How much can you apply to loan?
You are able to apply for loans worth between £50 and £1,500.
How long do customers have to repay?
LoanPig offer the option to repay loans over periods between 1-12 months.
What sort of interest is applied to the loan?
LoanPig’s advertised Representative APR is 1261%, with a daily interest rate of 0.80%.
Applying this APR to a loan of £300 paid over a 3 month period with a fixed annual rate of 292% interest would require you to make 3 monthly instalments of £152.65, paying back a total sum of £457.95.
Are you able to repay the loan early?
As LoanPig are also a credit broker, they do not dictate terms for loans secured through an external lender. Customers may have the right to repay their loan early, either in part or in full. You will have to contact the lender directly to receive full details.
Do LoanPig offer an online account or app?
Because LoanPig typically work as both a direct lender and a broker for a network of trusted lenders, this means they do not facilitate online accounts or applications to manage your account.
What about late payment fees?
This will depend on the terms of the loan agreed to by both the lender and borrower.
How do you apply for a LoanPig loan?
Eligibility is the first thing to consider, so ensure you are:
- 18-years-old or over
- A full UK resident
- In employment (income from other sources may be considered)
- Able to meet the affordability requirements of the lender
To apply for a LoanPig loan you will need to complete the online application form. During this process they will look to confirm your identity, current credit status and your ability to afford the loan amount. LoanPig will ask you provide documents to verify income and expenditure, as well as a copy of your driving licence or passport.
If you are matched to an external lender you will be transferred to their website to complete the application.
How quickly are the funds transferred?
This will depend on the individual lender you are matched with.
How can you contact the LoanPig customer service team?
LoanPig are open 24 hours a day, 7 days a week and can be contacted on info@loanpig.co.uk
Are LoanPig on social media?
Twitter: @LoanPigUK
Facebook: Homepage
What do customers say about LoanPig?
As of November 2021 there are 26 reviews on Trustpilot producing a ‘Poor’ rating of 2.3/5.
Are LoanPig regulated by a governing authority?
LoanPig are currently authorised and regulated by the Financial Conduct Authority (FCA) and are a trading name of The Money Hive Limited. They have been authorised by the FCA since 18/08/2016.
LoanPIg summary
LoanPig work as both a credit broker and direct lender for short-term loans aimed at consumers who need help dealing with an unexpected financial emergency.
Customers can loan between £50 and £1,500 with an advertised APR of 1261% (a daily interest rate of 0.80%) over a period between 1 to 12 months.
Terms related to fund transfer times and missed payment fees will vary depending on the lender you are matched to.
In order to apply for a LoanPig loan you must be:
- Aged at least 18 years
- A UK resident
- Currently working and able to provide proof of income
- Able to afford the minimum lender affordability requirements
