The Payday Pig Review

Payday Pig ReviewSpecializing in fast online transactions, The Payday Pig is a payday loan service provider based in Wellington Rd, London. It offers short-term loans that do not require collateral or security deposits. There is also no credit check required. Loans will be quickly granted as long as the loan applicant meets the minimum requirements. The company aims to offer an alternative to the time-consuming credit services offered by banks.

The Payday Pig Review – The Services Offered

The Payday Pig offers payday loans from £50 to £750. The loans are short-term in nature and are intended to address emergency or unexpected expenses. They have to be paid on the next payday, for a 30-day maximum period. Unfortunately, the company does not offer an option to extend a loan. Also, there is no restructuring scheme in place. If you think you will be unable to pay the loan, it would be advisable to borrow money from other sources to pay the loan off. You can obtain another quick loan later on once your outstanding loan is settled.

The loans offered by The Payday Pig are subjected to a variable representative APR of 1734%. This means that a £100 30-day loan will have to be paid the total amount of £125 on maturity, which carries the interest of £25. There are no service fees or other charges on the payday loans offered. Everything is covered by the interest rate. Nevertheless, if you compare the total cost of borrowing offered by The Payday Pig, it is significantly lower compared to what other companies are offering. The service charge has been dropped but the company’s interest rate is relatively high.

Requirements and Application Process
To be able to avail of a payday loan, an applicant must be a UK resident and should be of legal age. Also, the applicant has to be employed and is receiving regular income. Employment is an essential factor for qualification. Unemployed individuals will automatically be declined including those who are receiving job seeker’s allowance. It is also important to have a current account to be able to receive the approved loan. The current or checking account also serves as the collateral since the payment for the payday loan will be automatically charged on your next month’s pay check. Hence, only employees who are being paid through direct deposits to their current accounts can be qualified for a loan from The Payday Pig.

The company promises a completely online loan application process. To submit an application, you need to go to the company’s website to complete a form. Submit your application and wait for a few minutes for the decision. Approval usually takes up to 30 minutes. Once your loan is approved, you can receive your cash through your bank account on the same day or the next business day.

Online Safety
Despite having all transactions done online, the company promises consumer protection through its 256-bit SSL encrypted website. This means that all online transactions are supposedly safe from the prying eyes of parties who have no involvement in the loan and funds transfer transactions being undertaken. The site is also said to be certified as hacker safe, free from viruses and other malware, and is VeriSign authenticated. However, based on the test conducted by this author, the site’s online application form does not use a page that starts with “https.” Secure pages are supposed to start with “https” instead of the regular “http.”

Customer Service
It’s good to know that The Payday Pig has a physical office to personally meet customers and address their needs. There are no telephone or fax numbers indicated on the website but the parent company’s name and address are presented along with its data protection number and consumer credit license. Also, a number of satisfied customers’ testimonials are posted on the site for those who may want some insight on the kind of customer service offered by the company.

The Payday Pig offers fair interest rates and a promise of quick loan processing without the need for credit checks and collaterals. The services offered are comparable to what many other payday loan companies offer. However, its claim that the online loan application transactions will be secure does not seem to be accurate. The site’s application form page uses a URL that starts with “http” so it is unlikely to be SSL protected, contrary to what the site claims.

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