Short Term Loans and Instalment Loans of up to £1000!

Loan Repayment

You agree to repay us the amount payable on the agreed repayment dates. We will collect these payments by debiting the debit card you have registered with us at anytime on the agreed repayment dates. Failure to repay your loan in full on the agreed date will incur a:

• £15 missed payment fee

Continuous failure to repay your loan will result in:

• Daily application of interest against the outstanding balance
• Possible legal action

During the time your loan is in arrears our collections team will make every effort to contact you to discuss your loan and they will do their best to offer a solution and come to an arrangement which suits your financial circumstances and is affordable.

Failure to Pay

If you don't communicate with us and we can't recover the money over a reasonable period of time, your account will be passed to our Recoveries Team. Failure to repay a loan may also mean that Credit Reference Agencies (CRAs) will record the outstanding debt. This information may be supplied to other organisations by CRAs and Fraud Protection Agencies (FPAs). Records may remain on file for six years after they are closed, whether settled by you or defaulted.

Defaulting on your loan will negatively impact your credit rating!

Loan Deferral

An option to defer your loan repayment may be available. To be eligible for a loan deferral you will have to undertake an affordability check to ensure that PiggyBank is being responsible in its lending. You should be aware that if you are approved, you will have to:

• Clear the interest on your initial loan and
• Sign a new loan agreement

Your repayment date will then be changed and interest will continue to be charged at the standard 1270% APR representative rate. Each loan deferral is considered on an individual basis.

Collections Process

If you’re having problems making a payment please contact us directly so that we can discuss your payment options. We are here to help and will make every effort to reach a solution with you.