Piggy Bank offers both payday loans and instalment loans in the UK. With a Representative APR of 1270%, the Dorset based lender offer payday loans of up to £400 and instalment loans of up to £750 which can be repaid in 2 to 5 months. The application is completely online and can be completed on a desktop, mobile or tablet.
What is Different About Piggy Bank Loans?
What makes Piggy Bank stand out from other payday lenders is that they give borrowers the option to repay as a payday loan or instalment loan. This gives customers the flexibility to take a loan out for as long as they need.
Other bonuses include Piggy Bank’s promise to do a 24/7 payout for customers and funds can be transferred within one hour of approval. Unlike most lenders, Piggy Bank is also open on weekends as they work for half days on a Saturday. They state clearly that all underwriting is done by humans to ensure the best quality.
How Do Repayments Work For Piggy Bank Loans?
Using their online payment calculator, Piggy Bank allows you to borrow up to £400 for a maximum of 35 days. The highest amount is rarely available for first- time customers as most payday lenders require you to be a repeat customer to borrow the maximum amount.
If you want to borrow an instalment loan for 2 to 5 months, you are able to borrow up to £750 and the repayments are calculated into equal monthly instalments.
Here is a typical Representative example: Amount of credit Total amount payable £310.00, Interest rate 292% (fixed), Interest £60.00/ Representative 1270%APR
What Checks Are Carried Out by Piggy Bank Loans?
When processing your application, lenders like Piggy Bank will look at whether you are a repeat customer and how well you repaid your previous loan. Those customers that repay on time are usually more likely to be accepted again and be able to borrow higher amounts, provided that they pass the standard credit and affordability checks.
The credit checks carried out by Call Credit allow Piggy Bank to review the credit file of each customer before applying. They are able to see whether they have any loans outstanding and the value of them. The credit checks allow lenders to assess risk so that they can determine if the applicant can afford to repay their loan or not.
In addition, lenders may run affordability checks to ensure you can repay your loan. This may involve a call at work to confirm that you are employed or a copy of your pay-slip or bank statement as proof of a regular income.
Company Number: 07952979
FCA Interim Permission Number: 651003