - simply call 08002061560 and we’ll do everything we can to help.
It’s also important to note that if your account were to fall into arrears, your credit file could be negatively affected, and you may find it more difficult to borrow in future. We want to prevent this from happening, which is why we encourage you to let us know as soon as possible if you think you may struggle to make a payment.
Where Can I Seek Further Help If Needed?
We always ask that you speak to us directly before seeking further help, so that we can freeze interest and charges if necessary. We don’t charge anything for putting an affordable solution in place for you.
There are lots of free services you can use if you need help with your financial situation. The Money Advice Service have a lot of resources, and you can speak to companies like Step Change if you are looking to set up a debt management plan, or just need advice.
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