DJS (UK): PiggyBank
History and Ownership
Christchurch-based DJS (UK) Ltd was formed in April 2012 and in the same month followed the launch of PiggyBank. The founder (Dan Ware) is otherwise known for the creation of the BeFriend app that connects locals based on shared interests. Piggy’s initial approach was to operate as a peer-to-peer payday loan solution. This concept proved unsuccessful in the subprime sector for them and also The Lending Well. Whilst that competitor closed down, DJS (UK) simply adapted to lend themselves. Their service today caters both short and long term borrowing needs and it has become very popular in recent years where we have seen TV adverts rolled out to support their strong search engine rankings.
This company is always likely to pop up on that first page for big money keyword terms such as “Payday Loans”. The TV ads have been tested out since late 2016 that were created by Platinum Videos and Square Elephant. The first 2016 ad in particular looks to have been a big success on the promotional front. If you view this on YouTube you’ll see that it has notched up 87,000 views. The collective promotion has helped this lender to mix it up with the leading providers. They were on a previous check the 6th most visited site in the payday sector. Their ranking does fluctuate, but they always seem to be mixing it up with the big names.
Info: PiggyBank Loans
www.piggy-bank.co.uk (Alexa UK Rank: #26,971)
PiggyBank’s service is suited to both short and long term borrowing. The initial term range is 7 to 35 days. For those looking to spread out the cost the option is there to choose any month between 2 and 5. First time borrowers could access £100 to £400 with £1000 made available when reloaning. This has however now changed to £1000 max (new) and £1500 (return). On their calculator each single amount rises in £10 increments. There are term restrictions in place depending on the amount selected. The pricing is set against the cap at 0.8% daily. This translates per £100 borrowed as £5.60 (7 days) and £24 (30 days).
When you opt for any of the instalment terms you’ll need to enter your specific payment date across the periods of fortnightly, monthly and weekly. For a 3 month example we set this as 30 days forward and the cost came in per £300 borrowed at £155.97. This is exactly the same amount that you’ll pay with the market leader Wonga. Piggy’s service is available 6 days a week. The Monday to Thursday hours are listed as 8am-6pm, Friday is 8am-4.30pm and Saturday is 9am-1pm. This means that you’ll just have a few hours to get approved on Saturdays. Otherwise you’ll need to wait to Monday for a bank boost.
Reviews: Feefo, Review Centre, Reviews and Trustpilot
This company primarily collects feedback on Feefo where the current score is 94% from just over 900 reviews and so they should soon surpass the 1000 mark. On Trustpilot we see a 90% rating from around 50 reviewers. There is also a similar tally on Review Centre, but the overall rating isn’t quite as good at 72%. The overall feedback was very supportive. It is always important to see Feefo pages since the transactions are of course validated with them.
It is unusual to see repayment options stopping at 5 months since most firms extend to 6. Swift Sterling is one such company that also caps at 5. There are similarities to Wonga who themselves deliver great flexibility whether you need days or months to repay. The main advantage for Wonga customers is that 24/7 payouts are possible on reloans (subject to approval). WageDayAdvance will be seen as a key competitor. They are doing a little better on the traffic front.
The Plus Points
The product flexibility here is a plus point. There aren’t many lenders that enable you to choose between days and months. Pricing is set against the cap and they close down on Sundays and so there could be improvements in these areas to help them stand out more. The positive online reviews show that their service is being received well, but it was surprising to see that they don’t have much of a social media presence with under 900 Facebook fans and the number of brand searches is usually higher for top performing firms like this. If they can maintain their strong search rankings then they should at least manage to stay in check with the majors.
Last Updated: January 5th, 2018.