Based in the historic market town of Ringwood, United Kingdom, PiggyBank (piggy-bank.co.uk) is an online payday loan company dedicated to “produce the World’s Best Financial Product for both lenders and borrowers.” PiggyBank is a trading name of DJS (UK) Limited.
APPLICATION REQUIREMENTS:
To apply for a PiggyBank loan, you must be over 18 years of age, have a job in which you work more than 16 hours a week, are a resident of the UK, have good credit and own a UK bank account. Conversely, people who are employed or underemployed, have a county court judgment or declared bankruptcy within the past 12 months, are on a debt management plan, or do not own a bank account will not be approved for a loan with PiggyBank.
LOAN AMOUNT AND CHARGES:
At PiggyBank, you can borrow between £50 and £500 if you are a first-time borrower; returning customers can borrow up to £1,000. The time period of the loan is between seven and 42 days. Loan amounts depend on PiggyBank’s credit and affordability evaluation, as well as the time period of the repayment. No matter the size of the loan, the APR is set at 1,355 percent. Also, you pay a £6.95 fee, which is broken down into £1.75 for proving who you are, £1.20 for making sure you can afford the loan and £4.00 for getting your money quickly.
PROCESS:
Once you enter your personal and bank information, PiggyBank will perform several checks, which include credit history, identification, bank verification and affordability assessment. If approved, PiggyBank deposits the money into your account within the next hour via UK’s Faster Payments.
PAYMENT:
PiggyBank withdraws the repayment amount from your account on your pay day as agreed in the loan documentation. For people who have more serious financial issues, PiggyBank encourages them to consult with the Step Change Debt Charity service, instead of taking out a short-term loan.
