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

01/10/2020

Borrow ?100 – ?1,000, susceptible to affordability

Representative 535%? APR.

Warning: belated payment may cause you severe cash issues. For assistance, visit moneyadviceservice.org.uk

Exactly what are Short Term Installment Loans?

This contrasts along with other forms of borrowing, such as for example mortgages and car and truck loans, that are removed for bigger levels of cash which you typically repay over many years.

When you have a very poor credit rating, you might find you have restricted access to loans from some traditional lenders or banking institutions. With Satsuma, we examine more than simply your credit score when contemplating you for the temporary loan, meaning you could nevertheless be 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 payday loans online Utah direct lenders?1,000 and repay over a period between 3 to 12 months if authorized.

We don’t charge costs for missed or late repayments, you simply repay that which you agree upfront. But, we nevertheless charge mortgage loan in the cash you borrow. It is additionally well well well worth noting that Satsuma are a definite lender that is high-interest so please 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 are able to also offer you a choice and have the funds in your account on a single time.

No concealed charges

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Verify that you might be qualified

We are able to tell you whether you’re probably be accepted for a temporary loan, without making a difficult footprint in your credit report.

With Satsuma you’ll find down if you’re qualified before using. Even though you have past history of bad credit, you’ll get an eligibility choice within one minute. You’re not obliged to just just take down that loan and there won’t be accurate documentation 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 test, fill down this form and we’ll give you an immediate decision, susceptible to affordability.

Check always just before use

Provide us with a details that are few you’ll find down in 60 seconds if you’re probably be accepted

Protect your credit rating

Regardless of the total outcome, it will not influence your credit rating until you decide to use

Complete an application that is full

If you opt to apply, we’ll then run a complete credit check which will leave a mark in your credit history

Are Satsuma a lender that is direct?

Satsuma is an immediate loan provider, meaning we pay the agreed loan amount straight into your account, then manage it right until the last payment. Nonetheless, we do on event usage agents too.

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

Although they could seem comparable, there are lots of differences when considering short term loans and payday advances.

Unlike pay day loans, which needs to be paid back within one lump sum payment within 2-3 weeks of taking right out the mortgage, repayments on a Satsuma term that is short may be manufactured in regular or month-to-month instalments, over a length 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 won’t spend any extra charges on 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. Something should be thought about very carefully if you’re thinking about a Satsuma loan.

Can a temporary loan be good for my credit history?

The theory is that, any loan you are taking away – a term that is short or otherwise – might have an impression in your credit history. You manage your repayments whether it has a positive or negative impact depends upon how.

In the event that you spend your loan straight back beneath the terms consented whenever you took it away, and work out all your valuable repayments on time, this assists to boost your credit history. If, having said that, you’re belated with re re payments or miss them totally, 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.

Nonetheless, you will find exceptions to take into account: if a certain company views temporary (or payday) loans adversely, then having this in your credit score may potentially count against you.