What exactly are Short Term Installment Loans?
This contrasts along with other forms of borrowing, such as for instance mortgages and car and truck loans, that are removed for bigger levels of cash you typically pay back over a long period.
For those who have a very poor credit score, you might find you’ve got restricted access to loans from some high-street loan providers or banking institutions. With Satsuma, we examine more than simply your credit score when it comes to you for a temporary loan, meaning you could nevertheless be accepted despite having not as much as favourable credit.
Why choose Satsuma?
We could help if you’re looking for a short term loan but have limited access to credit from banks and other high street lenders. At Satsuma, you can borrow between ?100 and ?1,000 and repay over a length between 3 to 12 months if approved.
We try not to charge costs for missed or late repayments, you simply repay everything you agree upfront. Nevertheless, we still charge mortgage loan in the cash you borrow. It’s additionally well well worth noting that Satsuma really are a lender that is high-interest so please just just just take this under consideration before you apply for a financial loan with us.
Our application procedure may be completed online, and – subject to affordability checks – we are able to also offer you a choice and also have the funds in your bank account on the same time.
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Verify that you might be qualified
We could inform you whether you’re probably be accepted for a short-term loan, without making a tough impact on your own credit history.
With Satsuma you will find down if you’re eligible before using. Even though you have past reputation for bad credit, you’ll get an eligibility choice within one minute. You’re not obliged to simply simply take a loan out and there won’t be accurate documentation from it in your credit history.
When you do opt to use afterward nonetheless, your application will demand a complete credit check.
To check on, fill down this form and we’ll give you an instantaneous decision, susceptible to affordability.
Check always just before use
Provide us with a couple of details and you’ll find away in 60 moments if you’re probably be accepted
Protect your credit history
Irrespective of the outcome, it’s not going to influence your credit history until you decide to use
Finish an application that is full
Then run a full credit check which will leave a mark on your credit file if you choose to apply, we’ll
Are Satsuma a primary loan provider?
Satsuma is a primary loan provider, this means we spend the agreed loan amount straight into your bank account, then manage it right until the last repayment. Nonetheless, we do on occasion usage agents too.
What’s the difference between short term installment loans and pay day loans?
Although they are able to appear comparable, there are lots of differences when considering short term installment loans and payday advances.
Unlike pay day loans, which must certanly be paid back in a single lump sum payment within 2-3 weeks of taking right out the mortgage, repayments on a Satsuma temporary loan may be built in regular or month-to-month instalments, during a period of between 3 to 12 months.
It over for an additional month, you can be charged an additional fee or have increased interest added on to your payments if you miss a repayment on a payday loan or roll. You won’t spend any extra costs for a Satsuma short-term loan, just what’s agreed upfront.
Nonetheless, once we talked about earlier in the day, we have been a high interest loan provider this means our interest rates are much greater than old-fashioned traditional loan providers. A thing that should be thought about very very carefully if you’re thinking about a Satsuma loan.
Can a temporary loan be good for my credit history?
The theory is that, any loan you are taking away – a term that is short or otherwise – may have a direct effect on your own credit score. You manage your repayments whether it has a positive or negative impact depends upon how.
If you spend your loan back underneath the terms consented once you took it out, and also make all of your repayments on time, this assists to enhance your credit score. If, having said that, you may be late with re payments or completely miss them, this will damage your credit score.
When you yourself have other personal lines of credit available, opt for just how they are handled. Then this will have a detrimental impact on your credit rating if payments are missed elsewhere.
Nonetheless, you will find exceptions to take into account: then having this on your credit history could potentially count against you if a particular company sees short term (or payday) loans negatively.
Does Satsuma start thinking about applicants with bad credit?
At Satsuma, we consider more than simply your credit rating whenever evaluating the application.
You may find you’re turned away by some lenders if you have a poor credit score or no credit history. At Satsuma, we also think about your yearly incomings and outgoings, alongside every other monetary commitments you may possibly have.
Once you use, we require you to definitely be because accurate that you can with all the details you provide us with, therefore we can utilize all this work information to offer you an immediate choice and supply an quantity that one may fairly repay.
You should check if you qualify before you apply to find out.
Does Satsuma provide short term installment loans without any credit check?
No, we don’t offer loans with out a credit check. We do have an eligibility checker, nevertheless – this enables you to definitely see if you’re apt to be accepted before doing a full credit check.
As stated above, we check more than simply your credit rating whenever considering candidates.
Will Satsuma Loans offer a immediate decision?
At Satsuma, you want to make trying to get and taking right out a term that is short since clear as you are able to. That’s why we try to supply a decision that is initial one minute of one’s initial application being finished because of our power to check always before you use.
Why must I select Satsuma for my temporary loan?
If you’re considering obtaining a short-term loan, below are a few main reasons why Satsuma might be one choice for you:
- Noticeable interest repayments – once you submit an application for a Satsuma loan, the APR (apr) is determined just before distribute the application, in order to see how much you’ll want to repay and exactly what your month-to-month repayments is going to be.
- No fees that are hidden. Pay only right back everything you agree upfront – With Satsuma, it is easy to understand just how much you’re borrowing because your loan is in fact the lump amount you need to borrow as well as the interest. It’s a simple calculation, while our short term installment loans include simply no concealed costs.
Once you submit an application for a brief term loan from Satsuma, you constantly understand:
- We’re a lender that is responsible. We never ever let you borrow significantly more than it is possible to manage to repay.
- We don’t apply any concealed fees. Pay just right back that which you agree upfront
- Our consumer payment and service groups are right here to assist
- You won’t have to find a guarantor.
Typical questions regarding Short Term Loans
If you’re nevertheless uncertain whether a Satsuma short-term suits you, always check out of the responses with a of the very most usually expected concerns.
Am I Able To obtain a term loan that is short?
You’re eligible to apply for a Satsuma loan if you’re a UK resident, aged 18 or over and have a valid UK bank account and debit card. When it comes to getting that loan, we must conduct a credit and affordability check to make sure that you have actually handled repayments well in past times, and that it is possible to comfortably pay off the funds you intend to borrow.
Do i want a guarantor for the temporary loan?
For a few short term installment loans, you do need a guarantor. Nonetheless, you don’t need a guarantor to simply just just take a Satsuma out temporary loan.
Am I Able To obtain a term that is short with bad credit?
For those who have bad credit, Satsuma may nevertheless think about your application. We take into account a wide range of key facets away from your credit score, such as for example your incomings that are annual outgoings, along with virtually any economic commitments you might have.