Payday loan frequently asked questions
What is the interest rate charged?
The typical interest rate is 1737% APR representative, Representative loan example: You borrow £250 for 30 days, Total amount payable – £312.50, Interest – £62.50, interest rate PA – 1737% (variable), but it depends on your circumstances at the time and how long you want the loan for, it could be less if you only want the money for a couple of days or more if your credit history dictates you need to be charged a higher rate as you are more of a risk to the lender.
How do I pay back my payday loan?
It’s so simple, your payday loan lender will take your payment via direct debit on your next payday or date agreed by you on your application.
Can i defer a payment?
In the majority of cases yes, but you will have to check with the lender who lends you the money, deferral will also incur new charges for every month the loan is deferred – but still at the fixed rate – there should be no additional charges.
What happens if i can’t pay?
Tell your lender ASAP and you should be able to come to some sort of agreement, until you contact them you will be getting charged interest, remember that this interest rate is meant to be for very short term loans, once that interest starts getting added every month it will become very expensive. Please remember – Don’t borrow money you don’t think you can pay back! If you feel you need some extra advice then take a look at the OFT Guide here for what to do when you get into arrears and who to contact
Are you committed to responsible lending?
Yes, piggyfinance.co.uk only uses lenders that are committed to responsible lending, Banks and Building Societies who offer loans are obliged to abide by what is regarded as responsible lending under the lending standards board code. The banking code is a self-governed set of rules which are followed by banks and building societies. These rules relate to how they deal with personal customers, and ensure that borrowers won’t get too far into debt. They also include various commitments to try to ensure customers are treated fairly throughout the process, and don’t get into further financial difficulties.
The responsible lending code specifies the ways that lenders should conduct themselves before and after the payday loan is sold. This means lenders must provide exact, complete information which includes a clear and concise description of the loan in advance. The financial situation of the borrower must be assessed based partially on their history with credit, but primarily on their immediate ability to repay the loan, taking into account their current credit commitments and income.
If you find that you have a complaint about one of our lenders, that they are not following the responsible lending code, then go to our contact page and let us know immediately, we will investigate your complaint straight away and if necessary remove the lender from our service.
What is your renewal policy?
Since piggyfinance.co.uk is not a lender, you will have to check with the lender if you are matched with one what their policy is. Many of our lenders offer renewals and have different policies and terms and conditions pertaining to such. But as an example if you borrowed £100 at the 1737% APR and you was due to pay back £125 (basically 25% of your loan) then if it was renewed due to non payment, then you would owe £125 + 25% (£31.25) = £156.25 which means racking up £56.25 in interest on a £100 loan. This is due to interest being compounded, basically means you will pay interest on your interest. It is paramount for you to pay off the payday loan on time, and if you think you won’t be able to then don’t take out a payday loan. These loans are designed for very short term lending only and when not payed can rack up interest extremely quickly, a £100 payday loan at 1737% APR can turn into £244.14 in 3 months!!! So think very carefully about your ability to pay off the loan on time before taking one out.
What do I need to get a piggyfinance.co.uk loan?
To be accepted for a Pay day loan you need to be at least 18 years of age, be a resident of the U.K, have a U.K bank account that accepts direct debits. You will also need your own email address and mobile phone.
How Long does it take before I get my money?
Most applications are processed in a matter of minutes, and money in transferred into your bank account within the hour, sometimes even 15 minutes. But there are some occasions where this is not possible and it depends which of our panel of over 30 lenders accepts you based on your circumstances. The email containing the acceptance could take as long as half an hour, also the money could take as long as a day to arrive in your account (mon – fri) but these are very, very rare cases.
Does Piggyfinance.co.uk lend me the money?
No, Piggyfinance.co.uk is a payday loan broker, for which we do not charge a fee, we have over 30 lenders on our panel who specialise in short term cash advances. This process is all computerised and done online. Your application will go through all the lenders within a matter of minutes until one of them makes an offer to lend you the money you requested, you can decline the offer they present to you if you change your mind
Do you use credit scoring or credit reference agencies?
We have over 30 lenders on our books, a very small amount of these lenders do credit score applications and use Credit Reference Agencies. If a lender chooses to decline your application we WILL send your application to a lender who does NOT use these methods to give you the very best chance of gaining an approved loan application. All this is done in an instant electronically.
I have bad credit history – can I still apply?
Of course you can, the decision to lend to you is based on lending you large sums over the long term (12months or more) therefore we are only interested in your present circumstances. Every application is different and as you are being lent money over a very short period you are more likely to be accepted for a payday loan, than a long term loan.
How Do I Apply?
Just complete the quick and easy online form. Once you are approved, you may be asked a few quick questions by one of our trained operatives, you then sign your loan agreement online. That’s it, we take care of the rest.
When will I get my funds?
You will have the funds transferred straight away; if it’s before 10pm then you should have your funds today. If not, then they will be in your account on the very next working day.
How will I get my funds?
It will be paid directly into your bank account usually within 1 Hour, in some cases 15 minutes.