Below are some common FAQs. Please take a look.
How does a PiggyBank Instalment loan work?
A PiggyBank instalment loan can be used to cover an unforeseen circumstance such as fixing a car, repairing a broken boiler or replacing a broken bed etc.
You can borrow anything from £200 up to £1000. The increments are as follows;
- £200-£600 for three months
- £250-£800 for four months
- £300-£1000 for five months
We understand that everyone gets paid at different times of the month and so you can pay us back weekly, fortnightly or monthly in instalments until the loan is complete. If you are approved for a loan we aim to pay out your loan within an hour.
Can I borrow a PiggyBank Instalment loan more than once?
Here at PiggyBank, we understand that an unforeseen circumstance can occur at any time and so we do allow you to reapply for a loan once you have paid back an existing loan. The process of applying may be quicker because we already have your details. All you need to do is log into your account choose your loan amount and check the details we have on file for you are still up to date and correct.
Building relationships are what we love to do and we want our past customers to know that they can come back to us should they need us and so if you have another unforeseen circumstance in the future you are welcome to reapply for a loan with us. Having said that, we will still do our usual checks and the payout procedure will be the same.
If you feel that you are borrowing money that you cannot afford or to solve a long-term financial issue, we suggest getting free debt advice from the Step Change Debt Charity service at StepChange.org or contacting your local Citizens Advice Bureau.
What is the APR for a PiggyBank instalment loan?
As a lender, it is a legal requirement to display the representative APR, which in our case is 1270%. This looks incredibly high, however, it is important to know that we do not actually charge our customers 1270% interest. The interest we actually charge is 0.80% per day per £100 borrowed. This means that if you borrow £100 for £30 days you will repay £124. We also have a cap on the total amount you will have to repay which is double the amount borrowed. So if you borrow £100 and unfortunately you cannot repay on time, the maximum you will have to repay is £200. Here is another example of an average loan:
Borrowing £265 over 11 days + interest £23.32 = total to repay £288.32
What type of credit checks do you do at PiggyBank
At PiggyBank instalment we will conduct identity checks, credit checks, affordability checks and a real-time credit check. We do these checks to ensure that we are being a responsible lender and to ensure that we do not put you in any financial difficulty.
Can I still get a loan if I have a bad credit history?
Every loan application is taken on its own merits. We understand that not everything can go your way and for one reason or another you may have missed payments on previous credit agreements. PiggyBank was created to help those with different credit histories. Having a previous default does not mean that you will not be able to get a loan from PiggyBank. At the same time if you cannot afford to pay back a PiggyBank loan, then we won’t be able to lend to you. Your current circumstances, income, expenditure, credit commitments and your willingness to resolve previous late payments or defaults are all taken into account. That is why we don’t just look at your credit but a whole lot more to see if we can say yes!
That said, we’re responsible lenders so bear in mind if you have had a CCJ in the past 12 months, are on a debt management plan or have been declared bankrupt in the past year, you will not be approved for a short-term loan with PiggyBank.
If you feel you are struggling to manage your finances, we suggest getting free debt advice from the Step Change debt charity service.
Why has my account gone to the underwriters?
At PiggyBank we are a responsible lender and we will always ensure our processes are to a high standard. This is to help our customers receive the best possible service and to make sure we continue to lend responsibly.
If your application does go to our underwriters, don’t panic. They are simply running through the final checks before a decision is made. If they require any further information from you to make a decision, they will notify you via text and email.
Why was I declined for a PiggyBank Instalment loan?
As responsible lenders, we need to ensure that you meet our criteria which mean being able to repay your loan without falling into financial difficulty. If you are declined for a loan, there could be a number of reasons why this has happened.
- You have an active CCJ in the last 12 months;
- You are on a debt management plan;
- You have too many credit commitments;
- You have too many outstanding defaults;
- You are bankrupt.
We may still be able to help you if you have been declined. We work with other short-term lenders who may be in a position to lend to you. We will give you the option of seeing these other options if you are declined for a loan with us and if successful with them you may still be able to receive a loan.