How We're Different
Smart-Pig is different from that any other of the short-term lenders you might see in the news or on TV. Here are the key differences:
- Smart-Pig founded by students, for students. We launched from a student bedroom after one of our founders got into trouble with a Wonga loan and was appalled by how he was treated.
- We don't make any money from defaulted accounts. Our loans are interest only, with no late payment or other fees. Other lenders typically get 30 to 40% of their revenues from late payment fees and charges.
- We don't allow rollovers - this is when a short term loan becomes a long term one. Rollovers are when an unaffordable loan is written meaning the customer can only avoid default by paying a monthly fee to delay the payment until their next payday. This can result in the customer paying back many times what they borrowed, and still ending up in debt at the end. Other lenders make 30 to 40% of revenues from rollovers. Some lenders keep raising borrowing limits available to customers to encourage them to pay off loans then borrow the money back again straight away.
- Smart-Pig offers one of the most flexible payday loans on the internet – not only can you choose exactly how much you need and for how long, but you can repay early, change the due date within the period up to your student loan payent, and top up to your internal limit from "My Account".
- Finally, Smart-Pig is the only short term lender that is just for students.