What is an emergency student loan?

Emergencies lurk just around the corner at all points in life, but when you’re at uni you want to deal with them as quickly as possible and get back to what’s important.

Smart-Pig’s fast loans for students in an emergency are designed to be different. We created our company after our own terrible experiences with payday lenders while at university, and we’re committed to acting completely differently to most lenders.

When you need help quickly, you could get up to £350 in as little as an hour with us.

We won’t rush you into paying it back or charge you huge fees if you take a little longer. We’re happy to wait until your next student finance instalment comes around, so you know you can pay it back. And if that’s a little way off, we won’t use it as an excuse to pile interest onto your plate. We will never charge you more than 50% of your loan amount in interest.

All your costs and fees are made clear upfront and we won’t charge you extra for late repayments, so you know exactly what you’re dealing with. Our emergency student loans are made for UK students by students.

How our loans work

We want to help you get out of a hole when an urgent situation hits while you’re at uni. Our emergency cash loans for students are fast and simple to apply for, as well as totally transparent.

Before applying, just check that each of the following applies to you:

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

If you can say yes to each of them, you can crack on with applying.

1. The details

Scroll to the top of the page and enter how much you’d like to borrow and for how long. If that’s until your next student finance instalment is due, you can find the date on your student finance letter. If you have trouble tracking it down, stick in the date of the first day of next term. If you know you can repay earlier, put that date and see if it saves a bit on the interest.

If you need to create an account to complete your application, you’ll need:

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

Once you’ve agreed to a credit check we’ll cross-reference this information with bits on your student finance and your application. Be wary of companies advertising emergency student loans with no credit check. If things sound too good to be true, they often are!

Check these guides on getting hold of all the info we’ll need at this stage.

2. Checking things over

We’ll make sure we’re confident you can afford everything by using all the details we’ve gathered. Every now and then we need to double-check a few things. If this is the case when you apply, we’ll get in touch via email. Be sure to keep an eye on your inbox and reply promptly if we do raise anything so we can keep things rolling on.

3. Getting paid

    We’ll transfer the money straight to your bank account as soon as you’re approved. For most of our customers, it lands in just a few minutes.

    What can student loan emergency money be used for?

    Unexpected costs while at uni can be a real hassle. The chances are you’re already under enough pressure with your course and all the other things that come with uni life.

    When you’re in a tight spot, it’s good to know we’re here to help with a student loan emergency fund. It could help with all kinds of issues.

    • If your accommodation is damaged and you need to pay for repairs
    • If your mobile phone or laptop is on the blink, you’ll want to get it sorted asap
    • If something crops up on your course and you need to get your hands on new materials or equipment

    We run our emergency student loan programs with a human touch, and we don’t want to put anyone in more trouble. If we think the loan isn’t best for you, we won’t go ahead with it.

    If you’re struggling with repayments on other loans or can’t make ends meet, read our Student Money Advice or go to MoneyHelper. You could also speak to your university about their hardship fund.

    That human touch works both ways and we’ll look beyond things like just your credit score when making a decision. You could still get an emergency student loan with bad credit.

    Why choose Smart-Pig’s student finance emergency loans?

    We’ve helped many UK students in an emergency, and we’re resolutely committed to our status as a responsible lender. Here are the ways we go about maintaining that:

    • By students for students: We know what you’re looking for and want to help. We were once students burned by experiences with payday lenders and won’t put you through the same ordeal.
    • Committed to transparency: Even if you’re late with repayments, we don’t take it as an excuse to pile extra fees on you. You’ll always know exactly what you’re paying upfront.
    • Student finance grace period: Problems with student finance instalments crop up every term. If this happens to you when you are due to repay your private emergency student loan with Smart-Pig, we’ll give you 10 days interest-free while you wait for finance to land.
    • Interest cap: You'll never pay more than 50% interest on the amount you borrow. For example, if you borrow £100, the most you'll repay in interest is £50 – no matter what. You’ll have no doubt seen other rates advertised on the site, so check out this Guide to APR and why we do that for more clarity.
    • Fast cash: The minute you’re approved, we’ll transfer the money straight to your bank account. They’re called quick loans for a reason.
    • You set the terms: Flexible repayment dates. Loan top-ups. Repaying early to save interest. If it helps you, we can do it. See How it Works.

    Emergency student loans made to help

    When an emergency crops up, you need help that gets to work fast. That’s what we aim to do with every emergency fund or student loan application.

    If you’ve got any further questions, our support team are on hand to give you the answers. Use our online contact form, email [email protected] with the subject box filled or call 0203 5071 930 9am-8pm Monday-Friday or 10am-6pm Saturday-Sunday.

    If it’s right for you and you’re eligible, apply for an emergency student loan and get back to concentrating on what really matters.