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Smart Pig Loans @ www.smart-pig.com
Smart Pig was launched at the vibrantly styled www.smart-pig.com in January 2012. This brand that was founded by students Shreiff Benaziza and Tom Parks is a trading style of FCL Consumer Finance Ltd. This service is strictly available to those studying at a UK university. Going niche like this can have its pros and cons. They have however managed to grow successfully to date, with a growing user base of around 45,000 customers. Their Facebook page has over 28,000 fans and so it is clear that they are managing to attract brand loyalty. Funding is available here between £50 and £350. They did previously cap new users at £250, but this has been relaxed.
The premise is that they are there to help you until your next student loan payment. The choice is however there to pick any day within their highly flexible term range that spans in daily increments between 1 and 180 days. Short term lending meets the cap, but they have interestingly imposed their own capping at 50% of the amount borrowed. £100 will cost £24 over a full month. If we look at instalment terms for £300 borrowed, the cap will be reached at 63 days. This means that £150 would be charged for 3 months (90) and also for 6 months (180). It is at this upper end where they compare very well against the competition.
A Smart Pig login is attached to www.smart-pig.com. They’ll quickly initiate a same day payment to your bank account and they also trade 7 days a week. Their opening hours are Monday to Friday (9am/7pm) and Saturday to Sunday (10am/6pm). They charge no late fees and are CCTA members. The key feature for us is their capping alongside the level of flexibility offered. Within the FAQ there is a hint of a potential mainstream lending product being on the cards. They did previously have the trading names First Class and Uberdraft on their licence, but on checking this now the only other project is Synced. This appears to be some kind of banking tool though.
£5.60 /£100 (7)
£24 /£100 (30)
£150 /£300 (3)
£150 /£300 (6)
Data Taken from www.smart-pig.com: November 2016.