Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk.
Please note: High-cost short-term credit is unsuitable for sustained borrowing over long periods and would be expensive as a means of longer-term borrowing.
PiggyBank provided fast, flexible payday and instalment loans, available over terms ranging from as little as 7 days up to 5 months. If you opted to spread the payments over two months or more, then you’d make monthly payments, each paying off part of the capital (the original amount borrowed) as well as the interest accrued so far. We’ve left this page live for historical purposes.
In mid-2019 the Financial Conduct Authority (FCA) instructed PiggyBank to stop issuing loans amid concerns over how thorough the lender’s affordability checks were. After an investigation, PiggyBank was allowed to start lending again.
A CPA is a recurring payment in which you give a company permission to withdraw money from your account on a regular basis.
It differs from a direct debit because it gives the company being paid the ability to withdraw money from your account whenever it wishes, and to take payments of different amounts without consulting you. Short term loan companies like PiggyBank will use a CPA to collect your repayments, but you can cancel it at any point by either consulting with your provider or your bank.
What are the eligibility requirements?
You could only apply for a PiggyBank loan if you were certain you were able to make the repayments, and you met the following criteria:
Residency
UK resident
Minimum age
18
Applicant with CCJs
If you have more than one CCJ, you may not be approved for a short term loan with PiggyBank.
Applicant with bankruptcy
If you are currently on a debt management plan or have been declared bankrupt in the past year, you may not be approved for a short term loan with PiggyBank.
Additional eligibility notes
You must work at least 16 hours per week. You must have a UK bank account and related debit card.
PiggyBank then assessed your application on your individual circumstances.
How do I apply for a loan from PiggyBank?
PiggyBank’s not accepting any new applications. Previously borrowers could use the PiggyBank website to calculate the total cost of a loan, and to view a repayment schedule.
After receiving the online application, PiggyBank ran credit and affordability checks, to ensure it only lent responsibly. If approved, the funds could be with transferred within an hour. PiggyBank charged up to the legal maximum of 0.8% interest daily on the loan.
Estimate the cost of your loan using their online tool.
Start your online application by filing in your personal details.
Fill in your financial details.
Accept your loan offer.
Receive your cash within 1 hour of your application being approved.
What if I want to modify my loan?
PiggyBank didn’t offer “top-ups” – it wasn’t possible to get an extension with an instalment loan. However, you could apply online or over the phone to defer your loan for up to 35 days. All extensions had to pass an affordability assessment first. As soon as you’d paid back your existing loan, you could apply for another loan with PiggyBank.
Repay early at any point
Repaying early can reduce overall interest
Interest is only applied to days where funds are outstanding
High-cost, short-term credit from lenders like PiggyBank is designed for one-off, essential, unforeseen expenses. Because the loans are so expensive, you don’t want to make a habit of using them, and should consider alternatives first. They’re definitely not suitable for longer-term or sustained borrowing, and are unlikely to solve money problems. You can find out more about payday loans and access free sources of impartial advice at the Money Advice Service.
Did you know?
In 2015 the Financial Conduct authority (FCA) capped interest and fees on all high-cost short-term credit loans at 0.8% per day.
It additionally capped all default charges at £15 and the total cost (interest, fees) of loans at 100% of the original sum. This means you’ll never have to pay more than double the amount borrowed.
Frequently asked questions
Your address, employment information, financial and monthly expenses and bank account information.
PiggyBank will tell you whether your application has been approved, declined, or is under review in your PiggyBank account. If you are approved, PiggyBank aims to fund your loan within one hour. There may be situations where PiggyBank requires more information in order to asses your application – if this is the case PiggyBank will contact you online or by phone.
As a responsible lender, PiggyBank runs identity and credit checks to make sure you’re who you say you are and can afford a loan. The company got into hot water when the FCA questioned whether its affordability checks were up to scratch. However, the lender also stresses on its site that your credit file isn’t the be-all-and-end-all – and that affordability is more important than a perfect repayment history.
PiggyBank is authorised and regulated by the Financial Conduct Authority (FCA), so it’s bound by the same rules and regulations as pretty much all reputable lenders in the UK. You should never borrow from a company that isn’t FCA-regulated and authorised. If ever in doubt, you can search the FCA register to check whether a lender is authorised.
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Chris Lilly is a publisher at finder.com. He's a specialist in credit-based products including business and personal loans, mortgages and credit cards, and is passionate about helping UK consumers make informed decisions about their borrowing. In his spare time Chris likes forcing his kids to exercise more.
Considering a PiggyBank short term loan? Use our calculator to work out how much you’ll pay back. You can also compare PiggyBank against the competition and make sure you’re getting the best deal.
PiggyBank provides short term loans to cover unforeseen expenses. But it isn’t the only short term loan provider around. Here’s a list of UK lenders offering a similar type of service to PiggyBank.
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