LoanPig
If you’ve used Little Loans to search for a loan, you might have been matched with LoanPig, one of our trusted, responsible lenders. We’d like to take this opportunity to tell you a bit more about them.
Who is LoanPig?
LoanPig is a UK-based direct lender of short-term loans. In addition to being a direct lender, LoanPig also offer a credit broking service. Their website explains that if they’re unable to approve your application, they will do their best to match you with a suitable lender, based on the details you’ve provided.
Is LoanPig regulated?
Yes. LoanPig is a Trading Name of The Money Hive Limited and is authorised and regulated by the Financial Conduct Authority (FCA). You can find their company information on the FCA register here.
Who can apply for a loan with LoanPig?
To be eligible to apply for a loan with LoanPig, you must:
- Be over the age of 18;
- Be a UK resident;
- Be employed, although in some circumstances other forms of income could be considered; and
- Meet the affordability check requirements set out by LoanPig and its lenders.
Can I get a LoanPig loan with bad credit?
LoanPig state that all credit histories are welcome to apply, although you should bear in mind that bad credit loans often come with higher interest rates.
How much money can I apply to borrow from LoanPig?
LoanPig offer loans between £50 and £1,500.
What repayment terms do LoanPig offer?
Borrowers can repay their LoanPig loan across terms of one to 12 months.
What Annual Percentage Rate (APR) do LoanPig offer?
LoanPig advertise an APR range from 49.9% to 1261%.
Their website states the following Representative Example:
“Borrow £300 over 3 months @ 0.8% per day. Total repayment: £457.95 in 3 monthly payments of £152.65. Representative 1261% APR.”
Does LoanPig charge any fees?
No, LoanPig do not charge any upfront fees for their service.
What do LoanPig’s customers say about them?
As of August 2024, LoanPig is rated Average on TrustPilot.
I’ve been approved for a loan with LoanPig – when will my money be sent?
According to the LoanPig website, money could be sent to approved applicants within 15 minutes, but this will vary depending on the lender you’ve been matched with.
Remember, the time it takes for the money to show in your account will depend on your bank’s policies and procedures.
Can I repay my LoanPig loan early?
Yes, you can, and LoanPig do not charge any early repayment fees for their own loans.
Please note that this might not apply if you were unable to get a loan through LoanPig and were instead matched with one of their lenders via their credit broking service. Each lender will have their own terms and conditions regarding early repayment. You may want to check your lender’s website for further information.
I used Little Loans to search for a loan and was matched with LoanPig. Who should I contact if I need help?
Little Loans is a credit broker, not a lender. We can help you check your eligibility and search for a loan, so if your query relates to either of these things, we’d be more than happy to assist you.
If, however, you have a question about the loan you’ve been matched with or have taken out, you will need to contact your lender directly.
How can I get in touch with LoanPig?
There are a number of ways to contact LoanPig.
- Via the online form.
- By email: info@loanpig.co.uk
- In writing:
The Money Hive Limited
657 Liverpool Road
Manchester
M44 5XD
Where can I find out more about LoanPig?
You can learn more about LoanPig and the services they offer by visiting their website, and checking out their FAQ page.
I’m worried about money; what can I do?
If you’ve taken out a loan that you’re struggling to repay, you should contact your lender as soon as you can. They will be able to discuss any options that may be available to you to help ease the pressure while you get back on your feet.
You can access free, confidential support through organisations and charities such as StepChange, MoneyHelper, Citizens Advice, and National Debtline. If you aren’t quite ready to open up on the telephone, you can use the live chat facility (if applicable – please refer to each site for further information and operating hours), or simply read through the range of useful advice.
This article is from June 2024; all information was correct at the time of writing.
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Representative example: Amount of credit: £1000 for 12 months at £123.40 per month. Total amount repayable of £1,480.77 Interest: £480.77. Interest rate: 79.5% pa (fixed). 79.5% APR Representative. We’re a fully regulated and authorised credit broker and not a lender