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PiggyBank Loans | www.piggy-bank.co.uk Reviews

PiggyBank Loans

Intro…

DJS (UK) Ltd was setup in April 2012 and in the same month they got to work on PiggyBank. In those early days they crafted a peer-to-peer payday loan alongside their competitor The Lending Well. This concept didn’t work out, but rather than drop out (as The Lending Well did) they simply adapted to lend out of their own pocket. DJS are a very tech driven organisation with various projects on the go such as the BeFriend app, Leadtree Global and White Label Finance Solutions. They did broker as My Financial Broker that has since closed. There was also a trading name of Aeroplane Loans on their FCA page, but this isn’t active either.

About…

Brand: PiggyBank (aka: Piggy Bank).
Company: DJS (UK) Ltd.
Founder: Dan Ware.
Launched: 2012.
Licence: 660382.
Offers: Instalment, payday, short term (flexible).
Opening Hours: Monday to Thursday (8am-6pm), Friday (8am-4.30pm), Saturday (9am-1pm).
Other Projects: Non.
Web: www.piggy-bank.co.uk.

Contact…

Address: The Riverside Suite, Knapp Mill, Mill Road, Christchurch, BH23 2JY.
Email: help@piggy-bank.co.uk.
Phone: 0800 206 1560.

Popularity…

Alexa Rank (Local): #27,960.
Facebook Page: 860+

Pricing…

£5.60 /£100 (7d).
£24 /£100 (30d).
£155.97 /£300 (3m).

Product…

Amounts: £100 to £1000 (new applicants).
Amounts: £1500 max (when reloaning).
Amount Selections: £10 increments.
Late Payment Fee: £15.
Terms: 7 days to 5 months.

*The short term range is 7 to 35 days (£100-£400). Then follows £150-£500 (2m), £200-£600 (3m), £250-£800 (4m) and £300-£1000 (5m).

Service Pros…

The flexibility of this service is impressive. The ability to pick your day or head up a few months to 5 is rare in this sector. It is good to see small £10 incremental changes on their calculator and the sums available has recently been increased. They now offer as much as £1000 to new customers (5 months only) and then on reloans £1500 becomes available. The owner’s tech expertise has been applied to the site. As well as the slick design, you can head through the PiggyBank login and make payments or fully settle up whenever you please. Customer feedback is also supportive. At Feefo (where transactions are validated) they score 94% from 1150+ feedback.

Service Cons…

Much of what we have seen here has been positive. A minor upgrade would be to see more weekend coverage added. They only open for 4 hours on Saturdays and then close on Sundays. The short term pricing is set against the cap at 0.8%. A small drop here would help them to stand out more. It was quite surprising to see under 900 Facebook fans for a lender like this that has great visibility through Google search and TV ads. Most of the major players particularly catering instalments typically have more than 8000 fans. The reviews are as noted good, but you just wonder if they are managing to build brand loyalty alike their key rivals.

Similar Lenders Like PiggyBank…

As of early 2018, this is the 6th most popular payday lender. Those ranking about them are 1) Wonga, 2) QuickQuid, 3) SafetyNet Credit, 4) Smart-Pig and 5) WageDayAdvance. Of these brands, SafetyNet and Wonga are the best alternatives for shorter borrowing. SafetyNet’s line of credit facility enables you to borrow for as long as you wish and you can initiate payments 24/7 and benefit from overdraft protection. They would be our personal choice of the bunch. When price is critical, the better rates are available from the newer industry brands. Back in 2017 we for instance saw the launch of Track Loans who offer the cheapest 3 month loan at £59.46 per £300. Another new starter Fernovo goes low at £92.85.

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