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Thinking about a LoanPig loan? Try Moneypod instead

If you have been searching for a short-term/payday loan and you’ve been considering LoanPig, are you absolutely certain that LoanPig is the best option for you?

There are so many payday lenders and short-term loan lenders in the UK it’s difficult to know where to start. You may have heard about LoanPig online, on the TV, or via a friend. However, this is a really competitive marketplace meaning that, if you don’t shop around, you could end up being offered less than you need and paying more than you have to.

Moneypod is a credit broker and not a lender. As an experienced and friendly broker, we compare the offers of over 200 lenders to help find you the loan that is right for you.

Here’s an overview of what getting a loan from LoanPig looks like compared to having a loan organised by Moneypod.

 

Who are LoanPig?

This Manchester based company was founded in early 2016 and has gathered many good reviews on Google for their services since their launch. Their parent company, The Money Hive Limited, was founded at the same time.

LoanPig are a direct lender and not a broker.

 

What is a LoanPig loan?

A payday loan is a financial product where you borrow money that you pay back in full either within 30 days or on your next payday – whatever you agree with your lender.

A short-term loan is a loan that you borrow money for less than 12 months. Because this is still a longer duration than a payday loan, you will normally be able to borrow more money with a short-term loan.

LoanPig offers their customers the ability to lend up to £1,500 over the course of 12 months. This is the same offer for both new and existing borrowers.

In order to do this, you will need to fill in an online form and once they accept your application, they guarantee that the money will be in your account within 24 hours.

 

What are the requirements of a LoanPig loan?

In order to secure a LoanPig loan, you must:

  • be over 18 years old and a UK resident
  • have an active bank account
  • be in permanent employment
  • meet their credit and affordability criteria (including passing a credit check)

If you meet all of these criteria, you can start filling out the application form immediately.

 

What’s the difference between LoanPig and Moneypod?

Because LoanPig is a direct lender, you will only be considered by them when you apply. They will only offer you a LoanPig loan – you won’t be able to see if there are any better deals out there from other providers.

The difference between LoanPig and Moneypod lies right here. We compare your application to over 200 different lenders to find you the right deal. So, you fill out one form and get many more results back because of it.

By using Moneypod, you will have the money in your account just as fast as you would if you had approached a lender directly.

 

What are LoanPig’s FCA registration details?

The Financial Conduct Authority is the regulatory body that protects customers when they take out short-term/payday loans. Some of the protections that you are given both by LoanPig and Moneypod are:

  • You won’t be charged interest at more than 0.8% per day (that is the same as £24 per month on every £100 you lend),
  • If you can’t afford to make your repayments on time, you can’t be made to pay a penalty that is more than £15,
  • The lender must never try to make you pay more in interest and charges than the amount of the original loan. So, if you borrow £300, you should never pay back more than £600 in total.

LoanPig is authorised and regulated by the Financial Conduct Authority and is registered under the number 736632. You can use this number to look up more information on the company via the Financial Services Register. This will tell you a little bit more about what rights you have, along with any other information about the company that you might want to know.

Moneypod (Nouveau Finance Limited) is authorised and regulated by the Financial Conduct Authority and you can also find us on the Financial Services Register under reference number 727348

This means that when you deal with us, you are protected by the rights that we mentioned above so you can be absolutely sure that you are safe. The same is true for LoanPig.

How do I apply for a LoanPig alternative?

If you would like to see what other options that you have available to you by using a trusted broker like Moneypod, then follow these three steps.

First, fill in our quick and easy online form. This will only take a few minutes of your time. On the form, you  need to tell us how much you would like to borrow and how long you want to repay your loan. We will then compare what you send us to the offers that over 200 lenders have available.

Once we find you a loan that you’re happy with, the lender will review your application. This is the point at which they carry out a credit check on you and decide on whether they think you can afford the repayments.

Finally, if your chosen lender says yes and you sign the online terms and conditions, you can expect to see the money in your account in as little as a few hours.

 

What are the advantages of a credit broker rather than a direct lender?

Because of our vast network of lenders, we will nearly always be able to find you a lender that matches your specific needs. If you wanted to search for this deal yourself, it could take weeks so let us help you out.

It is also worth mentioning that our service is completely free. We won’t charge you anything throughout the whole process! There are no hidden fees or any fees at all for that matter, even if we find you a loan and you decide not to proceed.

 

Am I eligible for a Moneypod loan?

If you would Moneypod to compare the market for you, we’ll need the following:

  • You’re 18 years of age or older,
  • You’re reliably employed,
  • You’re a Resident in the UK,
  • You have a UK bank account that you get paid into,
  • You have an email address,
  • You earn over £500 per month consistently.

If that’s you, you can start filling in the online form to get you on your way. The money will be in your account really quickly once you complete the process.

 

Why choose a loan from Moneypod?

Save yourself the time and effort going through website after website trying to find a good deal. Let us do the hard work for you.

Lenders won’t charge you more because you don’t go to them directly. In fact, some lenders might be more inclined to offer you a better deal on a loan because we’ve taken the time and effort to match you and your lender together. We cannot guarantee that this will happen to everybody, however.

We always aim to make the loan work for you, not the other way around.

If you would like to start comparing all of the different loans available to you, click here.