Unlike traditional “payday” lenders, PiggyBank gives borrowers the option to pay back a loan in instalments. PiggyBank loans are available over terms ranging from as little as a week up to five 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.
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.
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How much money do you need to borrow?
How long do you need to borrow over?
Important information: You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.
We compare payday/short-term loans from
Is high-cost, short-term borrowing a good idea?
Payday loans, and high-cost, short-term credit are a very expensive method of borrowing and should only be considered as a last resort. They may not solve your money problems, and are not a good idea for borrowing over longer periods, or for sustained borrowing.
Before you apply for a payday or short-term loan, make sure you’ve considered other options. Is the expenditure that you’re planning absolutely essential? If you can defer a purchase then you could save yourself money in the long run. If you’re struggling to pay a bill, then why not talk to your electricity, gas, phone or water provider to see if you can work out a payment plan? Read more about alternatives to payday loans at moneyadviceservice.org.uk.
Key features of a PiggyBank loan:
Loans of £100-£1000. The amount you’re able to borrow will depend on your personal circumstances.
Borrow over 7 days to 5 months. Choose a repayment period that suits your financial situation.
Upfront costs. The online calculator shows how much you’ll need to repay and when.
Convenient and straightforward application. PiggyBank has been built to work at anytime on any online device.
Repay early at any time. This could save you money in interest.
What loan terms are available?
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.
Compare PiggyBank loans against services from a range of lenders
As well as comparing short-term loans with other types of credit, before you apply for a loan, it’s a good idea to shop around and compare a range of lenders. You can use the tool below to get an idea of how much the loan that you have in mind might cost.
How does a short term loan from PiggyBank work?
A PiggyBank loan is a short-term cash loan intended to be used to pay for an unforeseen expense. 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 a credit and affordability check, to ensure it is lending responsibly. If approved, the funds can be with transferred within an hour. PiggyBank charge 0.8% interest daily on the loan.
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.
CPA differs from direct debit because they give the company being paid the ability to withdraw money from your account whenever they wish, and to take payments of different amounts without consulting you. Most payday loan companies will use CPA to collect your repayments, however you can cancel this 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:
You must have a mobile
You must be a UK citizen
You must be 18 or over
You must be employed and working over 16 hours a week
You must have a bank account
PiggyBank will then assess your application on your individual circumstances.
How do I apply for a loan from PiggyBank?
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.
Additional Borrowing Options
Top-ups. Currently you can’t top up your loan. You can take out a new loan once you’ve paid off your existing loan. Remember that short-term loans are only for short-term problems and are not a long-term solution.
Extensions. 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.
Multiple loans. PiggyBank does not currently allow you to have multiple PiggyBank loans. As soon as you’ve paid back your existing loan, you can apply for another loan with PiggyBank.
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, your loan will be funded within one hour. There may be situations where PiggyBnk require more information in order to asses your application. If this is the case PiggyBank will contact you online or by phone.
It depends on individual circumstances. PiggyBank strive not to offer loans that aren’t affordable.
They do the usual identity and credit checks to make sure you are who you say you are and can afford a loan.
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.
We exist to help you find better. The offers we've compared on this page are from a range of products whose details we can track; we don't cover every product on the market...yet. Unless we've indicated otherwise, products are shown in no particular order or ranking. The terms "best", "top", "cheap" (and variations of these) aren't product ratings, although 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, it's wise to consider getting independent financial advice. Always consider your own financial circumstances when you compare products so you get what's right for you.
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.
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Warning: late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk.
