Representative 535% APR.
Have you been turned down for a loan? Can't get a credit card? Finding it difficult to change energy suppliers? It may well be you have a poor credit history.
A poor credit history or, to put it another way, a low credit rating can often prevent you from getting loans from high street banks or building societies. If this is the case, you might feel your only option is a bad credit loan.
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Why choose Satsuma?
How does SmartCheck work?
We check your info
It's not a full application so we only need a few details
Protect your credit score
No matter the result, it won't affect your credit score unless you choose to apply
Give you your result
You'll find out in 60 seconds and we'll tell you how much you could borrow. We'll need to check your details if you choose to apply*
Why do people need bad credit loans?
If you can’t get a loan or any other type of credit from high street lenders, it can make things very difficult when an emergency arises. What do you do if your car fails its MOT and you can't get to work? You’re in the catch-22 situation of not being able to afford the repairs, but not being able to get to work to earn the money to pay for them.
What happens if your pet needs emergency treatment, but you don't have any insurance or spare cash in the bank? Or you might receive an unexpected bill you haven’t budgeted for and it needs to be paid straight away.
It’s situations like this that prompt people to consider bad credit loans, also referred to as poor credit loans. This type of finance is designed for anyone facing an emergency, but who is unable to obtain credit from mainstream lenders due to poor credit history.
Are bad credit cards the same as bad credit loans?
You may have seen adverts for credit cards you can apply for whatever your credit history.
These cards are different from those issued by traditional lenders like high street banks in three ways:
- They have a lower barrier to entry
- They usually have a lower borrowing limit
- They charge higher interest rates
If you’re struggling to obtain credit because of poor credit history, credit cards can be seen as an alternative. However, a credit card is very different to a loan.
With a loan, you receive a single lump sum that needs to be repaid in full, either as a single payment (in the case of a payday loan) or over a fixed period in weekly or, more often, monthly instalments. The debt is cleared when the final instalment is repaid.
A credit card, on the other hand, can be borrowed against as often as you like, provided you stay within your credit limit. When you make your monthly payment, the amount (minus the interest charged) is deducted from your balance and is available to spend again.
This effectively makes credit card debt open-ended, meaning it can take years to repay. The rate of interest when viewed across the entire life of the card can be significantly more than you would pay had you taken out and repaid a short term loan.
Bad credit loans from Satsuma
Even though you may have had problems in the past and have a poor credit history, you may still be able to get a loan from Satsuma. We look at your individual circumstances and do all we can to help you. Your ability to repay a loan is more important to us than any difficulties you may have had previously.
With our bad credit loans alternative, you can borrow a lump sum of up to £1,000, subject to affordability even if you’re a new customer. The loan can be repaid in instalments over a period of up to a year and we won't ask you for a guarantor. Even more importantly, we won’t hit you with any hidden fees. We don’t do late payment charges either. All you pay back is your loan amount, plus the interest we agree upfront.
We also offer flexible repayment options. You can repay your loan by either monthly or weekly instalments; whichever suits you best. This flexibility can help you manage your repayments and schedule them to match the day your wages are paid to help your cash flow.
If you apply for a Satsuma short term loan today and get approved, the money could be in your bank account within an hour on the same day- hourly pay-outs between 6am-11pm
Satsuma short term loans - an alternative to bad credit loans
The last thing we want is for our customers to take on debt they can't afford. Whatever your credit history looks like, we’ll do our best to make sure the loan you take from us can be paid back in manageable, affordable instalments.
What really makes us stand out from the rest is our view on fees, especially nasty hidden ones. We don’t like them. We don’t charge them. You only ever pay the interest we agree when you complete your application. Before you take a loan from us, you’ll know exactly how much you owe and this figure will never change. We believe in being totally transparent. It’s better for us and it’s better for you.
You can apply here.
How safe are Satsuma loans?
Many of the companies offering bad or poor credit loans have only been around a few years. Satsuma, on the other hand, has a proud heritage reaching right back to 1880. We’re pleased to be part of the Provident Financial Group who have been lending our customers a helping hand when others don't for well over a century. We know our stuff and we know our customers. In return, our customers trust us to provide an ethical and friendly service.
If you ever need help or feel you’re having difficulties with your Satsuma loan, our Customer Care is only a phone call away. Call them on 0800 694 0004 and they’ll do whatever they can to assist you.
* Approval for a Satsuma Loan is subject to successful completion of affordability, fraud, identity and money laundering checks. Satsuma Loans are only available to UK residents who are at least 18 years old and have a valid UK bank account and debit card.
**If approved, hourly pay-outs between 6am-11pm