How to calculate the cost of a loan

Using our loan calculator is easy. Here’s a step-by-step guide to help you understand how much your short-term student loan will cost.

  1. Enter the date you’ll get your next student loan payment, NHS Bursary or SAAS Loan. This can be up to 180 days away. If you don’t know the date, you can find this on your award letters, which you can get access to quickly and easily online – read our guides to getting your student finance letter, getting your NHS bursary letter and getting your SAAS award letter.

    If you haven’t got your letter yet, or want to check the exact date later, just use the first day of next term.

  2. Adjust the first slider on the loan calculator to choose how much you want to borrow. You can borrow up to £350 in amounts of £50. If you don’t borrow the full amount at the start of your loan, you can borrow more later as long as it’s affordable for you – see How it Works.

  3. Adjust the second slider on the loan calculator to choose how long you want to borrow for and when you’ll repay. If you want to repay on the same day you get your next student loan, drag the slider all the way to the right. This will show you the number of days there are until your next student loan payment.

  4. See how much you’ll repay and on what date under the sliders on the loan calculator.

  5. Click the Let’s Get Started button to Apply for a Loan.

Loan calculators are only a guide

We only have one interest rate and one product, so our calculator will show the real cost of the loan you are applying for. However, the calculator is only for Smart-Pig short-term student loans, not other student loans, loans for students, or other credit from other providers.

If you want to compare the cost of a Smart-Pig student loan with other providers, it’s important that you compare borrowing over the same amount of time. The best way is to look at how much you’d repay.

APR can be used to compare the cost of loans, but for short-term loans it can be confusing, and the APR will be a lot higher than what you’ll actually repay. See APR Explained.

Do your prices change if you have bad credit?

We do offer Bad Credit Student Loans, but the price won’t change. We only have one set of pricing for everyone. Smart-Pig loans for students are not for people in current severe financial difficulty, and another loan might make things worse. If you’ve had bad credit in the past or have bad credit now but we can see you’re on top of things, this is usually not a problem.

We’ll only offer a loan to you if it will be affordable to repay alongside the other debts that you owe.

If you are in severe financial difficulty, the Money Advice Service or your university might be able to help.

How to apply

You can start an online application for a Smart-Pig short term student loan here or use the button under the calculator. Applications take 5 minutes and you could have your money the same day if approved. Read How to apply for more information about the application process and what you’ll need.

What if you’d like to extend your loan?

If you choose a repayment date that is earlier than your student finance payment is due to arrive, then you can change the date up to two times in My Account. 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.

What if you’d like to top up or 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 My Account.

Benefits of a Smart-Pig loan

Smart-Pig loans are very quick, easy and have features to make borrowing safer, such as our grace period and the interest cap. Learn more at How it Works.

Representative 1017% APR.