Piggy Bank Loans Alternative
If you want to source yourself a safe, reliable and viable Piggy Bank Loans alternative, then you have come to the right place. Apply online today to see why we are your perfect Piggy Bank loans alternative!
Frequently Asked Questions
Piggy Bank is a direct lender. However, on 5th December 2019, they have gone into administration. They are no longer accepting any new applications for payday loans.
Piggy Bank went into administration over concerns about ‘irresponsible lending’. They are not accepting any new loan applications and all new lending activity has ceased.
You can find a loan like Piggy Bank from another direct lender, such as, LoanPig. At LoanPig, they are able to offer payday and short terms loans from £100 up to £1,500 to individuals.
Choosing Your Piggy Bank Loan Alternative
Once you have chosen your online Piggy Bank loan alternative, then you have successfully navigated a saturated market, so well done! With a lot of lenders offering a wide range of different options you can quite easily get stuck in the deliberation phase – at LoanPig we keep things simple.
We do all of the hard work for you. We are a short term loan direct lender, and we are also a broker (unlike Piggy Bank Loans who were simply a direct lender). This means that not only are we able to provide you with our own loans and services but if we cannot lend to you for whatever reason we’ll be able to connect you to one of the best panels of direct lenders in the UK.
It is important to remember that our loans are intended to help an individual to resolve a financial emergency and we do not recommend that you use the loan itself to pay for non-emergency expenses
Are We Approved By The FCA?
Yes, we are FCA authorised here at LoanPig, as well as committed to responsible and safe lending practices. The fact that we are FCA authorised means that we are able to provide for our customers an efficient and safe service that is fully regulated and monitored by an official body.
The FCA themselves have over the years introduced a number of new rules and regulations that are designed to keep consumers safe whilst engaging with payday loan companies. Amongst these new regulations, some of the most consumer-focused are:
- There is now a cap on interest rates at 0.8% per day – this ensures lenders aren’t charging extortionate/unfair interest rates
- Thanks to the FCA you will now never have to pay back more than double the amount that you borrowed
- Affordable and Ethical lending
- Treating customers fairly
LoanPig vs Piggy Bank Loans
There are a lot of differences between us here at LoanPig and Piggy Bank. One of the most important differences, in our opinion, is that with a Piggy Bank loan you can only borrow between £100 and £1000.
Here at LoanPig, you can borrow between £100 and £1500.
Piggy Bank only offer Payday loans up to £400 between 7 and 35 days
This gives you greater choice regarding your loan amount – not to mention that as a direct lender and broker we can connect you with a direct lender, to suit your needs, which may be ourselves or one of many lenders within our financial services partners.
How Much Would You Like?
Choice Is Key With Repayment Times
A further different between Piggy Bank loans and LoanPig loans is the amount of time that is allowed in order to repay the loan.
Piggy allow only a maximum of 5 months. We offer a maximum of 12 months. If you need longer to repay your loan, then LoanPig are the perfect option for you when searching for your alternative.
Thankfully, at LoanPig we are ethical lenders and adhere strictly to responsible lending practices. There are many companies out there who aren’t ethical lenders (thankfully, this number has been greatly reduced now) and will take advantage of customers.
We take ethical lending very seriously and we, therefore, take great pains to emphasise honesty, transparency and clarity from the start of your loan journey to the end of your journey.
We do not and will not ever charge you any hidden fee amounts, and there will be no charges to pay other than those expected i.e. interest or late payment fees.
Piggy Bank, like LoanPig are authorised and regulated by the financial conduct authority, they are also registered with the information commissioners office and registered in England
APR and its application to loans is standard practice in the industry and stands for Annual Percentage Rate. Finding a competitive APR rate is extremely important, as the lower the APR on your loan the less you will be paying each month.
Luckily, at LoanPig, we have unique access to a whole host of different lenders with different APR rates – we, therefore, can choose the most competitive and favourable – currently 1261% (accurate as of 16/09/19). This means our customers get the best deal possible. Piggy-Bank’s Representative rate is 1270%
Why Should You Choose LoanPig?
At LoanPig we offer an unparalleled level of service, combined with a competitive APR and ethical lending practices. When you are looking for a Piggy Bank Loans alternative we believe this makes us one of the best short-term loan lenders out there in the market today.
By being both a broker and a lender we ensure that each and every one of customers get the best possible loan amount and loan repayment terms. We understand that every circumstance and scenario is slightly different, and this, therefore, requires a bespoke loan solution.
Our customers are always our number one priority, and we try our hardest to make sure that we provide a product and a service that will solve all of the customer problems.
If you would like to talk to us about a loan or about special requirements that you might have then please do not hesitate to contact us.
Our team are on hand to help you with whatever you need or to answer any questions you might have. If it simply cannot wait then please do check out our FAQs page, and you may well be able to find the answer you need in an instant.
Update : Shane Biddlecombe and Gordon Johnston were appointed as joint administrators of DJS (UK) Limited trading as PiggyBank (the Company) on 5th December 2019 (the Joint Administrators).