PiggyBank Loan Alternative
If you need to borrow money, it’s wise to do your research and shop around for a lender that offers the best type of loan for your needs. This is why we’re here to give you a PiggyBank loan alternative. BingoLoans offers a great short term loan lending solution that could help you now that PiggyBank is no longer providing loans. To ensure that you have all the information that you require, we’ve broken down how BingoLoans’ payday loans compared to PiggyBank to help you make the right decision.
Loans Similar to PiggyBank
With BingoLoans, you can apply for a short term loan from £100 to £1,500, repayable over 3 to 12 months depending on the amount you borrow. This allows you to tackle a number of emergency expenses that you might find yourself faced with. And if you are approved we can transfer your loan in a few hours. PiggyBank loans were from £100 to £1000. They offered two types of loans: a payday loan, and an instalment loan.
Alternative to PiggyBank
Every lender has their own set of eligibility requirements, BingoLoans and PiggyBank are not dissimilar but we have listed them here. To apply for a loan with BingoLoans you must be at least 18 years old, live in the UK and have a bank account. You’ll also need a mobile phone and agree to a credit and affordability check. This ensures you can comfortably afford to pay back what you owe, lowering the risk of financial difficulties later. If you tick all these boxes then you can apply for a loan with us, however, being eligible doesn’t guarantee that your application will be accepted.
Is PiggyBank in Administration?
Yes, they are. Unfortunately, PiggyBank went into administration on the 5th December 2019. Our policy is to be honest and transparent with our customers, from the moment you begin your application to your final repayment date. There are no additional fees with all our loans. This means no application, administration or late payment charges, ever. We don’t charge a single fee: no application fees, no admin fees, and certainly no early payment or default fees. As a responsible and ethical lender, your financial health is important to us and we guide all we do by the following principles:
- be transparent and honest
- treat you fairly and with respect
- provide you with clear, understandable information
- to treat your personal information as confidential
These principles affect everything we do. The way we lend money is no exception.
What’s happening to PiggyBank Loans?
As previously stated, they have gone into administration for not lending responsibly to their customers. PiggyBank went into administration on the 5th December 2019. This means they can no longer lend money. The lender was ordered to cease activity in July, after the FCA became concerned about the quality of their affordability checks. This suspension was lifted in September.
Is PiggyBank a good company?
Before Piggybank went into administration, they were one of the leading loan providers in the UK. However, with that being said, we consider ourselves a great alternative for payday and short term loans. Have you carefully considered your options, and think BingoLoans is the best choice for you? Then hit the apply now button below and get your hands on the funds you need for an emergency, today.