Frequently asked questions about our student loans
As a responsible lender, we make a number of checks on your financial health as part of the application process, in order to make sure that our customers can afford our loans. These involve credit checks, identity check and verification of your income.
Once a loan is approved, the money is transferred using the "Faster Payment" service instantly. However, loans are only approved during our office hours. Faster payments are instant, but some banks make take up to two hours to show the money in your account.
If your bank is not subscribed to the "Faster Payments" service your loan will be paid by BACS, which takes up to 3 working days. All major UK banks accept "Faster Payments".
If you can’t see the payment going through then it could be down to one of two things:
- Some small banks don't use the faster payments facility 24 hours. If you bank with one of these institutions you will probably see the money in your account the following day.
- Sometime banks take a while to show you how much money is in your account – particularly through the ATM network and online banking. You should contact your bank if you are unsure.
You’ll need to be a UK student, with a UK bank account and debit card. You will need to be receiving an income from UK Student Finance, Student Awards Authority Scotland (SAAS) or NHS Student bursary.
It is helpful to either have a paper copy of your Student Loan Payment Timetable (letter from the SLC or equivalent) or your SLC internet login details handy when you apply. Click the "?" on the homepage or during the applications for full instructions of what to do.
It can take a while for our systems to take receipt of your payment to us. Once you have the thank you email you should be able to make a new application.
Smart-Pig is a service designed for occasional use – if you find yourself in a situation where you are rolling over short term loans seek independent financial advice –see “Responsible Lending” on our website.
We are trying to charge the debit card that you gave us when you applied for your Smart-Pig loan.
If this card has expired or been replaced you will need to upload the new details in My Account > My Info > Bank Details.
You should make sure there are sufficient funds in the account.
If the transaction is still not going through, the payment has been blocked by your bank because it does not match your usual spending habits. Get in touch with your bank to unblock the card, then log in and repay the loan manually.
Get in touch with us so we can discuss all the available options with you.
We will automatically collect the amount you owe on the day you promised to repay, using the debit card details you give us when you apply.
You'll then be welcome to apply again in the future. If you know that the funds are going to be unavailable on the repayment date, you must either extend your loan or contact us via email at: email@example.com
If you are having trouble paying by debit card, you can pay by bank transfer to:
FCL CONSUMER FINANCE LTD
Reference: Your surname and loan ID number
Please send an email to firstname.lastname@example.org telling us that you have done this or your payment may not be picked up.
It can take up to 40 days for changes to appear on your credit report.
Smart-Pig is one of the first lenders to subscribe to true real-time reporting in the UK but the service only has limited coverage at this time.
You should repay as much of your balance as you can before or on your due date. Failure to repay your loan will have an impact on your credit rating and you could incur further interest. You should get in touch to make an alternative arrangement to repay the outstanding balance.
You can make a payment in full or in part at any time by logging into “My Account”, viewing the loan and following the instructions.
If you can see a payment from Smart-Pig on your statement but do not understand where it has come from, or the payment is not reflected in My Account, contact us immediately at email@example.com attaching a copy of your statement. If we have made an error we will provide a refund of the balance taken in error the same day, subject to office hours.
In most cases, unrecognised payments are not actually us. If you have given your card details to a third-party loan broker or comparison site, these companies often have hidden charges which are often £50-£70. Do not use unrecognised loan brokering firms.
No – as a responsible lender we do not accept credit cards as a form of payment.
If your SF has not arrived on time and your loan repayment failed, you will automatically enter 10 days Grace Period.
If you make a full payment within the next 10 days, it will be classed as payment on time.
For 10 days after your due date, no late payment fees or interest will apply and your credit file won't be affected.
Please remember that after the grace period interest may continue to accumulate daily (up until our 50% interest cap) until you pay off the debt in full.
If you wish to make a payment within the 10 days Grace Period, please use your online Smart-Pig account or call us on 02035071930.
Pricing & terms
Yes. Interest is applied daily, but stops rising once the total interest on the loan is half of the amount you borrowed.
The amount on your contract is an estimate of what will be due on the due date of the loan. The total amount payable will change if you top up, extend, or repay the outstanding balance early. When you extend or top up you'll see a new contract with a new estimate.
Yes! Smart-Pig Loans are very flexible. Log into My Account and then click on the loan ID to see the loan dashboard. Here you can:
EXTEND: You can extend up until your next income payment date at any time. There are no fixed fees for doing this, however if you extend your loan you will pay interest for the additional days at the same rate as the rest of your loan.
TOP UP: You can top up your loan too. Note that your borrowing limit is a guide only - our systems take many factors into account when underwriting a loan, so you may find that if you have a short history of using us you are not able to borrow all the way up to the limit.
REPAY: You can repay your loan in full or in part. To change your debit card details go to My
Yes, make sure you follow the instructions and upload the right documents after reading "How it Works - How to Apply" on our website.
We have a duty to ensure all the loans we make are affordable. That means that even though we know you're going to get a certain amount on a certain day, you won't be automatically accepted for a loan.
Our checks make sure that the loan is suitable for you and that you are not overcommitting to credit. Smart-Pig.com looks at every application individually. We understand that student might not have a good credit - this may be down to the simple fact that you have not started to build a record.
We were students ourselves and want to be able to help. All we ask is that you fill out your application truthfully and provide all the required documents we ask. One of our team members will process your application and provide you with an answer.
Sorry –we only accept applications through our online system. This lets us deal with you application more quickly, lets you use our service outside of office hours, and is ultimately more secure.
If for any reason you do not receive your student loan or receive a reduced amount, you will still have to repay your Smart-Pig loan - make sure you get in touch about it though as we can probably make things easier for you.
This means we do not pass your data to any lead generators, junk mail issuers, other loan providers, raving lunatics or anyone else you may be worried about. We do share data with credit reference agencies, fraud prevention agencies, and trusted suppliers in the course of operating our business.
When you upload a debit card to Smart-Pig.com, we earmark £0.00 from your balance.
This is not charged, but it will not show up in your account balance for a few days.
In order to do this, the debit card you apply with must have a balance of at least £0.01 when you use it to apply.
Please make sure that the billing address you sign up with matches the address your bank account is registered at.
We cannot delete your details entirely as they are kept for our record keeping purposes and anti-fraud measures. We can disable your account and make sure you are not contacted by us though.
We are bound by law to keep all data from applications submitted to us for a minimum of six years. Any information you have provided to us will be treated in accordance with the Data Protection Act 2018. All personal information will be fully protected in accordance with the Data Protection Act and will be kept strictly confidential.
We want to put a smile on your face every time you use our service. So if you aren't happy with our service, please tell us.
You can tell us about your concern by phone - 0203 5071 930 or by writing to us at:
3 Tancred Close
You have the right to withdraw from the credit agreement before the end of the period of 14 days beginning from the day after which your application was approved (not pre-approved).
You must notify us by telephone on 0203 5071 930 or in writing to firstname.lastname@example.org to cancel the agreement.
You will also be required to repay the loan amount that was sent to you as well as any interest that had accrued from the date the loan was provided to the date of repayment.
You can repay your loan in full at any time, which will have approximately the same effect as cancelling the agreement. You can do this from “My Account”.
We also accept partial payments.
We will only ever send post to your house to try and contact you if we have been unsuccessful in contacting you through phone or email, and your loan is at least 10 days overdue.
True Story :)
If you have not yet received this email from us it is likely that it is in your spam/junk/bulk mail box. Please check in there for our email.
If you cannot see it there, it is possible that our email was blocked altogether. Try adding email@example.com to your contacts list/address book.
Do not try to create a second account as this may cause you problems later on.
If the code still hasn't arrived, contact us at firstname.lastname@example.org.
Then we’re afraid Smart-Pig can't help you just now - but watch this space ;)
Yes you can. Just log in using your email address and password to finish off your application.
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.