What are Smart-Pig’s quick student loans all about?

University life can be a bit of a rollercoaster. We know that from experience, including when it comes to having difficulties in managing finances along the way. We’ve been there ourselves, which is why Smart-Pig was founded – by students, for students. And it’s why we work differently to other lenders.

When you’re challenged by unexpected costs it’s easy to worry about how you’ll scrape by. But fear not: our quick student loans are designed for this very purpose and it’s fast and simple to apply online.

You could borrow up to £350 and the money is usually paid into your bank account on the same day. What’s more, you won’t have to repay until your next student finance instalment is due.

There are never any hidden costs or nasty surprises and, to make sure that things can’t get out of hand, we cap our interest at 50% – unlike other lenders.

So, for responsible, quick online loans for students, you can trust us to have your back.

How do Smart-Pig’s quick student loans work?

You can borrow up to £350 and you’ll repay your loan when your next student finance is due. To apply, you just need to make sure you meet the following criteria:

  • You’re at least 18 years of age
  • You’re a resident of the United Kingdom
  • You have a valid UK bank account and debit card
  • You’re not in an insolvency arrangement such as bankruptcy or an IVA
  • You study at a UK college or university and receive government finance (Student Loan, NHS Bursary or SAAS Award)

If it’s a yes to all the above then you can proceed with your application! It’s straightforward to apply for a quick and easy student loan with us; just follow these three simple steps:

1. Fill in our online application

Use our quick student loan calculator to decide how much you want to borrow, how long for and when you’ll repay it. Select the date when your next student finance instalment is due, or the first day of next term if you’re not sure. It’s worth bearing in mind that repaying earlier might save you money on interest (leaving you with a bit of spare cash for an extra takeaway).

You’ll need to create an account with us to get your application started. For this, just make sure you have:

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

We’ll need to run a credit check to see whether you can afford the repayment. We’re unable to offer quick student loans with no credit check but we’ll always consider each application on an individual basis, unlike many other lenders. You see, we treat all our customers as real people – like all companies should (but often don’t).

If you’re looking for quick loans for students with bad credit, we might be able to help with that too. Don’t assume you won’t be able to borrow if you have a poor or low credit score, we’ll make sure we go through all the details before giving you an answer.

The following guides might help you get the info we need to process your application:

How to get your Student Finance Letter

How to get your NHS Bursary Letter

How to get your SAAS Award Letter

2. Keep an eye on your emails

Sometimes we might need to ask a few questions to be able to process your application. Replying promptly to any calls and emails will make sure we can process it quickly and correctly – saving you time and stress in the long run. Bonus!

3. Receive the money

If we say yes, you’ll receive your money within minutes. Job done! You can then manage your borrowing online easily using My Account.

What can my student loan be used for?

Life as a student can be an incredible experience. It can also be stressful and challenging. When short-term money worries are what’s keeping you awake at night instead socials with your mates, Smart-Pig’s quick online loans for students can help.

We often hear from students who need assistance with covering costs like these:

  • University equipment or materials such as textbooks
  • Deposit for next year’s accommodation
  • Bills including utilities
  • Car repair or maintenance costs
  • Travel costs to make those all-important visits back home
  • Food bills

While our quick and easy loans for students are designed to help out in the short term, there is help available if you’re struggling financially.

Our student money advice section offers help with budgeting and finances and MoneyHelper

also offers free financial advice. So be sure to check these out if you need some extra help getting your finances back on track.

How much can I borrow and what will it cost?

The first thing you need to know is we never charge any hidden extras on our quick and easy student loans. All you pay back is the amount you borrow and the interest. Simple.

You can apply for up to £350 and for up to six months. We’ll just need to make sure you can afford to repay what you borrow.

Our quick student loans cost 0.8% in interest per day and our interest is capped at 50%. So, if you borrow £100, the most you’ll ever pay is £150.

There are no late payment fees or hidden charges and all loans automatically come with a 10-day interest-free grace period, just in case your student finance arrives a bit later than you expected. For more information, see How It Works.

If your student loan is delayed for longer than 10 days or you need more time to repay your loan, there are still options available – including, for example, setting up a repayment arrangement that is suitable for you. Just get in touch to keep us in the loop

Why choose Smart-Pig for a quick student loan?

We started our company after getting into trouble with a payday loan while at university. We saw many lenders allowing students to borrow more than they could afford and skipping the affordability checks. We won’t ever do that. We pride ourselves on helping students, not plunging them into more debt. And that’s why we consider every application carefully, regardless of credit scores and what the computer says.

We’ll always be upfront about our short-term student loans and our terms and conditions. At the same time, we trust you to pay back your quick student loan as agreed. So everyone’s a winner.

If you need some more reasons to choose Smart-Pig to help you out of a tight spot, here are just a few:

  • Smart-Pig is the only place to get a quick, same-day loan using your student finance.
  • There are no late payment fees or hidden costs – ever!
  • Our grace period makes sure you pay no interest for the 10 days after your loan is due, just in case your student finance is paid late.
  • Our 50% interest cap is half the amount set by most other short-term lenders; this is designed to make sure that what you have to repay never gets out of control.
  • Smart-Pig’s quick student loans may be much cheaper than you expect – to borrow £100 for two weeks costs just £11.20 in interest.
  • Repay early at any time with no charges. This could also save you money on the interest – and who doesn’t want a few extra pennies in their pocket when they’re a student?
  • We review every loan application to make sure it’s affordable. If you’re accepted, your loan can be approved and paid to you within a few minutes. It literally couldn’t be quicker.

Our excellent’ Trustpilot rating shows it’s not just us who think we’re great: our previous customers do too! We’re confident that you’ll feel the same.

Are there any disadvantages of choosing a quick personal loan for students?

It’s vital to us that we treat our customers fairly and work to ethical standards to make sure you don’t take on more than you can afford. But there are times when our quick online loans for students might not be right for you and it wouldn’t be fair for us to lend money, knowing that you’ll struggle to repay. That’s why, in some instances, we have to turn down an application.

We also warn about applying for too many loans over a short amount of time. Doing this could leave a negative mark on your credit report – not ideal if you want to improve your score and build up your report for the future.

Paying back what you borrow on time is a bonus for everyone, but especially you. You’ll build up a good credit report and be able to manage your finances without ending up in loads of debt. Plus, if you need to borrow again in the future, it shouldn’t be a problem.

One more thing: we don’t advise using any quick loans, including our quick cash loans for students, to pay off other debts. This can create a vicious cycle and result in your finances spiralling out of control. We’re all about the pursuit of a stress-free life here – and trust us when we say that isn’t the way to get there.

What can I do if I’m rejected?

We don’t like to say no but, because we’re a responsible lender, there might be times when we can’t approve an application. This won’t be because we woke up on the wrong side of the bed or haven’t yet had our morning coffee – when this happens, there’ll be a good reason for it such as you not being able to make the repayments.

If we can’t offer you a quick student loan at this time, it’s worth having a look to see if you can build up your credit score to improve your chances of being able to borrow in the future.

In the meantime, you can always check your credit score with one of these services:

Contact Smart-Pig

Our quick student loans help to get you back on track if you run into a financial tight spot during university. We never want you to rush into a decision, so our friendly, UK-based customer service team are here to answer any questions.

Just call us on 0203 5071 930 or email [email protected]. You can also send an online enquiry if that’s easier for you. Our opening hours are 9am-8pm on weekdays and 10am-6pm on weekends and bank holidays.

Our FAQs might be able to help in the meantime and don’t forget to have a look at our blog for some insightful inspiration (or if you’re bored).