Short term installment loans. Exactly what are Short Term Installment Loans?

Short term installment loans. Exactly what are Short Term Installment Loans?

Borrow £100 – £1,000, at the mercy of affordability

Representative 535%​ APR.

Warning: Late payment could cause you severe cash problems.

Short term installment loans are an approach to borrow a quantity of cash and repay it in a brief period of time. This contrasts along with other forms of borrowing, such as for instance mortgages and auto loans, that are removed for bigger quantities of cash which you typically pay off over years.

For those who have a very poor credit rating, you might find you’ve got restricted access to loans from some high-street loan providers or banking institutions. With Satsuma, we consider more than simply your credit rating when contemplating you for the temporary loan, meaning you could remain accepted despite having significantly less 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 might borrow between £100 and £1,000 and repay over a length between 3 to one year if authorized.

We try not to charge costs for missed or payments that are late you simply repay everything you agree upfront. But, we nevertheless charge mortgage loan from the cash you borrow. It is additionally well worth noting that Satsuma are a definite lender that is high-interest so please simply simply take this under consideration before you apply for a loan with us.

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Verify that you may be qualified

We could tell you whether you’re apt to be accepted for the term that is short, without leaving a difficult footprint on the credit report.

With Satsuma you’ll find down if you’re qualified before using. Even though you have a past reputation for bad credit, you’ll get an eligibility choice within one minute. You’re not obliged to simply simply simply take a loan out and there won’t be an archive from it on the credit history.

Then your application will require a full credit check if you do decide to apply afterwards however.

To test, fill down this form and we’ll give you an instantaneous decision, susceptible to affordability.

Check always just before apply

Provide us with a details that are few you’ll find away in one minute if you’re probably be accepted

Protect your credit rating

No matter the outcome, it will not impact your credit rating unless you elect to use

Finish an application that is full

If you opt to use, we’ll then run the full credit check that may keep a mark on your own credit report

Are Satsuma a primary loan provider?

Satsuma is a primary loan provider , this means we pay the agreed loan amount straight into your account, then manage it right until the last repayment. But, we do on event usage agents too.

What’s the difference between Short Term Loans and pay day loans?

Even though they are able to seem comparable, there are lots of differences when considering short term installment loans and pay day loans.

Unlike payday advances, which must certanly be paid back in a single lump sum payment within a couple weeks of taking out fully the mortgage, repayments for a Satsuma term that is short may be built in regular or month-to-month instalments, over a length of between 3 to 12 months.

In the event that you skip a payment on a quick payday loan or move it over for an extra thirty days, you will be charged yet another charge or have actually https://titlemax.us/payday-loans-nv/ increased interest added on to your instalments. You simply will not spend any extra charges for a Satsuma short-term loan, just what’s agreed upfront.

Nonetheless, 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 about a Satsuma loan.

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

The theory is that, any loan you are taking down – a temporary loan or otherwise – may have a direct impact in your credit score. You manage your repayments whether it has a positive or negative impact depends upon how.

In the event that you pay your loan straight back beneath the terms consented once you took it down, and also make all of your repayments on time, it will help to enhance your credit history. If, having said that, you may be late with re re payments or completely miss them, this could 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.

Nonetheless, you can find exceptions to think about: 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 glance at more than simply your credit history whenever evaluating the job.

For those who have an unhealthy credit history or no credit score, you might find you’re turned away by some loan providers. At Satsuma, we also consider carefully your incomings that are annual outgoings, alongside just about any monetary commitments you might 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 can examine if you qualify before you apply to find out.