Representative 535%​ APR.

Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk

What are Short Term Loans?

Short term loans are a way to borrow an amount of money and pay it back in a short space of time. This contrasts with other types of borrowing, such as mortgages and car loans, which are taken out for larger amounts of money that you typically pay back over several years.

If you have a less than perfect credit history, you may find you have limited access to loans from some high street lenders or banks. With Satsuma, we look at more than just your credit history when considering you for a short term loan, meaning you could still be accepted despite having less than favourable credit.

Why choose Satsuma?

If you’re looking for a short term loan but have limited access to credit from banks and other high street lenders, we could help. At Satsuma, you could borrow between £100 and £1,000 and repay over a period between 3 to 12 months if approved.  

We do not charge fees for missed or late payments, you only pay back what you agree upfront. However, we still charge an interest rate on the money you borrow. It’s also worth noting that Satsuma are a high-interest lender, so please take this into consideration before applying for a loan with us.

No hidden fees

Only ever pay back the amount we agree upfront

Our reviews

Our customers rate us 4.68 out of 5. Reviews.co.uk, July 2019

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Check if you are eligible

We can let you know whether you’re likely to be accepted for a short term loan, without leaving a hard footprint on your credit file.

With Satsuma you can find out if you’re eligible before applying. Even if you have a history of bad credit, you’ll get an eligibility decision within 60 seconds. You are not obliged to take out a loan and there won’t be a record of it on your credit file.

If you do decide to apply afterwards however, then your application will require a full credit check.

To check, fill out this form and we’ll give you an instant decision, subject to affordability.

Check before you apply

Give us a few details and you’ll find out in 60 seconds if you’re likely to be accepted

Protect your credit score

No matter the result, it won't affect your credit score unless you choose to apply

Complete a full application

If you choose to apply, we’ll then run a full credit check which will leave a mark on your credit file

Are Satsuma a direct lender?

Satsuma is a direct lender, which means we pay the agreed loan amount directly into your account, and then manage it right up until the final payment. However, we do on occasion use brokers too.  

 

What’s the difference between Short Term Loans and Payday Loans?

Although they can sound similar, there are several differences between short term loans and payday loans

Unlike payday loans, which must be repaid in one lump sum within a few weeks of taking out the loan, repayments on a Satsuma short term loan can be made in weekly or monthly instalments, over a period of between 3 to 12 months. 

If you miss a repayment on a payday loan or roll it over for an additional month, you can be charged an additional fee or have increased interest added on to your payments. You will not pay any additional fees on a Satsuma short term loan, only what’s agreed upfront.

However, as we mentioned earlier, we are a high interest lender 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.

 

Can a Short Term Loan be good for my credit rating?

In theory, any loan you take out – a short term loan or otherwise – can have an impact on your credit rating. Whether it has a positive or negative impact depends upon how you manage your repayments. 

If you pay your loan back under the terms agreed when you took it out, and make all your repayments on time, this can help to improve your credit rating. If, on the other hand, you are late with payments or miss them completely, this can harm your credit rating.

If you have other lines of credit open, you should also consider how these are managed. If payments are missed elsewhere then this will have a detrimental impact on your credit rating.

However, there are exceptions to consider: if a particular company sees short term (or payday) loans negatively, then having this on your credit history could potentially count against you.

Does Satsuma consider applicants with bad credit?

At Satsuma, we look at more than just your credit score when assessing your application.

If you have a poor credit score or no credit history, you may find you’re turned away by some lenders. At Satsuma, we also consider your annual incomings and outgoings, alongside any other financial commitments you may have.

When you apply, we need you to be as accurate as possible with the details you give us, so we can use all this information to give you an instant decision and offer an amount that you can reasonably repay.

You can check before you apply to find out if you qualify.

Does Satsuma offer short term loans with no credit check?

No, we don’t offer loans without a credit check. We do have an eligibility checker, however – this allows you to see if you’re likely to be accepted before completing a full credit check.

As mentioned above, we look at more than just your credit score when considering applicants.

Will Satsuma Loans offer an instant decision?

At Satsuma, we want to make applying for and taking out a short term loan as clear as possible. That’s why we aim to give you an initial decision within 60 seconds of your initial application being completed thanks to our ability to check before you apply.

Why should I choose Satsuma for my short term loan?

If you’re considering applying for a short term loan, here are some reasons why Satsuma may be one option for you:

  • Fixed repayments – When you apply for a Satsuma loan, the APR (annual percentage rate) is calculated before you submit your application, so you can see exactly how much you need to repay and what your monthly repayments will be.
  • No hidden fees. Only pay back what you agree upfront – With Satsuma, it’s easy to see how much you’re borrowing because your loan is simply the lump sum you want to borrow plus the interest. It’s a simple calculation, while our short term loans come with absolutely no hidden fees.

When you apply for a short term loan from Satsuma, you always know:

  • We’re a responsible lender. We never let you borrow more than you can afford to pay back.
  • We don’t apply any hidden fees. Only pay back what you agree upfront
  • Our customer service and payment teams are here to help
  • You won’t need to find a guarantor.

Common questions about Short Term Loans

If you’re still unsure whether a Satsuma short term is right for you, check out the answers to some of the most frequently asked questions.

Can I get a short term loan?

If you’re a UK resident, aged 18 or over and have a valid UK bank account and debit card, you’re eligible to apply for a Satsuma loan. In terms of getting a loan, we need to conduct a credit and affordability check to ensure that you have managed payments well in the past, and that you can comfortably pay back the money you wish to borrow.

Do I need a guarantor for a short term loan?

For some short term loans, you do require a guarantor. However, you don’t need a guarantor to take out a Satsuma short term loan.

Can I get a short term loan with bad credit?

If you have bad credit and need a loan, Satsuma may still consider your application. We take into consideration a number of key factors outside of your credit history, such as your annual incomings and outgoings, as well as any other financial commitments you may have.

Before making an application, you need to make sure you have the following:

  • A valid email address and mobile number
  • Address information for the past three years
  • Your income and outgoings
  • Your bank account and debit card details.

You also need to be:

  • Aged 18 to 74
  • A UK resident
  • Not bankrupt
  • Willing to have a credit check.

How do short term loans work?

This varies from lender to lender, with Satsuma however, our short term loans are available for amounts between £100 and £1,000, repayable over a period of between 3 and 12 months.

Ready to apply? Go to our Satsuma loan application page and add your details for an instant decision.