Long before the FCA announced rules on capping interest rates and fees and a much-needed shake up of short term loan providers,Smart-Pig.com was already ahead of the game.
We started Smart-Pig.com whist at university to give students who use short term loans in emergencies a much better deal. We recognised that there was a lot wrong with the industry, and we experienced it first hand when one of the founders took out a short term loan in their second year of uni.
We were the first short term lender to introduce a 10-day grace period and cap our late fees to £15 - When other short term loan providers were charging upwards of £30 in late fees, Smart-Pig.com set a late fee to a sensible limit long before the FCA’s recommendation. Not only that, but you get 10 days’ grace to put things right before any late fees are put on at all.
We were the first short term lender to introduce an interest cap - We go much further than the FCA’s new 100% cap. At Smart-Pig.com we don’t allow anyone to owe more than 50% of what they borrowed, even if you get into financial difficulties (plus a £15 late payment admin fee). Our daily interest has always been 0.7%, which is still even lower than the FCA’s new limit.
We were the first one among short term lenders to recognise student spending habits – We allow you to borrow right up until you get your next student loan, meaning you don’t have to keep rolling over loans and paying uncapped interest each month!
We’ve got sensible limits – We’re here to help; we were at uni, we understand all the finances you’ll have to juggle. So unlike other lenders, we do not keep upping your credit limit to the point where you’ll owe more than you’ll get.
We’ve got a community– We’ve had over 19,000 applicants use us so far, and we’re growing fast. Every term we give away a term’s rent in cash to one of our 13,000 lucky followers on Facebook. We’ve also given away a PS4, an XBOX One and shopping vouchers as well as providing top tips and advice on everything student.
No one knows student money like Smart-Pig.