What exactly are Short Term Installment Loans?

Short term installment loans are an approach to borrow a quantity of cash and repay it in a space that is short of. This contrasts with other kinds of borrowing, such as for example mortgages and auto loans, that are taken out for bigger quantities of cash you typically pay off over years.

You may find you have limited acce to loans from some high street lenders or banks if you have a le than perfect credit history. With Satsuma, we glance at more than simply your credit rating when it comes to you for the term that is short, meaning you could nevertheless be accepted despite having le than favourable credit.

Why choose Satsuma?

We could help if you’re looking for a short term loan but have limited acce to credit from banks and other high street lenders. At Satsuma, you might borrow between ?100 and ?1,000 and repay over a length between 3 to 12 months if approved.

We usually do not charge charges for mied or late repayments, you simply pay off everything you agree upfront. Nonetheless, we nevertheless charge mortgage loan from the cash you borrow. It is additionally well well well worth noting that Satsuma are a definite lender that is high-interest so please just just take this into account before you apply for a financial loan with us.

We are able to tell you whether you’re apt to be accepted for a term that is short, without making a difficult impact on your own credit report.

With Satsuma you will find down if you’re qualified before using. Even though you have a reputation for bad credit, you’ll get an eligibility choice within 60 moments. You aren’t obliged to just simply just take a loan out and there won’t be accurate documentation from it on your own credit history.

Should you choose to use a while later but, in that case your application will demand the full credit check.

To test, fill away this form and we’ll give you an immediate decision, susceptible to affordability.

Check always just before use

Provide us with several details and you’ll find down in 60 moments if you’re probably be accepted

Protect your credit rating

Regardless of the total outcome, it will not impact your credit history unle you determine to use

Finish the full application

If you opt to apply, we’ll then run a complete credit check that may keep a mark on your own credit history

Are Satsuma a lender that is direct?

Satsuma is an immediate loan provider , this means we spend the agreed loan amount straight into your account, then manage it right until the last repayment. But, we do on event use agents too.

What’s the difference between short term installment loans and payday advances?

Even though they are able to sound comparable, there are many differences when considering short term installment loans and payday advances.

Unlike pay day loans, which must certanly be paid back in a single lump sum payment within 2-3 weeks of taking right out the mortgage, repayments for a Satsuma term that is short may be produced in regular or month-to-month instalments, during a period of between 3 to one year.

It over for an additional month, you can be charged an additional fee or have increased interest added on to your payments if you mi a repayment on a payday top article loan or roll. You simply will not spend any extra charges on a Satsuma term that is short, just what’s agreed upfront.

Nevertheless, once we pointed out earlier in the day, we’re a high interest loan provider which means that our interest rates are much greater than conventional high-street loan providers. Something that should be considered very very very carefully if you’re thinking about a Satsuma loan.

Can a term that is short be good for my credit score?

The theory is that, any loan you are taking away – a temporary loan or otherwise – may have a direct impact on your credit history. You manage your repayments whether it has a positive or negative impact depends upon how.

If you spend your loan right back underneath the terms consented once you took it down, and also make all your valuable repayments on time, it will help to enhance your credit score. If, having said that, you will be belated with re payments or mi them totally, this could damage your credit history.

You should also consider how these are managed if you have other lines of credit open. If repayments are mied somewhere else then this can have a negative effect on your credit history.

But, you can find exceptions to take into account: if a specific business views temporary (or payday) loans adversely, then having this on the credit rating may potentially count against you.