Short term installment loans are ways to borrow a quantity of income and repay it in a brief period of time.

Short term installment loans are ways to borrow a quantity of income and repay it in a brief period of time.

What exactly are Short Term Installment Loans?

This contrasts along with other kinds of borrowing, such as for example mortgages and auto loans, which are removed for bigger quantities of money you typically pay off over a long period.

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. online title loans kentucky With Satsuma, we examine more than simply your credit score when it comes to you for the temporary loan, meaning you could remain accepted despite having lower than favourable credit.

Why choose Satsuma?

If you’re interested in a brief term loan but don’t have a lot of access to credit from banking institutions as well as other high-street lenders, we’re able to assist. 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 charges for missed or payments that are late you simply pay off everything you agree upfront. Nonetheless, we nevertheless charge mortgage loan regarding the cash you borrow. It is additionally well worth noting that Satsuma certainly are a high-interest loan provider, so please just just simply take this into account before you apply for a financial loan with us.

Our application procedure may be completed online, and – subject to affordability checks – we could also offer you a determination and also have the funds in your bank account for a passing fancy time.

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Verify that you may be qualified

We could inform you whether you’re apt to be accepted for a short term loan, without making a difficult impact on your own credit report.

With Satsuma you will find down if you’re qualified before using. Even though you have a reputation for bad credit, you’ll get an eligibility choice within 60 moments. You’re not obliged to just just simply take down financing and there won’t be an archive from it on your own credit history.

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

To check on, fill this form out and we’ll give you an instantaneous decision, at the mercy of 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

Regardless of the total outcome, it won’t influence your credit rating until you elect 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, which means that we spend the agreed loan amount straight into your account, and then manage it right until the last repayment. But, we do on event usage agents too.

What’s the difference between short term installment loans and payday advances?

While they could seem comparable, there are numerous differences when considering short term installment loans and pay day loans.

Unlike pay day loans, which must certanly be paid back within one lump sum payment within 2-3 weeks of taking right out the mortgage, repayments for a Satsuma temporary loan could be produced in regular or monthly 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 temporary 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. Something that should be thought about very very very carefully if you’re thinking about 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 short-term loan or otherwise – might have an impression on your own credit history. Whether it has a confident or negative effect is determined by the method that 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 late with re payments or completely miss them, this will damage your credit score.

You should also consider how these are managed if you have other lines of credit open. If repayments are missed elsewhere then this can have a negative effect on your credit history.

Nevertheless, you will find exceptions to think about: if a certain business views short-term (or payday) loans negatively, then having this on your own credit rating may potentially count against you.

Does Satsuma start thinking about applicants with bad credit?

At Satsuma, we consider more than just your credit rating whenever assessing the application.

When you yourself have a bad credit rating or no credit rating, you could find you’re turned away by some loan providers. At Satsuma, we also think about your yearly incomings and outgoings, alongside just about any monetary commitments you’ve probably.

Once you apply, we require you to definitely be because accurate that you can with all the details you provide us with, so we can utilize all this work information to offer you an instantaneous choice and provide a quantity that one may fairly repay.

You should check before you affect determine if you qualify.

Does Satsuma provide term that is short without any credit check?

No, we don’t offer loans with out 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 examine more than simply your credit rating whenever applicants that are considering.

Will Satsuma Loans offer a immediate decision?

At Satsuma, we should make trying to get and taking out a quick term loan since clear as you possibly can. That’s why we make an effort to provide you with a decision that is initial one minute of one’s initial application being finished by way of our power to check always before you use.

Why must I choose Satsuma for my short-term loan?

If you’re considering obtaining a term that is short, here are a few main reasons why Satsuma can be one selection for you:

  • Noticeable interest repayments – once you submit 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 just right back that which you agree upfront – With Satsuma, it is easy to understand just how much you’re borrowing because your loan is merely the swelling amount you need to borrow as well as the interest. It’s a calculation that is simple while our short term installment loans include simply no concealed charges.

Whenever you make an application for a quick term loan from Satsuma, you constantly understand:

  • We’re a lender that is responsible. We never ever let you borrow significantly more than you are able to back afford to pay.
  • We don’t apply any fees that are hidden. Pay just right right back everything you agree upfront
  • Our consumer service and repayment teams are here to simply help
  • You won’t want to find a guarantor.

Common questions regarding Short Term Installment Loans

If you’re nevertheless not sure whether a Satsuma short-term suits you, always check the answers out with a of the very most usually expected concerns.

May i get yourself 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. With regards to getting financing, we have to 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 cash you intend to borrow.

Do i want a guarantor for a short-term loan?

For a few term that is short, you do demand a guarantor. Nonetheless, you don’t desire a guarantor to just just take away a Satsuma temporary loan.

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

When you yourself have bad credit, Satsuma may consider your application still. We take into account a quantity of key facets away from your credit score, such as for instance your yearly incomings and outgoings, along with other monetary commitments you’ve probably.