Piggy Bank Payday
Piggy Bank is a short-term lender focused on fair and responsible lending practices for all of its products. As an online lender, all applications can be completed online anytime, any day and from any device that can maintain an internet connection. This provides borrowers with flexible options regardless of when a financial emergency may occur.
To operate as a responsible lender, potential borrowers will be subject to credit checks and required affordability calculations prior to funds being approved. This ensures that borrowers can be expected to repay all of the borrowed funds without experiencing any undue hardship based on their current circumstances. All applications are processed through a secured system and are checked for signs of fraud.
Transparency is a key principle in Piggy Bank’s business operations, and the online calculator can provide a specific breakdown of the terms of a loan based on the amount borrowed and the length of the loan. Loans are available in amounts ranging from £100 to £1,000. Repayment can be scheduled in as little as seven days and up to five months.
Approved borrowers may receive funds in as little as one hour, and online account access is provided automatically. PiggyBank does not charge any processing fees outside of the standard interest associated with the loan. Multiple repayment options are available, and borrowers can repay loans early in order to lower the overall amount of interest paid. Partial payments are also accepted to help lower the debt obligation associated with the account.
Piggy Bank Payday Criteria
|Same Day Transfer Available||Yes|
|Loan Value Available||£100 to £1000|
|Loan Length||7 Days to 5 Months|
|FCA Registration Number||660382|
Representative example: Amount of credit £250.00 for 30 days Total amount payable £310.00 Interest rate 292% (fixed) Interest £60.00
Piggy Bank Payday Review
The Quick Loan Shops offers short-term payday loans as well as instalment loans with repayment terms of up to 12 months. All interest rates are fixed, with no prepayment penalties, allowing borrowers to view all of the terms associated with their loan for the entire repayment time period and receive benefits for paying back the borrowed funds early.
The Quick Loan Shop only offers short-term loan options and does not provide any revolving lines of credit. This makes them ideal for emergency situations that lead to a temporary funding shortfall that can be recovered once the borrower’s next salary payment has been received, or over the course of an improved number of monthly instalments.
Even though a revolving credit option is not available, a borrower may reapply for funds once certain repayment standards have been met on any previously funded loans. Funds are deposited directly into the borrower’s bank account, providing immediate access once the funds transfer is complete.
Since The Quick Loan Shop is an online-oriented lender, support is most commonly offered by email. Borrowers are provided with online access to their accounts, and repayment can be made directly from the borrower’s bank account through the online portal. All repayment activity is reported to the applicable credit bureaus.