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Payday loans are short term loans that need to be repaid in a single lump sum, along with the interest and any other fees the lender has charged.

Normally, the full loan must be repaid within 30 days of you taking out the loan. As the name suggests, this is usually on the borrower’s next pay day. 

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Why choose Satsuma?

Money in 1 hour

Once approved, hourly pay-outs between 6am - 11pm

No hidden fees

Only ever pay back the amount we agree upfront

Our reviews

Our customers rate us 4.8 out of 5., June 2016 

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*

What is a payday loan? And how do they work?

It's a high interest loan lent on a very short term basis. This type of loan can be subject to extra fees.

Despite the high interest rates and fees, a payday loan can work out well if you’re certain you’ll have the money available on the due date to repay the loan in full. However, some people may find (to their cost) when it’s time to repay, their circumstances have changed and they can’t manage a lump sum payment.


  • Payday loans are loans paid directly into your bank account, usually on the same day.
  • Unlike other types of finance, a payday loan must be repaid as one lump sum payment, usually within 30 days.
  • They’re called payday loans because they’re designed to cover a temporary shortfall or financial emergency until the borrower’s next pay day.
  • We’ll look at this in more detail below, but a payday loan should not be confused with a short term loan. Short term loans are paid back over a longer period (up to a year) and are paid back in instalments over a longer period of time

Do Satsuma offer payday loans?

Satsuma offer loans which are designed to be repaid over 3-12 months, and you can apply for your loan online. No need to book an appointment or visit a branch. And, unlike many other finance companies, we won’t ask you to provide a guarantor for your loan. All our loans are on a no-guarantor basis.

Before you submit your application, you can use our loan calculator to see exactly how much you'll be required to pay back. You only pay back the sum of money you borrow, plus the interest. You never have to pay any hidden charges or fees, even if you miss a payment. This makes our short terms loans very different from those offered by payday loan companies.

Remember, with a Satsuma short term loan:

  • You don’t have to pay the loan back in one lump sum.
  • You know exactly how much you’re borrowing before you submit your application.
  • The cash will be in your bank account the same day your application is accepted.
  • You’ll never be charged any fees.
  • You can choose to pay either weekly or monthly.
  • You can repay your loan in instalments over a period of up to a year.
  • You can borrow up to £1,000, even if you’re a new customer.
  • Our friendly Customer Care team is always available if you run into difficulties.
  • You know you’re dealing with a reputable and established company as we’ve been around since 1880.

One of the biggest differences is you have more time to pay your loan back. You can choose to repay your loan over any period from three months to a year. You can also choose whether to repay in monthly or weekly instalments. Whichever is the most convenient for you.

We transfer the money to your account via Faster Payments. If you’re accepted between 6am and 11pm, the funds normally land in your account within the hour**. This can be really useful if you need the money for something urgent.

Satsuma are a direct lender

This means we pay out and manage your loan.

Why is this important?

There are other companies which act as loan brokers, but when you borrow from a direct lender like Satsuma, you deal with the same company throughout the process.

This makes things nice and simple for everyone. If there are any issues or you have any questions you can call our friendly customer services team on 0800 694 0004 or 0330 303 2000.

What else do I need to consider about payday loans?

You may have read or heard stories about people becoming trapped by mounting debts after taking a payday loan. People who couldn't even afford their repayments soon found the added fees meant they had to repay many times the amount originally borrowed.

While there were many unfortunate cases like this, the negative media publicity helped convince the government to bring in new legislation. In January 2015, our regulator (the Financial Conduct Authority), introduced price caps on the fees charged by loan companies offering high cost, short term credit.

The new rules mean the daily rate of interest charged must not exceed 0.8% per day. They also limit default charges to no more than £15, as well as capping the total cost at 100% of the original amount borrowed. Put simply: borrowers must never have to pay back more in charges and interest than the amount they borrowed at the outset.

At Satsuma, we’re proud to say we’ve never charged late or missed payment fees. You can find out more about our fees by clicking here.

Despite the government’s changes, there are still issues surrounding payday loans. In particular, the fees being charged by lenders. This means payday loans aren't for everyone and ultra-short term borrowing in response to an unexpected event can still lead to long-term debt. The total cost of the loan and the associated fees could mean an alternative to payday loans is better suited to you.

How do I repay my Satsuma short term loan?

Repaying your short term loan is straightforward. We collect repayments by Continuous Payment Authority (CPA).

You choose a convenient day of the month or week, and we simply collect your repayments automatically from your debit card. If we’re unable to collect your repayment, we’ll always get in touch. We certainly won’t try to collect the repayment again without speaking to you or attempt to collect more than your contractual repayment.

It’s this flexibility that helps make us the smart alternative to payday loans.

What happens if my circumstances change?

We understand personal circumstances can change at any time; for example, you might suddenly suffer an unexpected drop in income. Our Customer Care team is only a phone call away, so if you’re struggling to pay on time, let us know.

We want to talk to you and help you get back on track. Unlike other companies, we won’t put you through to a robot or a never-ending series of automated menus. The help and support we offer is provided by real people in our UK-based call centre. Our team wants to get to know our customers and their circumstances, and help them achieve a positive outcome.

Remember, unlike many other lenders, we’ll never charge you a penny more than you agree upfront. Not even if you miss a payment or pay us back late. We don't charge fees or have any hidden charges. We only charge you interest and you know exactly how much that will be from the get go.

I've got a poor credit history, what is an affordable payday loan alternative for me?

We realise many people looking for a loan may have had credit problems in the past. You might think a payday loan is your only option, but we’re here to help.

Whatever your credit history and personal circumstances, we’ll do all we can to help. We’re happy to consider all circumstances, but as a responsible lender, we won't loan money to anyone we don’t think will be able to meet the repayments.

In most cases, we should be able to help, even if you've a poor credit history.

Can a short term loan help repair my credit rating?

If you’re accepted for a Satsuma loan, or by any other lender, the details of the loan and your repayments are recorded by credit reference agencies, such as Experian, who compile your credit report.

Meeting your commitments and repaying your loan as scheduled will be recorded in your credit file. Making your payments on time can increase your credit score. This might make it easier for you to apply for loans and credit cards from high street banks and building societies in the future.

How do I apply for a loan?

As a first time Satsuma customer, you could borrow up to £1,000 (subject to affordability) and repay it over 3-12 months in manageable monthly or weekly instalments. Click here to apply.

We’ll tell you the total cost of your loan up front with no catches or hidden charges. You'll never owe a penny more than you agree upfront, even if you’re late with a repayment or miss one entirely. If you’re approved through our online application process, the loan will be in your bank account within an hour, provided your application is processed between 6am and 11pm**.

* 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.

**Once approved, hourly pay-outs between 6am-11pm.