Representative 535% APR.
What are cash loans?
Unlike most loans, which are paid into your bank account, a cash loan is exactly what it sounds like. It’s a lump sum handed directly to you in cash.
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Usually, if you’re accepted for a loan from a high-street bank or building society, the sum you borrow will be paid into your bank account. Likewise, a short term loan from Satsuma, as well as many other online lenders, will also be paid straight into your account.
By contrast, actual cash loans are either paid out by an agent who visits your home or over the counter in a high-street branch, if the company has premises.
You will also be expected to make your repayments in cash. These are typically collected by one of the company’s agents when they visit your home every week or month.
Is this a payday loan?
Payday loans are usually those where the loan is repaid in one lump sum within a very short space of time. These loans are usually taken by people who have a need for cash urgently until their next payday, at which point they can repay the full loan amount.
This type of loan can be very expensive because of the fees charged by the lender. Satsuma loans are an alternative to payday loans as the loan is repaid over 3-12 months.
Who are cash loans for?
These loans are usually for people who don’t have bank accounts; for example, those on low incomes or who are unemployed.
It can be very difficult to gain approval for a traditional loan if you don't have a bank account. This makes receiving and then repaying a loan in cash a solution.
The fact that repayments are physically collected by a company representative can also appeal to those borrowers who prefer to interact face-to-face, rather than dealing with electronic payments and online applications.
Many people find it easier to budget their repayments if they know exactly when the agent will be calling and how much cash they need to pay.
Why would I need a loan?
There are many reasons you may be thinking of borrowing a lump sum.
Often, the need arises due to an unforeseen emergency. This might be a broken boiler, a car failing its MOT or perhaps household plumbing needing urgent repair. The cost and time-sensitivity of these situation could mean a loan is the only way to resolve them.
How much can I borrow?
How much you can borrow will depend on your circumstances. Typically, cash loans are small sums, usually between £100 and £1,000, which are repaid in instalments.
Before the loan is approved, you will have to complete an application, usually involving a face-to-face interview with a representative from your chosen finance company.
The interview will either take place in your home, making it very convenient if you don't you’re your own transport, or in the loan company's offices.
Most cash loans will require a credit check, but most lenders will be more concerned about whether you are able to afford the repayments. They will ask you about your income and outgoings, which allows them to build a picture of whether you will be able to afford to repay the loan.
If your application is approved, the loan amount is usually paid to you immediately in cash. Another factor that can make cash loans appealing is the fact the money borrowed is available instantly.
Most cash loans are unsecured, which means you don't have to use your home or possessions as collateral.
Can I apply for a cash loan from Satsuma?
At Satsuma, we don't offer cash loans. We’re an online company, so our short term loans are paid out electronically. We also collect repayments in the same way.
We aim to approve loan applications on the same day we receive them. Providing we approve your application between 6am and 11pm, you will typically have the money in your bank account within an hour.
You could then withdraw the full amount as cash or, if you prefer, simply use your debit card.
I really need cash
Although we don't provide cash loans, Satsuma is part of the Provident Financial Group. Our sister company, Provident, does offer this facility through their home credit loans. You can find out more about this service here.
We don't charge any fees
Some finance companies charge interest on their loans plus fees and other charges. These might be arrangement fees or late payment fees.
Satsuma’s different. We do, of course, charge an interest rate on the money you borrow, but we’ll never charge you any extras you weren’t expecting.
Even if you miss a payment, we won't add any extra charges on top of the amount you’ve agreed. We pride ourselves on being a responsible lender, which means we’re always open about what we charge.
We don't charge BACS fees, extension fees, late payment fees or any other kind of fee. You can learn more about what we do, and more importantly don’t, charge you here.
This means the amount you borrow and the interest we charge is the only money you ever owe. You can find out exactly what that will be by using our loan calculator.
The Satsuma loan calculator
You can use this handy tool before you apply for your Satsuma loan.
It tells you exactly how much you’ll owe based on the amount you’d like to borrow and it’s very easy to use. You can find it here.
Use the sliders to vary the loan amount and the repayment period.
You can use any combination and the calculator will show the total amount you’ll owe, plus the monthly or weekly repayment amount, and the total of the interest we’ll charge.
Things to consider before you make a loan application
Whenever you’re thinking about taking any type of loan, you should make sure you’re comfortable dealing with the lender.
Every lender’s different and there are some companies offering cash loans. So, how do you decide?
Comparing each company’s annual percentage rate (APR) is a good place to start. You should also make sure you’re aware of the fees each lender charges. Remember, we don't charge any fees. It can also be worthwhile reading up on the background of each company you’re considering. For example, Satsuma has a long history of lending a helping hand thanks to its heritage as part of the Provident Financial Group, which reaches right back to 1880.
Above all, you should think carefully about whether a loan is the best solution for you and your situation, and whether you’ll be able to afford the repayments.
If you do decide on Satsuma for your short term loan, the application process is fully online.
How to apply
We don’t like to make things complicated for our customers. We’re an online company, so you can apply wherever you access the internet, whether that’s at home on your laptop or on the move through your mobile.
Before you begin the application process, it can be worthwhile making a note of all your regular outgoings.
As you go through your application, we’ll ask you for information about your income, as well as a few questions about the money you pay out each month; for example, your rent, utility bills, insurance etc.
We do this so we can work out if you are able to repay the amount of money you’d like to borrow from us.
Once you’ve told us about your income and expenses, we’ll then ask for your contact details, including your home address, mobile number and email address.
We’ll also need your bank account details and debit card information, so make sure you’ve got those to hand.
You can apply here.
How we pay you
When you’ve completed the online application process, we’ll decide whether we can approve your loan. In some cases, we might ask for more information, such as a copy of your payslip, but most decisions are made instantly. You can find out more about our decision-making process here.
Assuming your application is approved and you apply between 6am and 11pm, we’ll aim to transfer the money into your bank account within an hour.
How you pay us
You repay the money you borrow according to the schedule you choose at the outset.
We collect your weekly or monthly payment from the debit card details you gave us during your application. We do this using a process called Continuous Payment Authority, or CPA. You don't need to do anything, it’s all done automatically.
If we’re unable to collect a payment for any reason (e.g. insufficient funds, card expired etc.), we’ll get in touch with you.
We won't try and collect the payment again until we’ve spoken to you and, as you know, we won't add any penalty fees to your balance.
Is it better to repay my loan by weekly or monthly instalments?
This is entirely up to you. The amount you repay is the same whether you opt to pay each week or each month. What you decide, in terms of your repayment schedule, will largely depend on your personal circumstances.
Many of us find it useful to match our outgoings (including any loan repayments) to the date we receive our wages.
If you’re paid weekly, it can be more convenient for your budget if you repay your loan in smaller weekly amounts. Setting aside a portion of your weekly wage to pay back a larger lump sum at the end of the month might be harder to stick to. If you can’t make a payment, your credit rating is likely to suffer.
On the other hand, if your salary is paid monthly, it’ can be easier to schedule your loan repayment as a single monthly amount paid around the same date you receive your wages.
All you need to do is call our Customer Care team on 0800 694 0004 and they will help you make your payment. And because it’s Satsuma, there’ll never be a penalty or fee for missing a payment.
Cash loans vs short terms loans
You might be reading this after researching cash loans. At Satsuma, we only provide short term loans.
Features of a short term loan from Satsuma
- If approved, you can have the money in your bank account in less than an hour. **
- Your repayments are taken from your debit card automatically.
- The whole process is carried out online
- No guarantor is needed. We’ll never ask you to find someone who can pay your loan if you can’t. The agreement we make is just between you and ourselves.
- Even as a new customer, you can borrow up to £1,000 (subject to affordability).
- Flexible repayment terms. You choose how long you want to repay the loan and how often those repayments are made.
Can I apply if I have a bad credit history?
The answer is yes. We consider applications from those with bad or adverse credit histories.
As we mentioned earlier, during your application, we’ll ask for details of your income and outgoings. This is so we can determine whether you’re able to repay the amount of money you’re asking to borrow.
We’ll also carry out a credit check with one of the credit reference agencies. Credit reference agencies provide us with your credit report, which contains details of any previous credit arrangements you’ve had, such as loans, credit cards, mortgages etc.
The information in the report is used to compile your credit score. We’ll use this score, together with the other information you provide, to decide if we can approve your loan application. You can find out more about how we decide if we can give you a loan by clicking here.
Is it safe to borrow from Satsuma?
It’s always wise to know who you’re borrowing money from, so you should absolutely do your homework before accepting a loan from any company.
Satsuma is a part of the Provident Financial Group and Provident has been around since 1880. During that the time, Provident has built a strong reputation for responsible lending and great customer service.
Likewise, we’re also a responsible lender. We don't lend money to anyone we believe won’t be able to pay us back. We don't want any of our customers taking on debt they can't afford. We also don't charge fees and believe in being totally transparent. What you agree to pay back is all you’ll ever owe.
How do I apply?
If you’d like to apply for a loan from us, the best place to start is with our loan calculator.
Once you’ve decided how much you’d like to borrow and you’re happy with the amount you’ll need to repay, you should visit this page.
Remember, you need to have your personal information handy, including:
- Mobile phone number
- Email address
- A note of your income and all your regular outgoings
- Bank account details
- Debit card information
If you have any problems or would like more information, you can call our Customer Care team and they’ll be happy to help. Call us on 0800 694 0004.
* Unless you choose to apply, approval for a Satsuma Loan is subject to successful completion of affordability and identity checks. Satsuma Loans are only available to UK residents who are at least 18 years of age and have a valid UK bank account and debit card.
**If approved, hourly pay-outs between 6am-11pm