Piggy Bank loans are no longer available to new customers, after the payday loan lender went into formal administration in December 2019. This was the latest collapse in high cost short term credit market, following the collapse of QuickQuid earlier in the year and Wonga the year before that.

It’s clear that the payday loans market has been quite turbulent. The Financial Conduct Authority introduced regulations designed to protect consumers from unaffordable loans and credit types. Alternative Piggy Bank loans from Wizzcash are FCA authorised and designed to help customers who are experiencing a financial emergency. We do not recommend that any customers apply for our loans unless it is their last resort. In fact, we actively encourage consumers to take control of their finances over on our blog, suggesting realistic payday loans alternatives instead. However, for many, payday loans like Piggy Bank’s can be helpful in times of trouble. That’s where we want to help.

Piggy Bank Payday Loan Alternatives

Loans like Piggy Bank are still available to help you. Wizzcash could also provide payday loans to those experiencing a financial emergency. These loans were based on a short-term repayment structure, which means customers can avoid the single, lump sum repayment which could be quite unrealistic for some individual’s financial situations.

Piggy Bank loans were available for up to £Similarly, Wizzcash can lend between £200 – £1000 to customers, with a current, with a 0.8% interest per day.  The APR calculation includes any additional fees, at Wizzcash we only have one fee, which is £15.00 and you are only charged if you are late making a repayment on your loan. Our repayment costs are capped to never exceed the total amount of the loan.

Piggy Bank payday loans came direct from the lender. Wizzcash are also a direct lender which helps to ensure the safety of your data. We are also a broker, which means we could help to find you a loan even if we are unable to fulfil a request. We could act on your behalf to find a suitable financial service for your situation.

Like Piggy Bank loans, when you apply for a Wizzcash loan, getting a decision as to whether you have been accepted or not is quick. If your application is provisionally accepted, we may have to run additional checks, such as credit checks, before lending to you., We know when you have an emergency, getting access to a quick loan is important, so we won’t slow down your application unnecessarily and we will try get you a decision as fast as possible.

What’s Different About Our Alternative Payday Loans?

Customer-Centred Repayment Structures:

Piggy bank loans were available for up to five months, repaid in either monthly or weekly instalments. Wizzcash repayment structure is set out over 3 months. This is because we think £1000 (our maximum loan amount) is quite a chunk of money to repay on your next payday or in one lump sum. This structure provides flexibility for customers, but without getting unrealistic. A five month loan can start to incur quite a lot of money owed in interest. Our Piggy Bank loans alternative can be paid back sooner, within 3 months, without any early repayment fees because we encourage customers to take control of their finances wherever possible!

Wizzcash endeavour to provide our customers with as much flexibility as possible. You can select how much you wish to borrow and clearly see the breakdown on our loan calculator (which you can find on our homepage). This tool presents how much your monthly repayments will be, factoring in interest payments, in a simple and easy to understand format. If you wanted to repay Piggy Bank payday loans early, you could. Similarly, you can repay Wizzcash loans early without any additional repayment fees. You could save on some of the interest costs.

Safe & Secure Lending For Customer Protection

As was the case with Piggy Bank loans, all Wizzcash loans are payday loans. undergo affordability and credit checks. It is important that consumers are confident they can afford a financial product, before they apply for it. However, to help make sure that the money you borrow can be paid back safely, as we will always carry out the necessary checks to make sure those who need it have access to safe, secure and affordable credit when they need it.

Piggy Bank loans were investigated earlier in 2019 for their performance of affordability checks. Robust affordability checks were implemented in 2014 when the FCA took over regulation over the industry. It is suspected that some companies struggled to update their protocols; Piggy Bank loans were unique because they were funded by high net worth individuals who were reluctant to pay for updates and changes to the company. Wizzcash utilise technology that means our compliant, mandatory checks are as efficient for customers as possible, so that we can provide you with a decision quickly following your loan application.

Wizzcash Mission With Alternative Loans

Although the short term credit market might be a little confusing at the moment, we could provide Piggy Bank loans alternatives when you don’t know where else to turn. Wizzcash are a reliable lender, but payday loans should not be considered a regular source of credit. This is because it is unsustainable to rely on this kind of high cost, short term credit.

We believe in transparency, which means we are dedicated to providing our customers with clear information to help them make decisions. We understand that committing to a loan could affect your finances and if you are unable to keep up with your repayments this could affect your credit credit score for years to come. Wizzcash strive to communicate this to our clients and help them in anyway we can. If customers ever have any questions about their repayments or are aware that they are going to be unable to meet the repayment structure, it is crucial that they get in touch with our team. We may be able to help by negotiating another repayment plan.

To find out more about our Piggy Bank loans alternatives, check out our own payday loans page.