Short term installment loans are ways to borrow a sum of income and repay in a space that is short of.

Exactly what 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 quantities of cash which you typically pay off over many years.

You may find you have limited access to loans from some high street lenders or banks if you have a less than perfect credit history. With Satsuma, we glance at more than simply your credit rating when contemplating you for a short-term loan, meaning you could nevertheless be accepted despite having not as much as favourable credit.

Why choose Satsuma?

If you’re looking a brief term loan but have restricted 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 usually do not charge charges for missed or payments that are late you simply pay off everything you agree upfront. But, we still charge mortgage loan regarding the cash you borrow. It is additionally well well well worth noting that Satsuma are really a lender that is high-interest so please just simply just take this into account before you apply for a loan with us.

Our application process 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.

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Verify that you might be eligible

We could tell you whether you’re apt to be accepted for the short-term loan, without making a tough impact on the credit history.

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 one minute. You’re not obliged to simply just simply take away financing and there won’t be an archive from it on the credit report.

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 always just before use

Provide us with several details and you’ll find down in 60 moments if you’re probably be accepted

Protect your credit rating

Irrespective of the total outcome, it’s not going to impact 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 primary loan provider?

Satsuma is a primary loan provider, which means that we spend the agreed loan amount straight into your bank account, then manage it right until the payment that is final. Nonetheless, we do on event usage agents too.

What’s the difference between short term installment loans and pay day loans?

Although they can appear comparable, there are many differences when considering short term installment loans and pay day loans.

Unlike payday advances, which should be paid back within one lump sum payment within 2-3 weeks of taking out fully the mortgage, repayments on a Satsuma temporary loan may be built in regular or month-to-month instalments, over a length of between 3 to one year.

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 charges for a Satsuma term that is short, 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. A thing that is highly recommended very very carefully if you’re thinking of a Satsuma loan.

Can a term that is short be good for my credit score?

The theory is that, any loan you are taking away – a temporary loan or otherwise – may have an impression on your credit history. Whether it has an optimistic or negative effect is dependent upon the way 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 will be belated with re re re payments or miss them totally, this will probably damage your credit history.

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.

Nevertheless, you will find exceptions to take into account: if a certain company views short term (or payday) loans adversely, then having this on your own credit rating may potentially count against you.

Does Satsuma think about applicants with bad credit?

At Satsuma, we glance at more than simply your credit rating whenever evaluating the job.

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 consider carefully your yearly incomings and outgoings, alongside every other economic commitments you have.

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 term that is short without any credit check?

No, we don’t offer loans without a credit check. We do have an eligibility checker, nevertheless – this enables one to see if you’re apt to be accepted before finishing a complete credit check.

As previously mentioned above, we examine more than simply your credit rating whenever applicants that are considering.

Will Satsuma Loans offer a decision that is instant?

At Satsuma, you want to make trying to get and taking right out a term that is short because clear as you possibly can. That’s why we seek to present a short choice within one minute of one’s initial application being finished compliment of our power to always check before you use.

Why can I select Satsuma for my term that is short loan?

If you’re considering obtaining a term that is short, check out explanations why Satsuma could be one choice for you:

  • Noticeable interest repayments – once you make an application for a Satsuma loan, the APR (apr) is determined 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 right right right back everything you agree upfront – With Satsuma, it is obvious just how much you’re borrowing because your loan is probably the swelling amount you wish to borrow as well as the interest. It’s a easy calculation, while our short term installment loans include simply no concealed charges.

You always know when you apply for a short term loan from Satsuma:

  • We’re a lender that is responsible. We never ever let you borrow a lot more than you are able to manage to pay off.
  • We don’t apply any fees that are hidden. Pay only right right back that which you agree upfront
  • Our client payment and service groups are right right here to aid
  • You won’t need certainly to find a guarantor.

Typical questions regarding Short Term Installment Loans

If you’re nevertheless unsure whether a Satsuma short-term is suitable for you, check always out of the responses for some of the very most usually asked questions.

Could i get a term loan that is short?

If you’re a British resident, aged 18 or over and possess a legitimate British banking account and debit card, you’re eligible to try to get a Satsuma loan. When it comes 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 you are able to comfortably repay the amount of money you want to borrow.

Do i want a guarantor for a term loan that is short?

For a few short term installment loans, you do need a guarantor. Nonetheless, you don’t require a guarantor to simply simply just take a Satsuma out short term loan.

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Could i get yourself a term that is short with bad credit?

When you yourself have bad credit, Satsuma may consider your application still. We consider a wide range of important aspects away from your credit score, such as for example your incomings that are annual outgoings, along with every other economic commitments you’ve probably.