The Facts About PiggyBank’s APR
APR and representative APR can be confusing. The representative APR of 1270% that we have to display on our homepage is a legal requirement. But does it mean that borrowing from PiggyBank is over 75 times more expensive than a 17.9% Representative APR credit card or 194 times more expensive than a 6.9% loan?
The answer is no.
- PiggyBank doesn’t charge 1000s of percent in interest, our interest is actually 0.80% per day. Making us one of the most cost effective short term lenders in the market.
- The representative APR appears to be so big because APR does not give an accurate representation for short term loans.
- PiggyBank is a short term solution to cover unforeseen circumstances until a payday, and should not be used as a long term financial solution.
To make the cost of our loans more transparent we also show the total amount repayable. This is the exact amount that you will need to repay, based on the amount you want to borrow and the time you want to borrow it for.
If you would like to read more about APR please visit the Wikipedia page on APR
Amount of credit £250.00 for 30 days
Total amount payable £310.00
Interest rate 292% (fixed)
Why Choose Us?
- Direct Lender
- No Payout Fee
- No Hidden Costs
- Fast Online Application
- Multiple Repayment Options
- 100% UK Based
- Fully Authorised by the Financial Conduct Authority