What is a student payday loan?

Our student payday loans are there to help UK university students get out of tight spots and get back to concentrating on their studies.

We founded Smart-Pig after our own terrible experiences with payday lenders, so we make sure our online payday loans for students work completely differently.

We could pay up to £350 into your bank account the same day you apply, and we won’t ask you to repay until your next student finance instalment is due.

To make sure you’re not getting yourself into more trouble, we also cap interest at 50% of the amount you borrow and we won’t charge you late payment fees if your finance is late. You’ll know the full amount you will repay from the very start.

We’re a direct lender of student payday loans, so you will only have to deal with us – we won’t pass you around the houses.

How our student payday loans work

You don’t want money worries weighing you down while you’re supposed to be learning, so our instant payday loans for students are fast and simple to apply for.

Check your eligibility before you apply. You could get a student payday loan if:

  • You study at a UK college or university and receive government finance (Student Loan, NHS Bursary or SAAS Award)
  • You're at least 18 years of age
  • 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

Tick all those boxes? Read on for how to apply for a student payday loan.

1. Fill the application form and submit

    Visit the student payday loans calculator and enter the amount you want to borrow and the date your next student finance payment is due. This info should be on your student finance letter, but if you can’t find it then the first day of next term is fine. If you know you’ll be able to repay before this, enter an earlier date and enjoy saving on interest.

    To continue your application, you’ll need to create an account with:

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

    You will need to approve a credit check. Be wary of lenders that offer student payday loans with no credit check, as they won’t have your best interests at heart. To make sure you can afford everything, let us know about your expenditure and send on some details about your student finance. These guides show you where to look for this.

    2. Reply to any enquiries

    As soon as we have all the details we need, we’ll first check the loan is affordable for you. We do this using the details you provide and some extra bits from your credit file. We’ll be in touch via email if we need any further information, so keep an eye on your inbox and reply swiftly to any enquiries so we can keep things moving.

    3. Receive money into your account

    Once your application is approved, we’ll drop the money straight into your account – usually within just a few minutes

      What can student payday loans be used for?

      The fast-paced nature of uni life means it’s easy to lose track of things at times. Between exam prep, coursework and keeping up with social events, you might suddenly find yourself short of cash with your finance a little way off.

      A student payday loan can also help unemployed learners that don’t want to hassle family and friends.

      This is where Smart-Pig comes into play. We’ll help you get back on top of things – fast.

      You might need help with something like:

      • Unexpected costs or issues with your accommodation
      • A big outlay, such as a deposit for next year’s flat
      • Help to buy materials and equipment for your course

      When you apply for a student payday loan, we’ll take care to ensure you can afford it. If we think the loan could put you into more 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.

      We apply this human touch to all aspects of your application, looking beyond just your credit file. So, if you need short-term help, you may be eligible for a payday loan for students with bad credit.

      Why choose Smart-Pig’s student payday loans?

      • By students for students: We don’t want you to suffer at the hands of unscrupulous lenders like we did. That’s why our loans work differently.
      • No hidden costs: We won’t charge you extra fees for late repayment. What you see on the application is what you’ll pay.
      • Grace period when finance is late: It’s not your fault if your student finance arrives late. You won’t pay any extra interest on your Smart-Pig student payday loan while you wait.
      • Interest capped: You’ll see different interest rates on our site but the interest you pay 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.
      • Instant cash: Want a quick student payday loan? Once you’re approved, you could have your money within minutes.
      • Flexible terms: Top up, extend and pay early. If you have the chance to save on interest, we’ll help you do that. To learn more, see How it Works.

      We’re ‘Excellent’: We’ve helped thousands of students just like you and are proud of our five-star rating on Trustpilot.

      Student payday loans made easy

      Our payday loans aren’t short-term traps; we’re here to help you steer clear of trouble until you’re back on your feet with student finance.

      We’re here for you if you need any help or further information. Simply fill in our online contact form, send us an email at [email protected] with the subject field filled or call 0203 5071 930. Our lines are open 9am-8pm Monday-Friday and 10am-6pm Saturday-Sunday.

      Checked your eligibility? Apply for a student loan and we’ll do what we can to help.