Representative 535% APR.
A personal loan is a form of borrowing from a bank, credit union, or online lender that is paid back, with interest, in instalments. Most personal loans are unsecured, meaning you don’t need to use your property or any belongings as security in the event of non-payment, but they can also be secured too.
Why choose Satsuma?
A Satsuma short term loan is also unsecured. We will never ask you to put up any belongings as security, nor will we ask you for a guarantor who will agree to meet your repayments if you can’t.
Our application process is completed online and, if approved, you could receive the funds in your account on the same day.
Our loans are available from £100 - £1,000, with repayment periods of between 3 and 12 months, subject to affordability. There are no fees for late or missed payments – you only pay back what you agree up front. Also, as part of our income verification process, we may also ask you to provide 3 months’ pay slips.
We are a high interest lender however, which means our rates of interest are much higher than traditional high street lenders. Something which should be considered carefully if you’re thinking of a Satsuma loan.
Try our loan calculator
Personal loans from UK lenders come with different terms, conditions and lending criteria, along with varying interest rates and repayment periods. If you have bad credit and need a loan, it can be difficult getting approval for a loan if you are unable to prove you can keep up with the repayments.
With the Satsuma loan calculator however, you could work out exactly how much you need to borrow before applying for one of our short term loans. Use the sliders to work out the weekly or monthly instalments, as well as the total repayments, on the full amount you need to borrow.
Once you have calculated how much you can afford to borrow and the period that suits you, we will show you what the total cost of your loan will be.
Check if you're eligible
Whenever you apply for a loan, a temporary mark will be placed on your credit file. How long this stays on your report can vary, but if you have been refused a loan in the past it can affect your credit score.
With Satsuma, you could check if you’re eligible for a loan before you apply. Enter your name, date of birth and how much you want to borrow, along with other details such as your address and contact information. Once we have all the information, we could give you an eligibility decision within 60 seconds.
By checking before you apply, you are not obliged to take out a loan and there won’t be a negative record on your credit file, unless you later decide to apply for a full application at which point we do conduct a full credit search.
If you want to check your eligibility for a loan, fill out this form and enter your details.
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. We'll need to check your details if you choose to apply
Some typical features of a personal loan
If you are thinking about taking out a personal loan, it helps to understand what features are included and how they might benefit you.
Although there are many different types of loans available, all personal loans involve you borrowing a lump sum that you agree to pay back in regular instalments over a set period. In addition to this, some personal loans can also be unsecured, meaning you won’t have to put your property or belongings up as security against non-payment.
If these features are relevant to you, you may be interested in applying for one of Satsuma’s short term loans. Our loans include a repayment period between 3 and 12 months, while we’ll never ask you to provide a guarantor if you miss any payments.
Unsecured vs Secured
When considering your options, you might have to decide between applying for a secured or unsecured loan. Understanding the difference between the two is vital before you make an application.
A secured loan, sometimes known as a homeowner loan, involves debt being linked to a borrower’s property. A guarantor loan is another type of secured loan, whereby a friend or family member agrees to make the repayments on the loan if you can’t.
These types of loans typically involve higher sums of money compared to some personal loans, but the amount you can borrow will depend on your circumstances and the amount of free equity in your property. However, if you are unable to keep up with the repayments then you should contact your lender.
An unsecured loan typically involves a lower level of borrowing compared to a secured loan. If you take out an unsecured loan, you won’t be asked to put anything up as security, but the rate of interest may be higher.
This higher rate of interest is charged to reflect the added risk an unsecured loan poses to the lender. However, they offer flexibility on how long you have to repay them and you won’t be required to use a guarantor.
If you're considering an unsecured personal loan with no guarantor, Satsuma short term loans are unsecured and we do consider applications from those with bad credit.
How loans can differ depending on the lender
The terms and conditions of a loan can vary from lender to lender, as different lenders offer different types of loans to reflect your needs and circumstances.
For instance, while lenders might offer loans to people with poor credit, which come with high interest fees and must be repaid within a matter of weeks, others won’t consider bad credit applicants and will only lend to people with good or excellent credit scores.
Or while some lenders offer short term unsecured loans that must be repaid back within a year, others will only offer mortgages that are secured against a property and have repayment periods that can last decades.
Will my credit rating impact my offer?
The success of any loan application and the terms you’re offered will depend upon your credit rating. This is because lenders use the information held by one of the three main credit reference agencies:
They use this, along with the information gathered in your application, to decide on whether to lend to you. If a lender accepts your application, the terms of your loan will also be dictated by your credit rating.
In general, those with a higher credit rating will be offered a higher loan amount or a more favourable interest rate than those with a lower credit score.
Satsuma offers short term loans for UK applicants, even those with a poor credit score – we consider applications from those with bad credit. Subject to affordability.
Types of lending options
If you’re thinking of applying for a small personal loan with poor credit, there are several lending options which share the same features.
Short term loans
Satsuma short term loans are available for any amount between £100 and £1,000, which must be repaid in weekly or monthly instalments over terms of between 3 and 12 months. If approved, you could receive the money on the same day. However, we are a high interest lender.
Credit cards work differently to personal loans, as they have no fixed payments and no set repayment period. Instead, your repayments depend on the end of month balance and you’ll have to pay a percentage of this as your minimum repayment.