Why Might You Need a Payday Loan?
Payday loans are for unexpected circumstances. You’ll normally need the money straight away, to pay for an emergency expense, which is why almost all payday lenders like PiggyBank offer same day loans.
If your boiler breaks or a bill you hadn’t planned for comes through, a payday loan is there to help you until your payday. At that point, you’ll be able to repay the funds you borrowed.
Applying for a payday loan can be simpler and quicker than a bank loan - there’s typically just one short form, and you won’t be asked to provide loads of supporting evidence. You do need to consider whether it’s the best option for you though - if you can save or budget instead, you probably shouldn’t apply for a short term loan. For free advice about finance and debt, you can contact the Citizens Advice Bureau.
Are There Other Short Term Loan Options?
If you need a little more cash, we also offer instalment loans, which allow you to borrow up to £1000. To spread the cost, as larger amount are usually more difficult to pay back in one lump sum, you can repay the loan over 2 to 5 months.
What If You Have a Poor Credit History?
Not all lenders will consider your application if you have bad credit, especially if you have a County Court Judgement (CCJ) against you.
Lenders like PiggyBank may still be able to help. We understand that your credit history stays on your credit file for 6 years, and won’t penalise you if you made a few late payments years ago. As responsible lenders, we will conduct a credit check, but we also consider your employment situation and other factors before making a loan decision. Even if you have bad credit, you might be eligible for a short term loan. Paying back early or on time also has the benefit of potentially improving your credit score.
It’s important to know if you are dealing with a direct lender like PiggyBank, as brokers can not only charge you a fee for their services, they’ll also pass on your details to direct lenders, so the process isn’t as quick.
If you’re unsure whether a company is a broker or direct lender, you can check the registry on the government website.
How Easy Is It To Apply?
Our application is short and simple. We’ll ask you for some personal details, your income and expenditure and your employment information. We’ll give you a decision as fast as we can, and if approved we always aim to pay the funds within an hour.