Short term loans are sometimes referred to as ‘same day loans’. With bank or building society loans, you might not receive the funds for working 3 days, which in an emergency can be too late. If you have a burst pipe, you can’t wait for a few days before calling in a plumber.
Instant loans can be necessary if you don’t have the money saved, and can’t wait around to make a payment. If you need to get your car fixed to get to work, the mechanic probably won’t let you drive your car away and pay the bill on your payday.
With PiggyBank, if your application is approved, you’d expect to receive the funds within an hour, so you can cover your expense and not have to think about it until payday.
We offer both payday loans and short term loans at PiggyBank. Payday loans are intended for smaller expenses, of up to £400, and you can borrow the funds between 7 and 35 days. If you need a little more, we can help you spread the repayments over up to 5 months with an instalment loan. With this option, you can borrow up to £1000, or £1500 if you’re a returning customer.
Do PiggyBank Offer Same Day Loans?
If you need a same day loan, PiggyBank can help. Our opening hours are listed here, and if you apply within these times, you should always get a decision the same day. Our Underwriting team also do work on the weekend, so don’t worry about applying then and not getting a response.
If you need help, or have any questions, you can contact us at firstname.lastname@example.org.
To be eligible for a PiggyBank loan, you’ll need to be working part time or full time, be 18 or over and a UK citizen. You’ll also need a UK bank account, so that we can pay the funds into your account.
Once your PiggyBank account is set up, you can log in at any time and check your information. You can also make early repayments, to save money on interest. Unlike some lenders, we won’t charge you for this.
Can You Apply for a Payday Loan With Bad Credit?
PiggyBank may be able to help even if you have a poor credit history. Your credit might be bad for a number of reasons - maybe you couldn’t pay your water bill on time, or you went into rent arrears. All this information stays on your credit file for 6 years, so when lenders conduct a credit check, they’ll see these negative marks. But not all lenders will look at things that happened years ago - at PiggyBank, we only look at your recent credit history and won’t penalise you for past events.
We also look at other things when making a loan decision, not just your credit file. Things like your income and expenditure can be just as important as your credit history. You may have what is often called a ‘thin credit file’, because you haven’t really taken out credit before. For some lenders, this can be as bad as having a poor credit history. As we look at each application on an individual basis, you may still be eligible for a PiggyBank loan if you haven’t got much of a credit footprint.
If you’re not sure what your credit score is like or if you want to track your score, you can check this for free with companies like Noddle. Taking out credit with lenders like PiggyBank and paying early or on time can also help improve your credit score.
PiggyBank are a direct lender, not a broker. Brokers act as a middleman, and can help you find a direct lender. The thing to look out for is whether they’ll charge you a fee for using their services. There are no fees for applying for a PiggyBank short term loan, and as a direct lender, we’ll transfer the funds into your bank rather than pass your details on.
As a 100% UK based lender, PiggyBank also follow the regulations put in place by the Financial Conduct Authority (FCA). This means that we’ll tell you exactly how much you’d be borrowing, paying back, and the dates before you take out a loan. You’ll also never have to pay back more than twice what you borrowed, and won’t receive late payment charges over £15.
At PiggyBank, we are always making sure we are lending responsibly. If we can see that you are entering into a cycle of borrowing, we won’t lend to you. If borrowing will put you in financial difficulty, such as taking out credit to repay credit, or short term borrowing to try to deal with long term issues, you won’t be eligible for a loan with us. If you think you may need to discuss your debts or financial situation, you can contact companies like the Citizens Advice Bureau or Step Change. Both can offer free impartial help and advice.
How Do You Apply?
If you have an emergency expense that you need to cover instantly, simply choose the amount you wish to borrow, and the length of time you’ll need the funds. As paying a larger amount back as a lump sum can be difficult, instalment loans are usually better if you need up to £1000.
Our application form is short - there are 5 sections to complete, and we’ll ask you for some personal details, your income and expenditure and your employment information. You’ll need your bank details and your mobile to hand when completing the application. All this information can also be found on our How It Works page.
You should get a loan decision the same day you apply, though to be on the safe side, it’s best to apply during our opening hours. You should then receive the funds in your bank account within an hour of being approved.
If you’ve had an unexpected expense recently, and need instant cash, you can apply for a PiggyBank loan here.