Piggy Bank Loans Review [Read Our Experts Opinion]

Jane Wardle

Written by Jane Wardle on

Updated

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Overall Rated: 4.5 / 5

Summary

PiggyBank offers short-term loans for those living and working in the UK to meet financial emergencies and unexpected bills. Their online financial solution is ideally suited to cover unexpected and unforeseen expenses from car trouble, home repairs and bills to mitigate between now and payday. The flexible loans can be provided with a repayment term of seven to 35 days and for those who might want a longer repayment period, instalment facilities of between two to five months are presented.

PiggyBank does not require a borrower to have a credit history that’s perfect but just the ability to afford and repay the loan. Their loan system is 100% online. They assess borrower’s credit history, affordability among other factors all while treating each customer with utmost forbearance and fairness. In fact, they help you to save on interest with early payback or check whether your circumstances have changed.

Where circumstances have changed, PiggyBank works with customers to freeze both charges and interest to ensure loan balance will be cleared fast.

Loan products differ and depend on what works for you. Once approved, PiggyBank will deposit the funds in your bank account in an hour.

 

Trust & Reputation

Rated 4.5/5

PiggyBank is a highly responsible, convenient, transparent and simple lending platform with a human touch. They consider customers first and make application process simple, easy and quick to ensure funds actually help you. They are regulated and authorised by the Financial Conduct Authority. The lender is also committed to regulations and laws within the Consumer Credit Act and internalising issues indicated in the Lending Codes and Customer Charters of the CCTA, CFA, BCCA and FLA. Through these commitments, the company has come up with its own Short Term Lending Code.

PiggyBank has been shortlisted for a range of awards, six in 2017, including being a finalist in the Consumer Credit Awards of 2017. As a responsible lender, PiggyBank recommends getting in touch with Step Change Debt Charity, for people who want to seek help and avoid the vicious circle of debt.

Expertise & knowledge

Rated 4.5/5

PiggyBank has been offering loans since 2012. It has grown exponentially, enhancing its products and improving service. Through learning the conduct and practice of market leaders, the lender has added unique creative flairs to create effective financial products for its customers. PiggyBank’s approach is depicted in its innovative system made using approved, enduring and secure industry technology. Following laid down regulations, guidance and rules including seeking authorisations, the lender has expertise culminating in the devising of Short-Term Lending Code to allow customers to know what to expect from PiggyBank.

Customer Service

Rated 4.5/5

PiggyBank prides itself on offering simple, transparent and easy to access short-term loans, instalment loans and payday loans to new and returning customers. The lender takes customer concerns seriously, which has seen borrower numbers rise and loan products increase and improve. On Readies, PiggyBank holds a 4.5-star rating out of 5 and appraised as an ‘A’ lender due to exceptional customer service, flexibility, value for money and ease of use.

On Feefo, PiggyBank has a 4.7-star rating out of 5 based on over 700 reviews. Out of 476 customer reviews, PiggyBank has a Smart Money People review of 4.86 stars out of 5. PiggyBank also has a ‘Great’ review rating in TrustPilot.

We are independently reviewed by our verified customers and web users:
Rating: 4.5 / 4.5 with 1 votes

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