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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.
| Product Name | PiggyBank Short Term Loan |
|---|---|
| Available Amounts | £100 to £1,000 |
| New customer maximum | £1,000 |
| Loan terms | 7 days to 5 months |
| Maximum APR | 1,698.1% |
| Soft search eligibility check | |
| Employer contacted during application | |
| Instant decision in most cases | |
| Funding speed | PiggyBank aims to have the money in your account 1 hour after approval. |
| Repayment period options | Monthly Weekly Fortnightly |
| Default repayment method | Continuous payment authority |
| Additional repayment methods | Online payment |
| Repay early at any point | |
| Parent company | DJS (UK) Limited |
| FCA registration number | 660382 |
| More Info |
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.
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:
| 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. |
| More Info |
PiggyBank will then assess your application on your individual circumstances.
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.
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 number | 0800 206 1560 |
| More Info |
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.
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.
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