Great budget Apps to Ease Your Daily Life

Finance and budgeting are quintessential to our daily lives. However, due to day to day stress and innumerable things to do, most people forget all about sticking to a budget. The fact that many of us write our financial dos and don’ts on frilly pieces of paper doesn’t help either.

There is good news, though. In this day and age of technology, there is an app for everything, even for staying on a budget. Turn your Android or iPhone into your own personal financial advisor. Here are some of the best financial apps available on the UK market.

Pariti

This amazing tool will help you have better control over your financial life. Do not think of it as just an app, but more of a personal coach. It gives you the option to have all your accounts in just one place for an easier access. You will have a clear view of your bills and weekly budget, and will soon become wiser from a financial point of view.

Find it at parity.com, set your goals, and never look back!

OnTrees

OnTrees is another great app for you to try. Have all your spending sorted into neat categories so you can have a better grasp on your financial situation. Connect all your credit cards and current accounts by using the same info you normally do when accessing online banking. With this app, you will never forget what you’ve spent your hard-earned money on, and you will easily save some funds.

You can access OnTrees at ontrees.com and learn to make the most of your own money!

Money Dashboard

If you want to budget much more effectively and possibly even save some of your hard-earned money, this is definitely the tool to use. With Money Dashboard you can track all of your financial information, from savings accounts to credit cards, and everything in between. Learn to use tags (simple, unified and custom) to better track your spending habits.

If you’re interested, you can find it at moneydashboard.com.

MoneyHub

Have more clarity and a better control over your finances with just a few clicks. With this particular app, you can have all your money in one place, no matter how many bank accounts you have. Gather in-depth knowledge on the things you spend your money on, see their importance and learn to save. Through MoneyHub you can also have the opportunity to talk to a professional financial adviser, both at home and while on the go.

Find all that and more on moneyhub.com. Your financial security matters!

Banking apps

Smartphone apps have become an intricate part of our day to day lives. Banks have also embraced this trend, offering customers the opportunity to see their balance, full transaction history, and make person to person payments without having to wait in line. This is great news for busy people who simply do not have the time to visit their bank within working hours. Currently, Lloyds has the best app, closely followed by Barclays, Natwest, and Santander. If you do not have one yet or are afraid to use it, talk to one of your bank’s clerks and they will surely explain everything.

With so many readily available tools on the market, catering to both the financially wise or not, there is no excuse for you not sticking to a budget.

PiggyBank has been shortlisted for six F5: Future of Finance Awards

PiggyBank has been nominated for six awards at the credit strategy F5 awards. F5 awards, the future of finance, is the only dedicated awards ceremony focussed on the evolution of the alternative lending market. PiggyBank entered the high-cost short-term loan industry in 2012 and we have worked tirelessly to ensure we treat our customers fairly, act responsibly and improve every day to deliver the best possible experience for our customers. The six awards we have been shortlisted for are Best Brand, Responsible Lender, Best Fintech Lender, Customer Conduct Innovation, Non-standard Lender of the year, Provision of Accessible Credit.

F5 awards

Commenting on the shortlists, PiggyBank CEO Dan Ware said “I am delighted to be shortlisted for six F5 awards. It’s a testament to the hard work undertaken by every member of the PiggyBank team, our commitment to responsible lending decisions and a reflection of our culture forbearance and delivering positive outcomes to our customers at all times.’

‘As a relatively small and lean business with limited budgets, we had to be smart in our use of technology and automation. I believe we have struck a great balance of enabling our customers to self-service, utilising technology and also a human touch to deliver positive outcomes at all times.’

‘To be competing against large and respected Brands like Amigo, Sunny, Iwoca and the numerous others on the shortlist is extremely exciting.”

We look forward to the ceremony in December and good luck to everyone involved.

For a payday loan or short term loans, contact us for more information.

Must Read before You Take out a Short Term Loan

Short term loans on the surface are a reasonable way to get yourself out of a financial bind; however, there are pitfalls and dangers to watch out for if you find yourself depending on them regularly. Finances play a huge role in your business as well as your personal life, managing them efficiently is a responsibility that can get a little tricky at times. If you are currently considering taking out a short term loan for the first time, or again, continue to read, you should consider this information before making your final decision.

Short Term Loans; What You Are Really Paying

At a glance, the interest you are required to pay back with a loan for poor credit may seem huge, however, if you sit down and take the time to do the maths you will see a very different picture.  On the surface, if you take out a short-term loan for £100 you may see an interest rate of over 1000%. If you look at the actual cost and the rules short-term lenders have to abide by, then you see a different picture. £100 over 30 days will cost a maximum of £124. This is because all lenders are regulated by the Financial Conduct Authority and can not charge more than 0.8% interest per day. Every lender will show you exactly how much you have to pay including how much the interest will be. They will also let you know the amount they charge if you are late with repayment. The most a lender can charge is £15 and the maximum you can repay with added interest and charges is double what you borrow. So if you borrow £100, you will not have to pay more than £200 including interest and charges.

Falling into Bad Habits

As stated earlier, a short term loan from a direct lender is not such a bad thing if you use it once or twice to get yourself out of a rare fix.  If you find that you are turning more and more to the quick loan solution to get you out of hot water then you need to look at your finances to see what is going on.  It makes more financial sense to evaluate where your money flow issues are coming from and rectifying it, than falling into an endless cycle of fast cash that will only help you lose more money in the long run.

Logbook Loans?

Taking out a logbook loan is another way to take out a short-term loan. Logbook loans are loans secured on your vehicle, so the lender owns your vehicle until you pay the loan back. You can keep on using your vehicle as long as you repay the loan. However, they are expensive and risky and you should avoid them if you can. You can normally borrow from £500 up to £50,000, depending on the value of the car. Interest rates are around 400% or potentially higher. Interest is charged on the loan amount each week and they last for up to 78 weeks. It is important that you know the costs of taking out a logbook loan and ensuring you can pay it back on time.  If for some reason you are not able to pay the loan back in time, you may be in danger of losing your car as the logbook loan company own your car until you repay the loan.

Overdrafts

If you are able to use an authorised overdraft, then this can be a great cheap option to cover an unforeseen circumstance. An overdraft will allow you to borrow money through your current account. Authorised overdrafts can work out a lot cheaper than other forms of credit, however an unauthorised overdraft may cost you more than a payday or short-term loan. It is important that you evaluate the costs of an unauthorised overdraft against other forms of credit and exploring all your options before allowing yourself to use one.

Credit Cards

Credit cards can be a good way to borrow especially if you can repay it within a month as many will mean you pay 0% interest. If however you need money for longer than a month, it is important to work out how much you can repay. You may think paying the minimum payment is fine, but it can mean you pay a lot more in interest and will keep you in debt for longer. There are many websites such as MoneySupermarket, where you can compare credit cards to see the best deals. Whilst the best deals may be available for people with good credit, there are credit cards that are available for people with bad credit.

Financial decisions require thought and an ability to see through the immediate payday to the real cost of what you are doing.  Is the demand really worth the cost?  You decide.

How to Get Out of a Financial Difficulty

Many people find themselves in some degree of financial difficulty. Whether it be economic recession, bad investments or just an inability to find a job due to lack of experience… you name it, financial difficulty can come suddenly and from a large variety of sources.

Calm down. There is always a solution

The most important thing is not to panic as it will only make things worse. After that, try to identify the root of the problem and plan some way out of it. But be honest. Just by analysing everything you will be making a start on the path of regaining financial security.

Step by step

What is the real problem?

While this determination is quite obvious, many people might have a problem with this particular step. Look hard at your purchases and other expenses. You might have been living beyond your means. This problem is quite common considering how easy it is to acquire a new credit card when you have maxed out another one.

First of all, you do not have to tackle everything at once. You need to prioritise. Pay off the most pressing of your debts. Your burden will be a lot lighter once you cross a debt off your list.

Analyse your debts

Not one financial difficulty is the same. The best thing to do is to make a list of all your debts and categorise them by amount and urgency of payment. Next, try to contact your credit card company and any other creditors you might have and make a plan that will work for everyone. Remember, companies prefer to get paid and they will give you more time. Most of them will try to avoid any legal action if they see you are willing to solve the current situation. If you file for bankruptcy, they will receive nothing, so keep that in mind when negotiating.

A budget is the foundation

Making a solid and realistic budget will allow you to live well, pay all your monthly bills and put the remaining money towards paying your debts. The best way is to forget all about your credit cards, no matter how appealing they might be. A debit card, regularly checked, will allow you to see exactly how much you are spending. Needless to say there will be no more expensive purchases in the foreseeable future. Make another list with everything you regularly spend money on. Whether you eat lunch at an expensive restaurant every single day or go on short, exciting trips during weekends, these kinds of expenses need to stop.

Once you reduce the most outrageous expenses, you will see a shift for the better in the amount of money you spend every month. After this, you can start cutting out other things that are not necessary to your wellbeing. Do you own an expensive satellite TV package but are hardly ever using it? Do you regularly pay a gym membership but never exercise? Now is the time to cut back on all of this.

Mindfulness is the key to a debt free life!

Why Fintech is a Genuine Alternative to the Traditional Banking System

What is Fintech?

The banking system survived a disastrous financial crisis, but is it at risk from ‘fintech’? Fintech is an umbrella term for the new technologies being developed as an alternative to traditional banking and payment systems. An example of this is the ‘crowdfunding’ model which demonstrated how these new technologies might work. These new firms aren’t held back by the big corporate structure and restrictive practices of the traditional banking sector.

Why is it an alternative to traditional banking?

Fintech companies provide services that aren’t offered by the well-known banks. Fintech companies insist that their offerings complement the services offered by the banks and don’t seek to outdo them. They are aiming their services at clients who they perceive aren’t served well by the big banks.

A real solution for small businesses

A client group that tends to have a tough time getting their needs met by the traditional banking system are small business owners. Small businesses often can’t get access to the funding they need because the large banks know that they won’t make much profit from small business loans, so they tend to avoid issuing credit to these firms. High cost overheads and complicated systems mean that the larger banks aren’t as responsive as they could be to the needs of small business owners. Small businesses usually have more particular issues, and tend to be more reliant on capital for particular needs.

This is where the fintech firms come in. They don’t have expensive branches to run, so they can focus on specific niches of the financial sector, such as online lending or online payment systems. Fintech firms have better systems for credit scoring, which analyse essential data about potential borrowers, so they can make better decisions about who they lend to. The traditional bank credit scoring system is not foolproof by far and sometimes is not comprehensive enough to make a responsible decision.

The fintech firms are combining capital and technological advances to offer comprehensive services to small businesses, which they see as a market that is being wilfully ignored by the large banks.

The future of banking

There is a growing role for Fintech companies in financial services. There are a lot of opportunities to offer services to the small to medium enterprises that tend to get turned down for capital by the banks. There are more entrepreneurs today who need access to responsive banking and payment services to start up and run a successful business.

Fintech companies are currently looking at ways to bring completely automated loan and capital applications to small businesses as  an attractive proposition for owners who often have little time to make appointments at a bank and go through a lengthy credit application process. If a small business owner can cut out the middleman (the bank), they will no doubt choose to go down this route.

Fintech companies don’t need the huge infrastructure of the large banks to be able to offer their products to a niche but sizeable market. Demands for alternatives to the big banks will continue to grow as customers are more sophisticated and require more flexibility.

For a payday loan or a short term loan, contact us for more information.

Christmas Is Right Around the Corner, Why Being Ready Makes the Season Merrier!

The Holidays are right around the corner and with all of the fun and merriment also comes bills and stress. Having a plan ready to help with the additional costs is important to your financial well-being. Planning for The Holidays is something you should be doing all year long. Although you may think that it’s impossible it is not as difficult as you think. Simply putting away a few pounds a week could make a world of difference to you come the time of peace, love, and joy!

Christmas Club Accounts Help You Prepare

If you have never used a Christmas Club Account, they are definitely worth looking into. You may even be able to get one through your employer. If not, creating one on your own is easy. Once you figure out if you can open one through your work, or your own bank, decide on how much money you can afford to put away each pay day. Think of it this way, you will have more money come Christmas than you would have if you did not put anything away! Preparing in this way will allow you to feel more confident as the big day draws closer. At the least, you will have some money to buy those odds and ends that always seem to pop up at the last minute.

Preparing Keeps You Sane

As well as being the happiest time of the year, Christmas is also the busiest and most hectic season. There is a lot of pressure involved in cooking, getting the house ready, getting the right presents, you could easily get yourself wrapped up so tightly it may take months to unwrap yourself! As adults, we are responsible for keeping this magical time of the year, magical for our little ones. We know it comes the same time every year so it just makes sense to store whatever you can away whenever you have the opportunity. You really will be surprised how much you are able to save come the end of the year. Every penny counts during this time!

Preparing Makes Them Happy!

When you are prepared for Christmas, some of the pressure you feel will be lightened. There is no better feeling in the world than getting that must have gift for your little angel. Even better when you are able to beat the mad dash of last minute shopping, and hearing those dreaded words “sorry, we are sold out”. You will be glad when you hear the stories of people who didn’t prepare.

Financial planning is a topic that some people feel does not apply to them because money is always so tight. The exact opposite is true. Whether you are planning for Christmas or retirement, putting money aside, no matter what amount is beneficial. Christmas is the time to celebrate life with the people who are most important to you, planning to celebrate is worth it!

Taking a Short Term Loan Out With PiggyBank

Searching for a short term loan can often be complicated and include loads of bamboozling numbers and figures. At PiggyBank we want to offer a genuine simple process.

The Process of Applying for a Loan

Simplicity is everything, especially if an unexpected circumstance has led you to search for a short-term loan. At PiggyBank you can apply to borrow anything between £100 up to £1000, with a repayment period from 7 days up to 5 months.  All applications are online and easy to work through in minutes.

All we ask is some personal details, including your employment status, income, expenditure and your bank account details. If accepted we aim to have your loan paid direct into your bank account within an hour, though sometimes we do require some extra information and will contact you.

Responsible Credit Checks

When you apply for a loan we will carry out standard credit checks to ensure you are the person you say you are, but also we have our own checking system that fits into our responsible lender model. If you have bad credit we won’t immediately dismiss you but instead we take a human approach, case by case. If we feel you simply can’t afford to take out a short term loan with us, we won’t approve your application. So even if you haven’t got an ideal credit file, our loans for poor credit could help you out of a tight spot!

You should not apply to borrow money online if a lender offers loans without a credit check. All payday lenders must legally credit check all applicants, and any that do not is likely a scam and not authorised to lend you money.

If you would like to make an application for a responsible short term loan through PiggyBank we hope this article has been informative. Fill out the simple online application and we’ll have an answer for you within an hour.

Guy Fawkes Night Ideas

Bonfire night is just around the corner and with it coming so soon after Halloween it is often an issue of finding the right amount of cash to have a good night without it feeling cheap and not worth the hassle. Here are some options for Guy Fawkes Night on a budget.

Have a Family Party

Why not have the entire family round for a party at home. You can make the grub interesting, asking everyone to bring something of his or her own creation. Get all the kids involved in decorating and creating their own sparkler holders and home made firework displays in the safety of your outdoor space.

Take a Wander

Take a walk with loved ones around your neighbourhood. If the public displays are too expensive there are always other locations you can find to take a seat and watch for free. If you’re lucky you can walk along taking in other people’s displays as well as the larger ones, picking up food along the way for a stroll hand-in-hand with the ones you love.

Look for Free Events

In each area there are always certain free events you can utilise. You don’t always have to pay over the odds for the massive displays in large parks and other public spaces in towns and city’s. Often they can be disappointing and over very quickly.

We hope your Guy Fawkes Night goes off with a bang this November 5th, there’s something for everyone, no matter your budget.

The Importance of Saving Money for a Rainy Day

We all have times when an unexpected situation means we need some money quickly. It is good practice to have a rainy day fund for such extreme times. Here are a few tips as to how to you can start managing your money in a way that leaves you some breathing space when the worst happens.

Start Solidly

Before putting together a plan of payments you should put aside some money into your savings fund, as an incentive. It doesn’t have to be a massive amount, and if it isn’t something you can afford do not worry.

Treat it like any Other Bill

Treat the savings fund like any other bill. Whether you choose to pay weekly or monthly (depending on when you get paid) always put the same amount of money away at the same intervals.

Use a Different Account

Another way to help you keep up with paying into a savings fund for a rainy day is to have a different account set up for it. This means that you’re not looking at extra money in your current account and it isn’t as easy to spend it.

Have a Clear Idea About What Constitutes an Emergency

A rainy day fund is set aside for emergencies or long-term goals. Make sure you have a clear definition of what constitutes an emergency so you’re not prone to spending your money needlessly.

Putting money aside is a great plan, but isn’t always possible to start right now. At PiggyBank we can help you with a short-term loan to get you through until next payday. As responsible lenders we urge you to think long-term and start putting in place real savings for a rainy day.

PiggyBank’s New Video

What is PiggyBank?

PiggyBank is a short-term lender. We lend from £100 up to £1000 from 7 days and up to 5 months. We have been operating since 2012, building the platform from the ground up to provide short term loans completely online and with the customer at the heart of everything we do.

Taking out a loan can be daunting especially when it comes to taking out a short-term loan. At PiggyBank we have gone to great lengths to ensure that our customers and potential customers understand what we do at PiggyBank, how we can help and how the process works.

The Challenge

The challenge was to create a video to show who PiggyBank are. What we do. How we can help and the process of taking out a short term loan. All of this needed to be done in a video taking less than 45 seconds. We know that video is fast becoming the number one communication tool but it was not enough just to create a video. We had to ensure that what we created was memorable, valuable and showcased our values as a company.

The Approach

We have worked in the short-term lending industry for four years now and we have serviced thousands of customers in that time. We have learnt a great deal about our customers and the importance of providing clear concise information that allows customers to make the most informed decision when it comes to taking out a short-term loan. For this reason we wanted to work with a company that didn’t know much about our industry because it was important to us that the video worked for people who know PiggyBank but also for those who don’t know PiggyBank or what we do. For this reason we decided to work with Platinum Videos. They are a startup based in Birmingham.

Part of the approach was to ensure that the brand was present throughout. To do this we had to make sure that the right colours were shown in the video to match the colours on our site. We also had to make sure that we explained how we help customers, show part of the website and explain how the process of taking a short term loan works.

The Result