While growing up, our parents always want us to learn money management and the first step towards managing finances starts at home through piggy banks. Most of the kids get piggy banks in their childhood where they save money, take loans from parents to buy something they like and they repay from their savings, these are very small steps but indeed very powerful in the learning process of money management. As these little money habits, if implemented properly with your kids, they can understand the value of the money and also learn to manage it well from the very childhood which will help them a lot when they actually start earning.
Piggy bank loans are the small loans which are offered by financial institutions for repaying other loans or meeting some short-term financial crisis. Every day there is a need for money in everyone’s life and that is inevitable and thus everyone needs to have a certain amount of savings which in business terms known as working capital. In life also, all need that working capital, but at times; especially during some crisis or emergency, you might need more money than usual, you need on daily basis. There are various circumstances where one needs money urgently for some important work but without cash, they have to bear losses. But with these loans, one can easily carry out their work without stumbling over and the repayments terms are also flexible, so one can repay easily.
The important features of Piggy bank loans are –
- The amount which you can borrow varies from the requirement of yours like any other loan. You can borrow as little as 100 pounds to 1000 pounds though that varies on the institution as well.
- The repayment period also varies from a week to few months like 5-6 months. This enables you to pay without putting much stress on yourself.
- The process of availing these loans is also simple. You just need to furnish your individual details with the income and expenditure of yours, along with the job or profession or business you are into so that the financial institution can verify the details and sanction your loan.
- The most important and beneficial part of availing these loans is that you can get them in an hour. If you have furnished the correct details and if that can be verified within an hour, your bank account will be credited with the required amount you have applied for.
Basic eligibility criteria for availing Piggy bank Loans
- You need to have a mobile phone connection which needs to be active to get the pin/code etc.
- You have been a native of UK and or at least UK citizenship.
- The age has to be over 18 years or more.
- You need to be employed and the minimum working hours per week has to be equal to or more than 16 hours.
- You can pay using your debit card details.
Therefore, the next time you are in financial crisis for short-term, you know how to get it out from it with piggy bank loans.