Frequently Asked Questions


Below you will find a library of frequently asked questions we have gathered in creating InterestPiggy. We have refined this list and associated answers through a strong constant communication we have with savers, borrowers and financial product providers.

FAQ Categories
General FAQ's
Savers and Borrowers
Financial Service Providers
How does the InterestPiggy auction process work?

The InterestPiggy Marketplace connects borrowers and savers with providers offering the most competitive interest rates and highest quality service using a simple 3-step process:

1. Clients initiate a competition by posting their requirements
2. Providers compete for the business
3. At the end of the timed competition, providers offering the best deals are connected with the client to process the transaction

To learn more about how to get the best deal, click here.
To learn more about becoming a registered provider, click here.

How is my information and privacy protected when I use InterestPiggy?

Security and privacy is important to you, and at InterestPiggy we make it our priority to protect your information. We only use systems that are compliant with privacy laws in Canada and the US.

You can access our Privacy Policy here.

How are clients and providers rated?

Once the competition is complete, both the client and provider are presented with the opportunity to rate each other. The average of all ratings will appear in the client and provider profiles presented in the marketplace.

What client information is shared with providers when an auction is initiated? What additional information is shared after the auction closes?

When an auction is launched, providers see the client's financial requirements (type of auction, amount required, etc.) along with only the client information necessary required to assess the offer (age, occupation/industry, credit health, income, net worth). This approach avoids bias and discrimination, and greatly streamlines the process of shopping for a deal.

At the end of the timed competition, clients are given the contact information of all winning providers, and can choose to initiate the transaction with their choice of providers offering the best rates

The overall winning provider is rewarded with the opportunity to have direct contact with the client as they receive the client's contact information immediately. Days later, the remaining winning providers in each tier receive the client's contact information.

What makes InterestPiggy different than financial comparison websites?

Financial comparison websites do a great job of compiling posted interest rates, but posted rates don't always represent the rates that clients actually pay. InterestPiggy provides a platform that negotiates on your behalf by allowing providers to compete for your specific business needs in an open marketplace, ensuring that you receive the best possible rate.

How much does it cost to use InterestPiggy?

As a client, it is 100% free to sign up and use InterestPiggy.

What if I don't know my credit score?

If you don't know your credit score, you have 3 choices

- obtain your credit report and/or score. For details, consult the Financial Consumer Agency of Canada or USA.gov
- select the option that you feel best reflects your credit score based on your most recent report
- choose "I don't know" from the list of options

Please note that providers bid based on the credit score you provide, and will verify your actual credit score as part of their application process. If your actual credit score is different than the score provided in the auction, the interest rate may be affected.

Does using InterestPiggy affect my credit score?

No - using InterestPiggy has no effect on your credit score. Your score will only be impacted during the borrowing application process when, if required, the provider obtains your official credit report (you will be required to approve this inquiry).

Can I use InterestPiggy if I have bad credit?

Yes - you can use InterestPiggy regardless of your credit score. The InterestPiggy network includes providers who offer competitive interest rates for clients with lower credit ratings.

Why do I need to share my personal information with InterestPiggy?

In addition to auction information about your financial service needs, InterestPiggy asks for 2 types of information:

- Financial Information (information is shown to all providers when an auction is launched) - information providers require in order to compete for your business

- Personal / Contact Information (only provided to winning providers at auction close) - information required for the client and provider to connect and close the deal.

What should I consider when rating the performance of a provider?

The InterestPiggy performance rating system lets clients know what they can expect when dealing with a provider. Please take the time to fairly rate providers based on your overall experience when dealing with them. This could include honouring the offered interest rate and catering to your specific needs and timelines.

What if I am not satisfied with the result of my auction, or don't want to work with the winning provider?

Once you know who has won the competition, it is up to you to decide if you will complete the transaction. We believe that the science behind the InterestPiggy platform results in the best offered rates for clients from high quality providers, however there is no obligation to finalize a transaction with any of the winning providers.

How can I target the types of business for which I want to compete?

InterestPiggy makes it easy to target the markets in which you want to be active. Prioritize and organize leads by product type, amount, term, location, credit health and more to build a sales campaign unique to you.

How will I know if I have been outbid?

We believe that the best competition occurs when there is transparency. You will receive notification immediately via email or SMS if you are outbid during an auction, and you can decide if you wish to adjust your bid.

How much does it cost to use InterestPiggy as a provider?

Participation of providers in and InterestPiggy auction is free. Only winning providers are charged at the successful completion of an auction, as per our fee schedule.

How will I make payment to InterestPiggy?

Just like our auction process, our payment process is quick and eaey. When the auction ends and you have been declared a winner, the payment will be charged to the credit card that you have on file with InterestPiggy.

Can I post InterestPiggy links to my social media platforms?

Absolutely. InterestPiggy offers shortcuts to include on any social media platforms where you are active.

Can I advertise on InterestPiggy?

Yes, there are limited opportunities for advertising on InterestPiggy. Please contact provider relations for details.

How can I get more information about being an InterestPiggy provider?

We would love to connect and answer your questions. Please call (855)24-PIGGY or click here to contact provider relations.

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