How does a Smart-Pig student loan work?

Smart-Pig was created by students, just for students to allow you to borrow up to £350 until your next student payment. You apply online and can get your money the same day, often within minutes.

Smart-Pig was created with your student finance income in mind, meaning you repay your loan in one go when your next Student Finance Loan, NHS Bursary or SAAS loan payment is due.

You only pay for the days that you borrow, and you can repay early at any time to save on interest. A Smart-Pig loan may be much cheaper than you expect.

If you’re interested in how two cash-strapped students came to create Smart-Pig, read Our Story

What do you get with a Smart-Pig student loan?

There are loads of features that make our loans for students safe and affordable for students to use.

  • Quick, easy online application (see How to Apply)
  • No late payment fees or hidden costs. Repay Early and only pay for the days you borrowed for.
  • Cash paid instantly into your bank account once approved.
  • A 10-day grace period in case your student finance is paid late. You won’t pay any extra interest for 10 days after your loan is due.
  • A 50% interest cap to make sure what you repay never gets out of control. (Most other short-term lenders cap at the maximum cap allowed, which is 100%!)
  • Top up your loan at any time. When you apply, we set you an affordable limit based on what you can safely afford to repay. If you’ve borrowed less than your limit, then you can top it up online in the My Account area.
  • Extend your loan at any time. Smart-Pig loans are due to be repaid when you get your student finance income, but if you set your repayment to an earlier date, then you can extend until your student finance date at any time in My Account. You can only change the date you’ll repay twice per loan.

See How We’re Different for more about what sets Smart-Pig student loans apart from other short-term loans.

How much does a Smart-Pig student loan cost?

Smart-Pig loans may be much cheaper than you expect – for example, to borrow £100 for two weeks costs just £11.20 in interest.

Our loans cost 0.8% in interest per day, or 80p per day per £100 borrowed. Interest is capped at 50%, meaning if you borrow £100, the most you’ll ever pay is £150, even if you can’t repay on time.

Despite the cost of our loans, Smart-Pig is committed to Responsible Lending, so we protect our customers and make sure our loans are made with students in mind.

Why do Smart-Pig student loans have a high APR?

APR is usually great for comparing the cost of loans, but for any loans shorter than a year, the APR isn’t easy to understand, or link to the cost of your loan. Despite the APR, you’ll never repay thousands of percent in interest, even if you use Smart-Pig loans all year. Read APR Explained to learn how APR works and how to compare the cost of short-term loans.

Representative Example: £200 loan for 30 days. Interest 292% p.a. fixed. Total to repay £248.00. Representative 1270% APR

How can you apply for a Smart-Pig student loan?

You can apply for a smart-pig loan online. Just fill in our quick and simple application form. We don’t accept applications by post or by phone. Learn more at How to Apply.

You will need:

Can you extend your Smart-Pig student loan?

If you choose a date to repay that is earlier than your student finance payment was due to arrive, then you can change the repayment date up to two times online in the My Account area. You can only extend until the date your student finance is due. We assess all loans’ affordability, taking into account the cost of repaying on the student finance date, even if you set an earlier date to repay your Smart-Pig student loan.

How do you top up your Smart-Pig student loan to borrow more?

When you apply, we’ll set a maximum affordable limit that you can borrow. This will never be more than £350. If the limit is less than the original loan amount you requested, we’ll offer you a loan for a lower amount. If the limit is higher than you originally requested, you can top your loan up to this limit at any time in the My Account area.

How quickly can you get a Smart-Pig student loan?

Our quick, easy online application takes about 5 minutes. If your loan is approved, money will be paid to you instantly, however, can take up to two hours to show in your account depending on who you bank with.

You can apply online at any time; however, we only make lending decisions during working hours. Our office hours are 9am-8pm Monday-Friday and 10am-6pm Saturday-Sunday/ bank holidays.

During our office hours, you’ll normally get a decision on your application within 10-15 minutes. You might be asked to confirm some of the information you’ve provided or verify some facts, so make sure you check your phone and email for anything our team might need.

If you need a loan outside these hours, and can’t wait, then contact our team on Facebook or Instagram after you’ve applied, and we’ll try our best to help you.

How to repay your Smart-Pig student loan:

At 7am on your loan due date, we’ll collect payment from the debit card details you provided

during the loan application for the full amount due using a method called Continuous Payment Authority (CPA).
If this isn’t successful, we’ll make another attempt using CPA at 7am two days later.

If you want to make a payment early, or the scheduled payment hasn’t gone though, there are two ways to repay your Smart-Pig loan:

By Debit Card

Log into My Account online, where you can make full or partial payments towards your loan balance at any time. You can upload a new debit card or cancel your current card in the “Banking” area.

You can also call us during office hours to make a debit card payment over the phone

By Bank Transfer

Please send your payment to:
Account No: 00226106
Sort Code: 04-00-72
Reference: Your surname and loan ID number:
E.g. “JONES 12345”

Please send an email to [email protected] telling us you’ve made a payment, to make sure it’s processed as soon as possible.

More about Continuous Payment Authority

Having a Continuous Payment Authority (CPA) means we are able to keep a secure token that lets us collect payment from your card up to two times without you having to do anything.

Any further payment attempts from your card will be agreed with you. You’ll always receive an email confirmation when payment is collected using your card.

You are able to cancel your CPA under the “Banking” tab in My Account, however, you will still be required to repay your loan manually using a different debit card or bank transfer. You can change the due date of your loan, subject to your loan terms, in My Account by extending, or can arrange to change or cancel individual CPA payments to us by getting in touch directly. You may also can cancel CPA by contacting your bank or building society.

What happens if I can’t repay my loan on time?

If your student loan is delayed for longer than 10 days or you need more time to repay your loan, we have options to help such as setting up a repayment arrangement that is suitable for you.


Need help? Speak to our team

Our customer services team at our UK call centre are on hand to deal with any queries you may have. You can also access your account online 24-hours a day via desktop, mobile or your tablet device.

Visit our Contact Page for more information.

0203 5071 930

[email protected]

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