WARNING: Late repayment can cause you serious money problems. For help, go to: moneyadviceservice.org.uk

Help Area: Existing Customers

Below are some common FAQs. Please take a look.

Loan Details

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 £1000 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.

How long do I have to pay my PiggyBank loan back?

To put it simply, we want the payment date to work for you. If you opt for a short term loan, you can pay us back anytime between 7 and 35 days after you take the loan out. If you opt for an instalment loan, you can pay us back between 2 and 5 months after your take the loan out. Please be aware that paying your loan back early will mean you save on interest being applied.

Generally our customers choose to pay us back on their next pay day. As long as you pay us back on the date you agree when you apply, we’ll be happy!

Can I borrow from PiggyBank more than once?

Yes, you can! As soon as you’ve paid back your existing loan, you would be allowed to apply for another loan with 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.

That said, just always remember, that a PiggyBank loan is meant to be a short term solution to cover an unexpected expense. We wouldn’t want you to ever get yourself in financial difficulty by thinking you can use PiggyBank loans (or any other short term loan) as a long term financial solution.

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.

I want to pay back my PiggyBank loan early, how do I do that?

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.

What if I over or under pay?

If you over or under pay your agreed term amount could change. If you underpay you could incur additional interest or charges. If you over pay your term will decrease, so your final payment might be less too.

Can I get a loan extension?

If you have taken out a short term loan, please see the section about deferrals and this will help explain your options.

If you have taken out a monthly instalment loan, we are unable to offer you a loan extension at this time due to the fixed term loan agreement. However, if you need to discuss your loan agreement and see what alternative options are available, please call one of our instalment team on free phone 0800 206150 and they will be able to explain all options available for you.

Can I defer my payment?

It is possible to get an extension on your loan. You can apply for this online or over the phone on free phone 0800 2061560. If you choose to go online, simply login to your PiggyBank account and you can apply to defer your loan for up to 35 days. This will be subject to a new affordability assessment being carried out, to ensure you do not fall into any form of financial difficulty. You will be able to defer your loan a maximum of two times.

Please be aware that the deferral option is only available for our short term loan product. This is because it has a different loan agreement and the interest and term is not fixed. If you have taken out a monthly instalment loan, we are unable to offer you the deferral option. However if you need to discuss your loan agreement in regards to a loan extension, we may have options available for you. Simply call an advisor on free phone 0800 206150 and they will be able to run you through all options available to you.

Account Details

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.

How do I change my bank details

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

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

Financial Difficulty

I can't afford to make the payment for my PiggyBank loan, what should I do?

Obviously, in an ideal situation, we lend you money, you pay us back on the date we 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! If your account falls three days in arrears, there will be a £15 late payment fee and interest will be added up to a maximum of 100% of the loan amount. We are committed to helping our customers and we will contact you to prevent this from happening. We will also call you and text you before your payment is due to make sure everything is okay. If it isn't and you are struggling, do get in touch and we will assess your situation and set up a payment plan to avoid the extra charges and interest.

Where can I seek further help if needed?

We understand that sometimes some customers may feel that they are unable to seek further help and advice with regards to their finance or personal situation. There are certain sites that can help, however we would always advise you to contact us directly first as we are here to help and can arrange suitable options to help you if you feel you need this. Please be aware that you can seek further free and impartial money help and advice from moneyadviceservice.org.uk or from StepChange.org.

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