Piggy Bank

APR: 1270% Representative
Loan amount: £100 - £1,000
Repayment duration: 1 - 5 Months
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Piggy Bank customer reviews

4.9 out of 5 from 485 reviews

decent lender

13:03 11-11-2015

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no cheap, but its payday, so what do you expect. would use again

phil reed

Amazing experience

19:18 18-07-2017

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Im so happy that i found piggy bank they helped me when i was in bad situation

Audrius Basiulis

not too bad

11:01 26-11-2014

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I had a few bills to pay this month and not enough money to last me until I got paid, so I searched online for a payday loan and came across PiggyBank. Having heard a lot of bad things about these type of companies, I was a little dubious but Piggy Bank were brilliant! They actually cared about whether I could afford to pay back the money after I'd paid all of my other bills so not to leave myself short again this month. It's nice to find a responsible payday company for once!

tom lucas

EASY APPLICATION

17:00 17-07-2017

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I wasn't eligible but it does what it says on the tin and if i was eligible for a loan this is who i would choose top customer service and quick easy application!!!

sarah

Fast and friendly

15:14 12-07-2017

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Found it very easy to use and decision in never had any problems with my money

Innocent

Brilliant

12:32 08-07-2017

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Gave me a chance when others haven't always paid back early with no problems!!

Joseph Mcdermott

Amaising idea and name

11:55 06-07-2017

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Nothing to lose just go give it a try!

Reem

Best pay day loan company

11:22 06-07-2017

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Quick straightforward application and if need to contact, the people at piggybank are extremely helpful and understanding can't fault them thankyou

Jennifer m

best ever

08:46 05-07-2017

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this is the best ever place for loans for sure

JOSH KINGSLEY

Very helpful

17:59 04-07-2017

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Website was very straightforward to use, and funds where transferred very quickly, repayment rates r affordable

Abbie Crookall

Our review of Piggy Bank

Our review by Alex
Written by: Alex
Simplicity
67.3
Features
65.0
Consumer sentiment
37.8

Total OPTIOSCORE
56.2/100

PiggyBank loans offer flexibility on their payday and short-term instalment loans which is one of their best assets. Customers are free to pay at a repayment rate that suits them, so for example if you get paid weekly, you can set up your repayments to be weekly rather than monthly. You’re also able to make partial payments or settle the loan early if you have the funds, and this is all done via the online account that you set up during the application – it seems with PiggyBank Loans the customer really is in control.

Another benefit of PiggyBank Loans is that their loan calculator is one of the best I’ve seen. Instead of giving a vague idea of payments, it calculates the actual dates that the loan would be paid back, and the actual repayment amount, which gives customers a better grasp of when repayments would be made.

On Choose Wisely their features OPTIOSCORE is 74.4 which reflects the flexible repayment options, the online account management and their loan calculator. Their feefo.com score is 88% positive from 193 reviews, customers seem to appreciate the ease of the application, the good service and that they were kept well-informed during the process. On the other hand, customers who have been left dissatisfied state that despite paying back their first loan they were declined when they reapplied, PiggyBank take into account affordability and will reassess the applicant before lending again, so these customers could have had a change of circumstances in between the two applications.

As with any high-cost short-term product the usual warning applies. If you have any doubt whether you can afford to repay your loan on time and in full, then don’t apply. By missing or being late with repayments, you will not only harm your credit file but could be subject to a number of fees, which can soon make things very expensive.

Overall verdict: Their representative APR is mid-table on Choose Wisely so there are cheaper options out there, however, if you’re looking for a short-term loan that’s highly flexible and can suit your circumstances then PiggyBank loans are well worth considering.

Highlights

  • You can repay early, make partial payments or set up a payment plan
  • Option of taking out 2 different types of loan
  • No payout fee
  • Interactive loan calculator
  • Fully authorised by the Financial Conduct Authority

Minimum criteria

  • You must be a UK resident
  • You need to be aged 18 or over
  • You need to have a mobile phone
  • You must be employed and working over 16 hours per week
  • You need to have a bank account with a debit card
  • No CCJs in the last year
  • No debt management plans
  • No bankruptcy in the last year

Fees

  • Maximum APR 1270%
  • Arrangement fee: £0
  • Early repayment fee: £0
  • Late payment fee: £0

Piggy Bank Customer Question & Answers

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About Piggy Bank

PiggyBank offer short term and payday loans from £100 to £1,000 that can be borrowed for loan terms ranging between seven days and five months. Customers who are new to the lender will only be able to borrow up to a maximum of £400, but for existing customers the full amount is available. Their representative APR is 1270% which works out as 0.8% per day. PiggyBank offer two different types of loan, their payday option which can be paid back in one payment, or their instalment loan which can be repaid in monthly, weekly or fortnightly payments up to five months.

Their application is filled out 100% online and takes only a few minutes to complete. If you’re accepted for the loan then the funds could be in your account within one hour. They can accept customers with less than perfect credit history, but will complete credit checks and take into account your personal circumstances and whether they believe you’re able to pay the loan back, if you can’t then they won’t grant you the loan.

Your PiggyBank loan can be managed online and they offer a number of repayment options. As well as being able to choose the frequency of which you make your repayments, you’ll also be able to settle the loan early, make partial payments and for some customers even set up payment plans, all of which is controlled through your PiggyBank online account.

This profile has been claimed
Provider last seen: 2:25pm 25/11/2016
Product data last updated: 4:42pm 23/10/2017
Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk