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Piggybank Loans

A Look at Piggybank Loans in the UK

If you’re looking for a smooth and easy loan, you might be considering a piggybank loan online. When it comes to short term loans, you need to make sure that you know all of the facts and compare your options carefully. Let’s take a look at the concept of a piggybank including what it means for your finances, what benefits it provides, and an alternative that might be right for you.


piggybank

What is a Piggy Bank?

When you were younger, you probably had a piggy bank that you used to save your money. Each week you would save your change and then once it was full, you would open it (or smash it in some cases!) and collect your savings.

Lessons Learned from Piggy Banks

As a kid, you may have saved your money carefully in hopes that when you could finally open up the piggy bank, you would be able to buy the things that you had been patiently waiting to buy. Every once in a while, you’d reach into the piggy bank and take a few coins out to spend on small things like bubble gum. It’s only a few coins, so it doesn’t matter that much, right?

Unfortunately, although you might have had your eye on a new bike at £75, by the time that you had actually saved enough to buy it, the price had increased to £130! If you hadn’t had reached in for those small purchases and instead left your savings alone, you would have the money to afford it.

What would you do? It’s back to the piggy bank, and continued savings. This is an important lesson in financial management that many kids learn from an early age. You shouldn’t touch your piggybank savings unless you know how much you need to afford the thing you want. Had you not taken a few pence out of the piggy bank throughout the year, you would have had enough money to afford the bike.

This tough lesson is something that most kids should learn at a young age. By learning to spend your money responsibly, you can avoid falling into bad spending habits. These poor spending habits can hurt your financial status in the future and get you into economic trouble.

So, What Next?

For many people, they already have a good understanding of finances. They make sure that they only buy things that they can afford, and they regularly contribute to their piggy bank or savings account. This way, when an emergency arises, they can afford to pay for it. Whether your car needs repairs, you need a doctors appointment, or would just like to go on a vacation, savings are important.

If you don’t have the money you need, there are a few options. Let’s look at the bike example again: If a child wants to buy a new bike, but their savings don’t cover the whole price, their parents might step in. Their parents could offer to help cover the difference in their piggy bank savings and the price of the bike. This means they can buy the bike now, but there might be conditions to the parents’ offer.

The child may have to do a certain number of jobs around the house to help pay their parents back. This is a rudimentary form of a loan with a principle to pay back along with interest or age-appropriate jobs, in this case.

What Can Children Learn From Saving?

With this model, children will learn that they should be careful with their money and that nothing truly comes for free. Their piggy bank may look cute and friendly, but saving money is serious business.

If you’re an adult and still rely on your piggy bank to help you pay for things, you might want to consider alternative options that provide you with better benefits.

While piggy banks have great uses, here are a few things that your piggybank probably can’t do:

  • One-on-One Personal Service

Piggybanks can’t talk to you, everyone knows that! They simply hold your money, and you take what you need. Wouldn’t it be great if your lender would provide you with personal service? As Payday loans direct lenders we ourselves on offering top-notch customer service.

Whenever you need something, whether it’s just a little extra breathing room on your payment period, or if you just want to know where you stand, these payday lenders will be happy to help. Try asking your piggybank a question and see if they respond.

  • Convenience

Your piggy bank might seem pretty convenient, but having to deal with physical currency to make your purchases isn’t. With online payday lenders, you can learn about the interest rates and the terms of the loan agreement, apply for the loan, and receive your money entirely digitally. Online lenders will even allow borrowers to repay their loan online too. Now that is an easier way to get the money you need—no hammer needed!

  • Flexibility

Piggy banks are pretty rigid things that don’t allow for much flexibility should you need it. When choosing an online UK lender like MoneyBoat UK, if you need some extra flexibility all you have to do is give us a ring, and we’ll be happy to work with you. Everyone could use a break every once in a while, and we’d be happy to work with you.

  • Solid Social Reviews

Does your piggy bank lender have a collection of online reviews listing how trustworthy it is, how likely it is to approve you for a loan, and more? You should only trust lenders that are well-reviewed in the community for their services.

  • Transparent

Does your piggybank lender hide its interest rates and policies from you? You should consider only doing business with lenders that are willing and able to provide you with the information you need to know before taking out a loan.

Piggybank…

…were great when we were kids, but now that we’re adults, it’s time to do business with a lender that is honest, transparent, and more than happy to treat with the respect you deserve. Choose a lender that fits your needs, and consider MoneyBoat.co.uk.

piggybank loans