Smart-Pig Student Top-Up Loans let students borrow small amounts of money up until their next student loan payment. We're a student/graduate run business with the aim to be one of the most ethical lenders in the industry. We hold a Credit Licence from the Office of fair trading and are a member of the Consumer Credit Trade Association (CCTA).
Student budgeting is getting more and more difficult, so Smart-Pig loans are here to help you out when the timing of your spending doesn’t match the timing of your income. Maybe your car has a problem, or you're faced with a big unexpected bill after housing trouble? Your landlord won’t release your rent deposit and he’s left you in the lurch? Or perhaps you just need that extra bit of spending money over Christmas, but know you’ll have a surplus come January? These moments are nothing to be ashamed of – Smart-Pig is here to make things easier for you.
"Quick, safe and easy" - 08/01/12
"Very good for students" - 04/01/12
"Absolutely fantastic, no hassle involved at all. Thanks a bunch!" - 03/01/12
"Excellent service, so far very impressed (particularly with the APR)! You seem like you genuinely care, something a lot of businesses refrain from doing these days, THANKS!" - 29/12/11
Smart-Pig is much cheaper than borrowing from a traditional payday lender (e.g. Wonga.com, rep. 4214% APR) or an unauthorised overdraft (800,000% APR, BBC News). Our research shows that over 50% of students who apply for a short term loan with the market leader, are rejected. Since Smart-Pig just offer loans for students, the fact you don’t own a home or have a full-time job will not impact your application. Add in the fact that Smart-Pig is substantially cheaper, lets you borrow for longer and understands the Student Loan process, and you should be sure you are on to a winner.
A simple way of looking at the cost of our loans is that you pay a £20 transmission fee plus 0.7% of the borrowed amount per day. The more you borrow and longer you borrow for, the smaller the transmission fee is in proportion to the total amount owed. One way of looking at the cost of this kind of loan is the Total Cost of Capital (TCC) per £100. The total cost of borrowing £100 from us for 30 days is £41, meaning a total to repay of £141. However, in this example the transmission fee makes up half of the total charges, so still does not really reflect how much our average customer pays.
The only true way of comparing the cost of a short term loan is to decide how much you wish to borrow and for how long, and then to compare different lenders yourself by looking at the total you will have to repay.
Because Smart-Pig checks your student status and student loan terms, we're able to approve loans for students knowing exactly where you stand. We get the assurance we need in black and white, and you’ll always be given a reason why your application was rejected - such as excessively poor credit history, or a mistake in the application. Smart-Pig also lets you choose exactly how much you need to borrow and keeps your loan duration flexible -unlike many other online lenders. You can also repay your Smart-Pig loan back early, which mean's you'll pay less in interest.
If Smart-Pig didn't trust our customers, how would you be supposed to trust us? Smart-Pig is committed to responsible lending, which is why we do our best to offer ethical rates and ethical terms. We have no interest in lending to people in acute financial difficulty, which is why we take proof of income and assess our loans for affordability by checking your credit file.
Smart-Pig loans are for those times when you are sure you have a future income but need to spend money straight away. Our loans are for lifestyle and emergencies and are not a long-term finance solution. They are certainly not suitable for people with high levels of personal debt or people with a long history of financial trouble - in this case having another loan to repay could make things worse.
We pledge to always keep you up to date on your loan, always be open and honest, and always see things from your side. Smart-Pig is here to make your life easier, not more difficult!