What are quick loans for unemployed students?

We can offer small cash loans for unemployed students of between £50 and £350, to be repaid over a maximum of 180 days. They’re designed to see you through until the next instalment of your student loan arrives and they can be used to cover expenses like rent payments, course materials and household bills.

We were once students just like you, so we know how much it costs to go to university. We also know that the problem is not getting any easier. These ought to be some of the best years of your life, but the rising cost of living is robbing many of the student experience. And if you don’t have a job to supplement your student finance with some extra income, one of our emergency loans for unemployed students could help you.

What are quick loans for unemployed students?

Why might I need an unemployed student loan?

Save the Student’s 2021 Student Money Survey revealed that 76% of respondents were worried about making ends meet. Meanwhile, the average maintenance loan was found to be £340 shy of being able to cover living costs.

According to that same survey, 40% of students were making money from their own business or side hustle, but that’s not an option that’s open to everyone. Neither is finding the right part-time job that pays enough and fits in around your studies and lifestyle. So, it’s getting harder to bridge that gap between your incomings and outgoings, and that can be even more difficult when you’re suddenly hit with a significant cost to cover. For example, our instant loans for students who are unemployed could be used for:

  • Rental deposits for your accommodation
  • Energy, water, internet or phone bills
  • Textbooks, equipment and other course materials
  • Unexpected costs, such as replacing your phone
  • Travelling to and from home to see friends and family

Smart-Pig’s instant loans for students who are unemployed

  • No late payment fees
  • Top-ups, early repayments and the ability to change your due date
  • Money transferred to your account the same day
  • 10-day grace period in case your student loan arrives late
  • Interest is capped at 50% of the amount you borrow

How much can I borrow?

We can offer quick loans for unemployed students for any of the following amounts:

Our loans are relatively small because they’re designed to see you through until you receive your next student finance payment. They’re not really meant for bigger expenses, such as buying a car. Those types of loans tend to be a larger financial commitment and may not be suitable for your student lifestyle.

How long are the repayment periods on your unemployed student loans?

We can offer same-day loans for unemployed students and you can repay them over a period of anything between 1-180 days. It’s important to know that the length of your repayment term will affect how much your loan costs. For example, if you borrow £200 over 30 days, you’ll pay back £248. But if you were to borrow over 60 days, you’ll repay £296.

How much do these loans for unemployed students cost?

We apply daily interest of 0.8%. This is charged until the total interest reaches 50% of the amount you borrowed in the first place, or until the loan is repaid – whichever comes first. To give you an example, let’s say you need to borrow the maximum amount – £350 – to put down a rental deposit for your digs.

Due to other living costs, you know you won’t be able to pay it back quickly, so you take out the loan over the maximum term, which is 180 days. That means you’ll be charged interest of £175 (50% of the original amount). This is added to the initial £350, so when the 180 days are up you’ll pay back £525.

Our representative APR is 1270% – have a read of our guide to what APR means to find out more.

I need a quick loan as an unemployed student. How do I apply?

We know you don’t want to spend ages filling out forms – nobody has time for that. Our cash loans for unemployed students are perfectly straightforward, and that starts with the application process. To begin, you’ll need:

  • An email address
  • Bank and debit card details
  • A mobile phone
  • To agree to a credit check
  • Information on your student loan
  • Details of your regular outgoings

You can find more information on how to apply right here, but below is a simple summary of how it works:

  1. Use the calculator tool at the top of this page to select how much you want to borrow and for how long.
  2. Hit “Let’s get started” and log in. You’ll need to create an account if you’re new to Smart-Pig.
  3. Fill in the application, including information on when your next student loan is due. If you’re not sure about this, check out our guide on how to get your student finance document.
  4. Choose the amount you’d like to borrow.
  5. Choose your repayment date. This could be the same day you receive your next student loan instalment, for example.
  6. Provide us with a few personal details so we can do the necessary affordability checks. We’ll also need to know the account you want us to pay into.
  7. Once you’re all done, we’ll make sure everything checks out – including whether you can afford your loan based on your credit history.
  8. If you’re approved, your unemployed student loan could be transferred to your account the same day. Even if you're declined, you’ll hear from us very shortly – we won’t leave you hanging.

How do I know if I’m eligible for an unemployed student loan?

We’ve been in your position, so we know how tough it can be to deal with money worries as a student. That’s why we want to help as many of you as we can, but there are a couple of criteria you need to meet to be able to apply. You must:

  • Be studying at a UK university
  • Be at least 18 years old
  • Be a UK resident
  • Receive a student loan, grant or bursary from Student Finance England/Wales, Student Awards Agency Scotland or the NHS.

Why is Smart-Pig the right choice?

We offer instant loans for students who are unemployed and we do it in the right way. Here are just a few of the reasons to choose us:

Seeking a quick loan as an unemployed student but want to know more before you start? Smart move. We’re here to answer any questions you may have, so check out our FAQs section or get in touch with a member of our friendly team.

You can reach us on 0203 5071 930 (lines open 9am-8pm Mon-Fri and 10am-6pm on weekends) or drop us an email at [email protected].

What they’ve said about us

What are the downsides of cash loans for unemployed students?

You need to be sure that any loan you take out is right for you. You must be confident in your ability to repay on time, otherwise it could hurt your credit score and that might make it more difficult for you to borrow money in the future. We’re a responsible lender, so we’ll only approve you if we think you can afford it.

Some lenders are only out to make a profit, which means they won’t always act in a way that’s best for you. We went through that ourselves, which is why Smart-Pig was founded in the first place.

If you're experiencing money problems or have any concerns, the likes of MoneyHelper and StepChange can provide free, impartial advice.

Do you offer loans for unemployed students with bad credit?

Yes, we can offer loans even if you have bad credit. As a student, chances are you won’t have a perfect credit rating – or even much of a history of using credit at all. That could count against you with some lenders, but it’s not the only thing we’ll look at when you apply. We'll run a credit check but what we really want to make sure is that you can afford to repay what you borrow, plus the interest.

How do I repay my loan?

We automatically collect your loan repayment on the date you agreed. This will be done using the debit card details you give us when you apply. If you don’t think you’ll have enough money in your account to repay on that day – if your student finance is late arriving, for example – you’ll need to extend your loan or let us know by emailing us at [email protected].

Can I repay my loan early?

Absolutely! We know life isn’t always predictable, which is why there’s plenty of flexibility in our cash loans for unemployed students. If you can afford to repay some or all of it early then it’s a move that makes sense, because it will reduce the amount of interest you owe. All you have to do is log in to your Smart-Pig account and from there it’s very simple.

You can also top up your loan or extend it if you need a little more time. There are no fixed fees for extending, but if you do choose this option there’ll be interest to pay on those extra days.

Can I take out a second emergency loan for unemployed students?

After repaying your loan in full, you’ll receive a thank you email as confirmation. Once you have that, you should be able to apply once again if you feel you need to.

However, our quick loans for unemployed students are only designed for occasional use, not as a long-term solution. If you’re in a situation where you're regularly applying to borrow from lenders, we recommend seeking independent financial advice from the likes of Citizens Advice.

Smart-Pig’s short-term loans for unemployed students in the UK

You should be free to focus on your studies and enjoy the social side of university life. We don’t want you feeling stressed out about money, but we also know it can be tough to make ends meet – especially if you’re not in work and you’re waiting for that next maintenance loan to land.

So, if you feel like a same-day, short-term loan for unemployed students might be exactly the type of help you need, why not apply today?

If you’re already a Smart-Pig customer, just log in to your account to see and manage your loan in a way that works for you.

For more information on the ins and outs of our unemployed student loans, head to our FAQs section. And if you’d like to speak to a member of our friendly team, please don’t hesitate to get in touch. You can do so by:

We’ll be happy to hear from you!