Exactly what are Short Term Installment Loans?
This contrasts along with other kinds of borrowing, such as for example mortgages and car and truck loans, that are applied for for bigger quantities of cash you typically pay off over a long period.
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 term that is short, meaning you could remain accepted despite having lower than favourable credit.
Why choose Satsuma?
If you’re interested in a brief term loan but have limited access to credit from banking institutions as well as other high-street loan providers, we’re able to assist. At Satsuma, you can borrow between ?100 and ?1,000 and repay over a length between 3 to one year if authorized.
We don’t charge charges for missed or late repayments, you simply pay off that which you agree upfront. But, we nevertheless charge mortgage loan in the cash you borrow. It is additionally worth noting that Satsuma are really a high-interest loan provider, so please simply simply simply take this into account before using for a financial loan with us.
Our application procedure could be 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 might be qualified
We are able to inform you whether you’re apt to be accepted for a short-term loan, without making a tough impact on your own credit report.
With Satsuma you will find away if you’re qualified before using. Even though you have past reputation for bad credit, you’ll get an eligibility choice within 60 moments. You’re not obliged to simply just simply take away financing and there won’t be an archive from it in your credit history.
Then your application will require a full credit check if you do decide to apply afterwards however.
To test, fill this form out and we’ll give you an immediate decision, at the mercy of affordability.
Check just before use
Provide us with a couple of details and you’ll find away in one minute if you’re probably be accepted
Protect your credit history
Regardless of the total outcome, it’s not going to influence your credit history until you decide to use
Finish the full application
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 lender that is direct?
Satsuma is an immediate loan provider, this means we spend the agreed loan amount straight into your account, then manage it right until the payment that is final. Nevertheless, we do on event use agents too.
What’s the difference between short term installment loans and payday advances?
Even though they can appear comparable, there are numerous differences when considering short term installment loans and pay day loans.
Unlike pay day loans, which needs to be paid back in a single lump sum payment within 2-3 weeks of taking right out the mortgage, repayments on a Satsuma term that is short could be manufactured in regular or month-to-month instalments, over a length of between 3 to 12 months.
In the event that you miss a payment on an online payday loan or move it over for one more thirty days, you may be charged an extra cost or have actually increased interest added on to your repayments. You won’t spend any extra charges for a Satsuma short-term loan, just what’s agreed upfront.
Nevertheless, we are a high interest lender which means our rates of interest are much higher than traditional high street lenders as we mentioned earlier. Something that is highly recommended very very very carefully if you’re thinking about a Satsuma loan.
Can a short-term loan be great for my credit history?
The theory is that, any loan you are taking down – a term that is short or otherwise – may have a direct impact on your credit score. Whether or not it has a confident or negative impact 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 might be belated with payments or miss them entirely, this could easily damage your credit score.
When you have other personal lines of credit available, opt for exactly how these are handled. 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: if a specific business views short-term (or payday) loans negatively, then having this on the credit rating could potentially count against you.
Does Satsuma give consideration to applicants with bad credit?
At Satsuma, we glance at more than simply your credit rating whenever evaluating the job.
When you have an unhealthy credit history or no credit rating, you will probably find you’re turned away by some loan providers. At Satsuma, we also consider carefully your yearly incomings and outgoings, alongside some other economic commitments you’ve probably.
We need you to be as accurate as possible with the details you give us, so we can use all this information to give you an instant decision and offer an amount that you can reasonably repay when you apply.
You should check before you connect with determine if you qualify.
Does Satsuma provide short term installment loans 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 apt to be accepted before doing a credit check that is full.
As previously mentioned above, we glance at more than just your credit history whenever considering candidates.
Will Satsuma Loans offer a decision that is instant?
At Satsuma, we want to make trying to get and taking out fully a term that is short since clear as you can. That’s why we make an effort to provide a short choice within 60 moments of the initial application being finished compliment of our capacity to always check before you use.
Why do I need to select Satsuma for my short-term loan?
If you’re considering obtaining a temporary loan, here are a few explanations why Satsuma can be one selection for you:
- Noticeable interest repayments – once you make an application for a Satsuma loan, the APR (apr) is calculated so you can see exactly how much you need to repay and what your monthly repayments will be before you submit your application.
- No fees that are hidden. Pay only back that which you agree upfront – With Satsuma, it is easy to understand simply how much borrowing that is you’re your loan is merely the swelling amount you wish to borrow as well as the interest. It’s a easy calculation, while our short term installment loans have simply no concealed costs.
You always know when you apply for a short term loan from Satsuma:
- We’re a responsible loan provider. We never ever let you borrow a lot more than it is possible to back afford to pay.
- We don’t apply any fees that are hidden. Pay just right back that which you agree upfront
- Our client service and repayment groups are right right right here to greatly help
- You won’t need certainly to look for a guarantor.
Common questions regarding Short Term Installment Loans
If you’re still uncertain whether a Satsuma short-term suits you, always check the answers out for some of the very most frequently expected concerns.
Could i obtain a temporary loan?
If you’re a British resident, aged 18 or over and also a legitimate British banking account and debit card, you’re eligible to try to get a Satsuma loan. With regards to getting that loan, we have to conduct a credit and affordability check to make sure that you have actually handled repayments well into the past, and that it is possible to comfortably repay the income you want to borrow.
Do i want a guarantor for the short-term loan?
For many term that is short, you will do demand a guarantor. Nevertheless, you don’t desire a guarantor to just simply take a Satsuma out temporary loan.
Could i get yourself a short-term loan with bad credit?
When you have bad credit, Satsuma may nevertheless consider carefully your application. We take into account a quantity of online title loans california important aspects away from your credit score, such as for instance your yearly incomings and outgoings, in addition to virtually any economic commitments you could have.