Exactly what are Short Term Installment Loans?
This contrasts along with other forms of borrowing, such as for example mortgages and auto loans, that are removed for bigger quantities of cash which you typically pay off over years.
When you yourself have a very poor credit score, you could find you have got restricted access to loans from some high-street loan providers or banking institutions. With Satsuma, we glance at more than simply your credit rating when it comes to you for a short-term loan, meaning you could remain accepted despite having lower than 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 authorized.
We usually do not charge costs for missed or late repayments, you simply pay off everything you agree upfront. But, we nevertheless charge mortgage loan from the cash you borrow. It is also well well worth noting that Satsuma really are a lender that is high-interest so please just just take this into account before using for a financial loan with us.
Our application procedure are completed online, and – subject to affordability checks you a decision and have the funds in your account on the same day– we can even give.
No concealed charges
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Verify that you’re eligible
We are able to tell you whether you’re probably be accepted for the short-term loan, without making a tough impact on the credit report.
With Satsuma you’ll find away if you’re eligible before using. Even although you have reputation for bad credit, you’ll get an eligibility choice within one minute. You aren’t obliged to just just take away financing and there won’t be accurate documentation from it on your own credit report.
Then your application will require a full credit check if you do decide to apply afterwards however.
To test, fill away this form and we’ll give you an instantaneous decision, at the mercy of affordability.
Check just before use
Provide us with a details that are few you’ll find down in 60 moments if you’re probably be accepted
Protect your credit rating
Irrespective of the total outcome, it will not impact your credit history unless you elect to use
Complete an application that is full
If you decide to use, we’ll then run the full credit check that may keep a mark in your credit history
Are Satsuma a primary lender?
Satsuma is an immediate loan provider, this means we spend the agreed loan amount straight into your bank account, then manage it right until the last repayment. Nevertheless, we do on event usage agents too.
What’s the difference between Short Term Loans and pay day loans?
Even though they could appear comparable, there are numerous differences when considering short term installment loans and loans that are payday.
Unlike pay day loans, which should be paid back in a single lump sum payment within 2-3 weeks of taking out the mortgage, repayments for a Satsuma short-term loan are manufactured 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’ll not spend any extra costs on a Satsuma term that is short, just what’s agreed upfront.
Nevertheless, once we pointed out early in the day, we’re a high interest loan provider which means that our interest levels are a lot greater than conventional traditional loan providers. Something that is highly recommended very very carefully if you’re thinking about a Satsuma loan.
Can a short term loan be great for my credit score?
The theory is that, any loan you are taking away – a temporary loan or otherwise – might have an impact on your credit score. Whether or not it has an optimistic or negative effect is dependent upon the manner in which you handle your repayments.
You took it out, and make all your repayments on time, this can help to improve your credit rating if you pay your loan back under the terms agreed when. If, having said that, you may be belated with payments or miss them entirely, this will damage your credit score.
You should also consider how these are managed if you have other lines of credit open. Then this will have a detrimental impact on your credit rating if payments are missed elsewhere.
But, you can 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 job.
For those who have an unhealthy credit history or no credit rating, you might find you’re turned away by some loan providers. At Satsuma, we also consider carefully your yearly incomings and outgoings, alongside every other economic commitments you might have.
Once you use, we want you to definitely be because accurate as you are able to because of the details you provide us with, so we can utilize all of this information to provide you an immediate choice and provide a sum that one can fairly repay.
You should check before you connect with determine if you qualify.
Does Satsuma provide term that is short without any credit check?
No, we don’t offer loans without having a credit check. We do have an eligibility checker, nevertheless – this enables one to see if you’re probably be accepted before doing a complete credit check.
As previously mentioned above, we view more than just your credit history whenever considering candidates.
Will Satsuma Loans offer a decision that is instant?
At Satsuma, we should make trying to get and taking out fully a term that is short since clear as you can. That’s why we try to provide you with a preliminary choice within 60 moments of the initial application being finished by way of our capacity to always check before you use.
Why must I select Satsuma for my term that is short loan?
If you’re considering obtaining a short-term loan, check out explanations why Satsuma can be one choice for you:
- Noticeable interest repayments – whenever 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 will need to repay and exactly what your month-to-month repayments will undoubtedly be.
- No concealed charges. Pay only right back that which you agree upfront – With Satsuma, it is obvious simply how much borrowing that is you’re your loan is probably the lump sum payment you need to borrow in addition to the interest. It’s a easy calculation, while our short term installment loans have simply no concealed costs.
Whenever you make an application for a brief term loan from Satsuma, you constantly understand:
- We’re a responsible loan provider. We never ever let you borrow significantly more than it is possible to manage to pay off.
- We don’t apply any concealed charges. Pay just right right back everything you agree upfront
- Our client payment and service groups are right here to assist
- You won’t have to look for a guarantor.
Common questions regarding Short Term Installment Loans
If you’re nevertheless uncertain whether a Satsuma short-term suits you, check always out of the responses with a of the very most usually expected concerns.
May i get yourself a term loan that is short?
If you’re a UK resident, aged 18 or over and possess a valid British banking account and debit card, you’re eligible to use for a Satsuma loan. When it comes to getting that loan, we need to conduct a credit and affordability check to make sure that you have actually handled repayments well within the past, and therefore it is possible to comfortably repay the amount of money you want to borrow.
Do i want a guarantor for a short-term loan?
For many term that is short, you will do need a guarantor. But, you don’t require a guarantor to just simply just take down a Satsuma short-term loan.
Could i get yourself a temporary loan with bad credit?
When you have bad credit, Satsuma may consider your application still. We take into consideration a number of key facets away from your credit score, such as for instance your yearly incomings and outgoings, in addition to just about any economic commitments you might have.