What's Smart-Pig?

Smart-Pig lets you borrow up to £350 until your next student loan, quickly and easily. Our grace period, interest cap and ethical pledge make us student's first choice for short-term lending as an alternative to payday loans.

We are regulated by the Financial Conduct Authority (FCA) and are a member of the Consumer Finance Association (CFA).

5 reasons to choose a Smart-Pig student loan

  1. The only short term loan created just for students. We are different to "payday" loans because we don't roll over loans, we don't sell your details, and we don't try to make any money from defaulted accounts.
  2. No late payment or other fees - just in case there are any problems with your student loan.
  3. Our 50% interest cap is HALF of the 100% maximum cap that other lenders, like Wonga.com, are allowed to charge. This puts a fixed cap on how much interest you can owe us. You can never owe more than 50% of what you borrowed.
  4. Our loans are quick, easy and flexible. Money will be transferred to your bank account the same day. You can manage all the details of your loans online, such as repaying a loan early or topping up to your limit.
  5. Smart-Pig was founded by students at Hertfordshire and Warwick after we saw students being treated unfairly by "payday" lenders. We honestly have your best interests at heart. If we think a loan won't help your situation, we won't approve it.

Short term loans for students

Because our loans are designed for students, the fact you don’t own a home or have a full-time job will not impact your application. We only lend small amounts because as a student you have a low income. The amount you can borrow is linked to how much you are getting for your student loan to make sure the loan is affordable for you and that you still have plenty of money for the next term.

What does it cost?

Smart-Pig short term loans cost 0.8% per day. Loan interest is added to the balance daily and automatically stops at 50%. If you repay early, you will only pay interest for the days you had the loan.

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 £24, meaning a total to repay of £124. However, because of our 50% interest cap, the TCC of a 6 month loan would be just £50 for the whole period. You can calculate your short term student loan using our simple loan calculator.

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. You can learn more about how our student loans work here.


Responsible lending

Smart-Pig is committed to responsible lending, which is why we do our best to offer ethical rates and ethical terms. We take proof of income and make checks on your other credit obligations to make sure you can afford our loans.

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. If you’re experiencing some financial trouble, take a look at our student borrowing options and advice.

We pledge to always keep you up to date on your loan, always be open and honest, and always see things from your side. Ultimately Smart-Pig is here to make student's lives easier.