PiggyBank loans review 2019

Since 2012, the online platform PiggyBank has been providing flexible loans to help people in unexpected short-term financial difficulty.

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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 provides fast, flexible payday and instalment loans, available over terms ranging from as little as 7 days up to 5 months. If you opt to spread the payments over two months or more, then you’ll make monthly payments, each paying off part of the capital (the original amount borrowed) as well as the interest accrued so far.

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, however.

Estimate the cost of your loan

Table: promoted deals, sorted by total payable
How much do you need to borrow?

How long do you need to borrow for?

Name Product Available Amounts Monthly repayment Total payable
£50 to £1,500
Representative example: Borrow £200 for 6 months at a rate of 292% p.a. (fixed). Representative 1,333% APR and total payable £386.61 in 6 monthly payments of £64.44.
£200 to £1,500
Representative example: Borrow £400 for 4 months at a rate of 255.5% p.a. (fixed). Representative APR 939.5% and total payable: £597.48 in 4 payments of £149.37.
£100 to £1,000
Representative example: Borrow £400 for 6 months at a rate of 229.95% p.a. (fixed). Representative APR 720% and total payable: £707.01 in 6 monthly payments of £117.83.
£100 to £1,000
Representative example: Borrow £500 for 5 months at a rate of 292% p.a. (fixed). Representative APR 1,297% and total payable: £867.05 in 5 instalments of £173.41.
£100 to £1,000
Representative example: Borrow £480 for 9 months at a rate of 133.1% p.a. (fixed). Representative 535% APR and total payable £959.04 in 9 monthly payments of £106.56.
£100 to £2,500
Borrow £100 for 8 months at a rate of 204% p.a. (fixed). Representative APR 567% and total payable £199.33 in 8 monthly payments of £19.93. You can repay this loan early.

Compare up to 4 providers

Please note: You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.

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PiggyBank loans at a glance

Product NamePiggyBank Short Term Loan
Available Amounts£100 to £1,000
New customer maximum£1,000
Loan terms7 days to 5 months
Maximum APR1,698.1%
Soft search eligibility check
Employer contacted during application
Instant decision in most cases
Funding speedPiggyBank aims to have the money in your account 1 hour after approval.
Repayment period optionsMonthly
Default repayment methodContinuous payment authority
Additional repayment methodsOnline payment
Repay early at any point
Parent companyDJS (UK) Limited
FCA registration number660382
More Info

Loan amounts and terms

  • Up to 35 days. Borrow £100-£400.
  • Up to 2 months. Borrow £150-£500.
  • Up to 3 months. Borrow £200-£600.
  • Up to 4 months. Borrow £250-£800.
  • Up to 5 months. Borrow £300-£1000.

What is a continuous payment authority (CPA)?

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 should only apply for a PiggyBank loan if you’re certain you will be able to make the repayments, and you meet the following criteria:

ResidencyUK resident
Minimum age18
Applicant with CCJsIf you have more than one CCJ, you may not be approved for a short term loan with PiggyBank.
Applicant with bankruptcyIf 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 notesYou must work at least 16 hours per week.
You must have a UK bank account and related debit card.
More Info

PiggyBank will then assess your application on your individual circumstances.

How do I apply for a loan from PiggyBank?

Borrowers can use the PiggyBank website to calculate the total cost of a loan, and to view a repayment schedule.

After receiving the online application, PiggyBank will run credit and affordability checks, to ensure only lends responsibly. If approved, the funds can be with transferred within an hour. PiggyBank charges up to 0.8% interest daily on the loan.

  1. Estimate the cost of your loan using their online tool.
  2. Start your online application by filing in your personal details.
  3. Fill in your financial details.
  4. Accept your loan offer.
  5. Receive your cash within 1 hour of your application being approved.

What if I want to modify my loan?

PiggyBank doesn’t currently offer “top-ups”. It is not currently possible to get an extension with an instalment loan. However, with a short term loan you can apply online or over the phone to defer your loan for up to 35 days. All extensions must pass an affordability assessment first. As soon as you’ve paid back your existing loan, you can 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
Multiple loans allowed at the same time
Option to extend loan term
Phone number0800 206 1560
More Info

Is high-cost, short-term borrowing a good idea?

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

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.

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