There have been no concrete details released, regarding the lender’s administration, but the Guardian noted that it is likely because the lender’s financiers would not support the company with further funds after their suspension by the FCA.
Customers have also been logging compensation claims with the lender, which could have impacted their finances.
Yes, PiggyBank was a direct lender of payday and short term loans, in amounts from £100 to £400. Sunny is also direct lender, all loans are regulated and paid to our customers by us and we don’t work with any third parties.
PiggyBank is a trading name of DJS (UK) Limited, a fintech solutions company. DJS (UK) Limited was founded in 2012 and also owns Leadtree Global, an affiliate network for lenders, brokers in the financial industry.
However, now that the lender has gone into administration, the company HJS has been appointed to handle PiggyBank’s administration and shutting down process. Any assets the company has will be distributed to those it owes money to.
Yes, you must continue to pay back your loan as usual. This ensures your credit rating is not impacted by late or missed payments. You are still able to log into your account, to check the status of your loan with PiggyBank
Based on a
30 day month
The loan term is fixed but you can repay early at any time