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

One Month Loans

Payday loans are typically taken out over 30 days or less. They are for smaller unexpected expenses - PiggyBank offer payday loans between £100 and £400. If you are looking to borrow up to £1000, we offer instalment loans between 2 and 5 months.

With all our short term loans, interest is charged at 0.8% per day, so if you borrow £100 over 30 days, you’d be paying £24 in interest. You can make early payments at any time though, to save money on interest, and we won’t charge you for this.

Why Might You Need a 1 Month Loan?

Payday loans are intended to cover any emergency expenses you don’t have the savings to cover. If your boiler breaks down before your payday, you’ll need to get it fixed quickly. If your roof has a leak, it’s also pretty essential that this is sorted as soon as possible - preferably before it rains.

Not a lot of people like to ask to borrow money from people close to them, as it can be a difficult subject to bring up. Even if they do have the funds to lend you, there’s no way of being sure that they aren’t putting themselves into difficulty by letting you borrow money.

If you’ve got a good credit history, you might look into taking out a bank loan. The problem with this type of loan is that they don’t tend to offer smaller amounts, and you can’t pay them back in one month without them charging you for paying early. Typically, you can only borrow from banks or building societies over the period of months or years. If you choose this option, you could end up borrowing far more than you need over a lengthy period, so pay back loads in interest.

If you’re looking to take out a credit card to cover any unexpected expenses, you can find out more information on the Money Saving Expert website. They can be a good option if not used too regularly, and if you can get a low interest credit card. If your credit history is poor, this can be difficult, as usually the only credit cards available to those with bad credit are ones with very high interest rates.

One month payday loans can work out to be the cheapest option. No matter your credit score, we will try to help. You can find out more about PiggyBank’s eligibility criteria here.

Do PiggyBank Offer 30 Day Loans?

At PiggyBank, we offer payday loans over up to 35 days. You can borrow between £100 and £400 over this time, but we do also have instalment loans for people looking to borrow more. As paying back loans of £1000 in one lump sum can be difficult, we have the option of spreading these over a longer period.

PiggyBank are a direct lender, which means that we pay funds directly into your bank. If you are working with a broker to find a short term loan, they might charge you for their services, so it’s a good idea to check this before completing an application. Brokers need to make you aware that they are not direct lenders, and only help you find a lender rather than lend you money.

Knowing whether a company is UK based can also be reassuring, as you’ll know that they adhere to UK financial regulations enforced by the Financial Conduct Authority (FCA). We are 100% UK based, from our call centre to our underwriters, and make sure we are keeping to FCA regulations and lending responsibly.

As responsible lenders, we make sure that we are not lending to anyone that is in financial difficulty. If you are experiencing long term financial problems, such as unemployment, we would not wish to put you in a position where you end up paying more because you can’t keep to the repayments. We therefore won’t lend to you if you have lost your job. If you haven’t already, you can look into any benefits you may be entitled to via this website.

If you are looking to borrow to pay back other loans or types of credit, you could be entering into a debt spiral. This would mean that you’d borrow larger amounts each time, and end up owing more in the long run. If you wish to speak to someone about your debts, you can contact your local Citizens Advice Bureau or Step Change for free impartial help and advice.

Can You Apply for a Payday Loan With Bad Credit?

You may not be sure what your credit score is like - you can check for free via sites like Noddle. If you’ve got a low score, it could be because you made late payments for a bill or loan, or because you have a ‘thin credit file’. If you haven’t take out much credit before, you won’t have much of a credit footprint, and lenders won’t be able to check if you’re able to handle credit well. Sometimes this can be as bad as negative marks on your credit file like missed payments.

Even if you only need to borrow funds for 30 days, you probably won’t be able to take out more conventional forms of credit with a poor credit history. Payday loans can be the best solution, as lenders like PiggyBank won’t just look at your credit file when making a loan decision. Even when we do check your credit file, we’ll look at more recent markers, and won’t penalise you for late payments you made years ago.

When making a loan decision, our Underwriting team will also take into consideration things like your income and expenditure, as well as your employment status. You don’t need perfect credit to apply for a PiggyBank loan.

How Do You Apply?

To apply for a PiggyBank loan, you’ll need to be a UK resident, aged 18 or over, and in full time or part time employment. The process is short and simple - we’ll ask you about things like your job, your income and expenditure, and your bank details.

You can choose the amount you need, over 30 days or even 5 months, and we’ll go through our checks to give you a decision. If approved, you should get the funds within an hour.

If you have any questions about the application process, or need help, you can contact us at applications@piggy-bank.co.uk, or call freephone 0800 206 1560.

Apply Now!