What is a private student loan?

Our private student loans help UK university students when they need short-term financial support.

Different to typical short-term loans, you could get up to £350 paid into your bank account on the same day (usually within an hour). Rather than set deadlines that are impossible to meet, we’ll ask that you repay your loan when your next student finance is due – so you’re not out of pocket.

Private student loans are just that – private. You’ll only deal with us here at Smart-Pig and we’re committed to ethical lending. We want to help you get out of a hole, not put you in a bigger one.

We cap interest at 50% of your borrowing and won’t charge you late payment fees or include hidden fees. You’ll know your terms in full right from the start.

If you don’t want to trouble friends and family or have an urgent situation that needs to be covered, our private emergency student loans can put you back on track until your next finance payment.

How our fast private student loans work

Applying for private student loans with Smart-Pig is fast, simple and transparent.

First, check you’re eligible. You can apply if you tick these boxes:

  • You’re studying at a UK college or university and in receipt of government finance in the form of a Student Loan, NHS Bursary or SAAS Award.
  • You’re at least 18 years old
  • You’re a resident of the UK
  • You have a valid UK bank account and debit card
  • You’re not in an insolvency arrangement such as bankruptcy or an IVA

If that looks a lot like you, follow these three simple steps to get private student finance.

1. Fill out the application form and submit

    Scroll to the top of this page and enter the amount you want to borrow and the date your next student finance payment is due – you should be able to get this from your student finance letter. If you don’t know the date exactly, use the first day of next term. If you know you’ll be able to repay before this, enter an earlier date. This will save you on interest.

    Once you continue your application, you’ll need to create an account and complete your application, using:

    • A valid email address
    • Your bank and debit card details
    • A working mobile phone

    You will also have to agree to a credit check, let us know about your expenditure and provide some details about your student finance. Our guides will show you where to look for this info:

    2. Reply to any enquiries

    Once you’ve applied, we’ll get to work by checking your details and ensuring you can afford the loan. We do this using the details you provide, as well as information on your credit report. If we need any extra information, we’ll get in touch via email so keep an eye on your inbox just in case and be sure to reply ASAP so we can keep things moving.

    3. Receive money into your account

      Once your application has been approved, the money will be deposited into your account – usually within just a few minutes.

      What can private student loans be used for?

      We’re the only private student loan company in the UK set up specifically to cater for the needs of students.

      Uni life can be hectic: lectures, seminars, coursework, revising – and a slight spot of socialising, of course.

      If you run into something, you need a private student loan that can keep pace and be used for:

      • Running into unexpected costs
      • Big outlays – like a rent deposit for next year
      • Help with materials or equipment to assist your learning

      When you apply for private student finance, we’ll assess if you can afford it. If we think it will put you into further trouble, we won’t go ahead.

      If you’re struggling with repayments on other loans or can’t make ends meet, take a look at our Student Money Advice or go to MoneyHelper. Your university may also be able to help.

      You might be wondering how to get a private student loan with bad credit. We’ll apply the same human touch as we do to our affordability checks so if you need short-term help you may be eligible for a private student loan for bad credit.

      Why choose Smart-Pig’s private student finance?

      Our private student loans have helped UK students who found themselves in need of short-term financial assistance for a variety of reasons. You can trust us to do the same for you. Here’s why:

      • Created by students for students: We launched Smart-Pig as a response to short-term lenders doing wrong by students. We’re private student loan lenders with ethics.
      • No late payment fees: And no hidden costs either. What you see when applying is what you’ll pay.
      • A 10-day grace period: If your student finance arrives late, it’s not fair to punish you. You won’t pay any extra interest on your Smart-Pig private student loan while you wait.
      • A 50% interest cap: You may see different interest rates on our website but rest assured that interest will never exceed 50% of your loan amount. For example, if you borrow £100, the most you will repay is £150. This Guide to APR helps clear things up.
      • Cash paid instantly: Want a quick private student loan? Once approved, we won’t make you wait.
      • Top up, extend and pay early: We’re as flexible as you need us to be and if you have the chance to save on interest, we’ll help you do that. To learn more, see How it Works.
      • We’re rated ‘Excellent’: We’ve helped thousands of people just like you and are proud to have earned a five-star rating on Trustpilot.

      Private student loans made easy

      If you need help bridging the gap to your next student finance payment, our private student loans can do just that and we won’t put you in more financial trouble.

      Our friendly support team can be contacted if you need further information. Simply fill in our online contact form, send us an email direct on [email protected] with the subject field filled or call 0203 5071 930. We have people on the phone 9am-8pm Monday-Friday and 10am-6pm Saturday-Sunday.

      If you’ve checked you’re eligible, apply for a student loan and we’ll do our best to help.