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Common questions | PiggyBank
Is a PiggyBank payment day loans working? When you have had an unexpected outlay - from a faulty laundry washer to a repair job - and need an urgent credit, a PiggyBank Payment Day Credit is a short-term quick fix. PiggyBank's payment day loans allow you to lend between 100 and 400 over a period of up to 35 workdays.
When you need a little more, over a longer periode, you can take up to 1000 with an installment credit. What does a PiggyBank installment credit do? piggy bank installment loans are for contingency costs - if your kettle fails, you can't just sit back and watch it get repaired. Between £150 and 1000 you can lend, or 1500 for regulars.
It is possible to take out a 2-5 month mortgage, but you can decide whether you want to reimburse it every week, every fortnight or every month, according to the due date. What is the interest rate for a PiggyBank mortgage? Taking out short-term credit will not be the least expensive credit facility, but don't be alarmed if you see that our representative is APR 1270%.
If you had a short-term credit, you would never repay more than twice what you lend, and it is usually much less. At our firm interest rate is 0. 8% per annum - so if you lend 100 over 14 workingdays you would be charged 11. 20 pounds in interest and 111 pounds. Think only of the fact that a PiggyBank mortgage is intended for short-term expenditure - we would never wish you to get into difficulties with this type of credit as a long-term financing option.
What can I get from PiggyBank? PiggyBank is agile - you can lend yourself the amount you need, and we won't try to get you to take out a bigger credit so you get more interest. As soon as you have been approved, we do not currently provide recharges, so it is advisable to request the amount you need.
Is it possible to lend more than once at PiggyBank? Once you have repaid your current credit, you can request another credit from PiggyBank. It is only important to keep in mind that a PiggyBank mortgage is intended as a short-term fix, and if you are in long-term difficulties, it is not a good thing to take out more loans.
It is important to remember that if you wish to take out another PiggyBank mortgage, your new claim will be subjected to all our normal examinations and processes. The APR is the Annual Percentage Rates - it is the interest that you would have paid if you had taken out a mortgage for more than one year.
They have been prepared for long-term loans such as credit card or mortgage loans, not for short-term loans. A few folks worry when they see that we have an annual percentage point of charge of 1270%, but that doesn't mean that you would pay over 1000x what you rent. Actually, our interest rates are a set interest of 0.8% per annum.
There is a statutory obligation for all short-term creditors to notify you of their annual percentage rate of charge. Nor can they ever ask you to more than double what you lend. What do I do with my PiggyBank APR? No need to - we'll let you know the interest as soon as you tell us the amount you want to lend and for how long!
The interest we charge is a set interest of 0.8% per annum. In order to give you an example, if you are looking to lend 150 over a weeks borrowing, you would pay 8 pounds. 40 pounds in interest and 158 pounds. Which kind of credit checks do you do? Could you still get a PiggyBank loan with a bad credit rating?
Unless you can buy a PiggyBank credit, we won't provide one. While we perform a full credit assessment, we also evaluate your affordability. Your credit is not only a matter of creditworthiness. However, remember, as a borrower who is currently on a credit crunch scheme, has been bankrupted in the past year or has more than one CCJ, you may not be eligible for a short-term PiggyBank credit.
You can find more information about the CLP in your credit agreement or here. When you have a PiggyBank mortgage, most of the information we provide refers to your mortgage or repayment and we are legally obliged to do so. When you do not have a credit with us and receive promotional e-mails and no longer wish to receive them, there is a cancellation address at the end of each e-mail.