The Student Room Group

Has anyone used Smart Pig?

Hi Everyone, I was just wondering if anybody has had experience with the loan company Smart-Pig? I am in desperate need of money and have exhausted all other alternatives (Overdraft, hardship fund etc...). I know that I will definitely be able to pay the money back when my loan comes in in January but before I go for it I would just like to hear from people that have had experience to check that it is all as straight forward as it seems!
Reply 1
I have used this company; they are ok but you need to be 100% sure that you can pay it back with the interest that gets added. I thought I could but I ended up missing payment and then got myself into a lot of problems, they have been very good helping me get back on track to repay it but as long as you will have the money in January and can spare it without getting into more debt then it is fine.
Thank you so much that's so helpful! I get my loan on the 5th January and it's never been late before plus a bursary in February so I shouldn't have a problem paying it back. The interest that gets added is just what you see on the first page isn't it? As in where you use the slider things? Sorry to ask so many questions, I really appreciate the help! Really hope you get it sorted soon, its good that they're actually helping you!
Just in case anyone else like me was panic-googling reviews of Smart Pig, I thought I'd post my thoughts!
My bank refused me any sort of overdraft due to suspending the account due to a deterioration of mental health last year. I've re-applied multiple time and am always met with a no, which is incredibly stressful when I'm low on funds. I investigated one other 'payday' lender ( and was rejected, but not told why. I have a part time job, thus a regular income each month, so I'm not too worried about paying back the loan. That's the important thing; only take it out if you can afford to pay it back. I get paid next before my next loan comes in so I'll repay most of the loan then.

Smart Pig, after some research, seems to be the only lender aimed at supporting students. The time scale they offer is understanding that often students won't have a stable monthly income, and they bend to support that. Obviously the interest is going to be similar to that of standard payday lenders; but that's what makes it a business. Smart-Pig has absolutely saved my arse this semester- and it's so refreshing to see a financial establishment put faith in students when so many banks refuse to. I wouldn't rely on the loan, but I'm incredibly grateful a company like smart-pig exists.

(The founders were ex-students with experiences of payday lenders not being suited to the student financial calendar.)
I have been rejected (used the wrong card details), can I apply again now?
Where's the ' small print ' as I'm trying to understand why if I borrow £200 over 3 months I have to pay back £300 ??!!
That's 50% with equates to 200% for a year - wowzie , should be called Fat Pig 🐷
Reply 6
Original post by Amazedparent
Where's the ' small print ' as I'm trying to understand why if I borrow £200 over 3 months I have to pay back £300 ??!!
That's 50% with equates to 200% for a year - wowzie , should be called Fat Pig 🐷

It's quite clear on the website. The interest rises (I believe daily) until it reaches 50% of the amount you borrowed. It will not rise at all above that level. So if you are trying to borrow £200, it probably maxes out at £300 after about a month and a half, but then it will stay at that amount until the due date.
Hi, i know this is quite an old post but I wanted to ask. Let's say I borrow £500 for 3 months and pay back in January how much interest would that be for me on top of the £500?

Quick Reply