Representative 535% APR.
What are cash loans?
A cash loan is a loan where cash is paid directly to the borrower. With Satsuma however, we do not offer cash loans – instead, we pay the sum directly into your bank account if your application has been approved.
Why choose Satsuma?
If you’re searching for a loan online, Satsuma could help. We offer short term loans which can be repaid over a period of 3 to 12 months. If approved, you can borrow between £100 - £1,000 through our online process.
We could even give you a decision and have the funds in your account on the same day.
We don’t charge late payment fees or application fees, so you only pay back what was agreed upfront.
In some instances we do require 3 months of pay slips, this is to ensure we can validate your income.
Try our loan calculator
If you are considering applying for a short term loan, it helps to work out exactly how much you can afford to borrow and on what terms.
With the Satsuma loan calculator, you can choose the amount you want to borrow, the length of the repayment period, and whether you prefer weekly or monthly payments – helping you find a solution that works on your terms.
Use the sliders to look at the costs and repayments for different loans over different periods to find the best solution for you.
Check if you’re eligible
You can check to see if you’re eligible for a short term loan, without leaving any trace of a hard search on your credit file unless you decide to apply afterwards. However, you are not obliged to take out a loan if you don’t wish to do so.
If your application is accepted and you wish to proceed, you’ll then need to give us some more information so we can run a full credit search before transferring the agreed amount to your account.
To check, fill out this form and we’ll give you an instant decision in 60 seconds, subject to affordability.
In some instances to further validate your income, we may also ask for 3 months’ worth of pay slips.
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
Do Satsuma offer cash loans for bad credit?
A cash loan for bad credit may be an option from some lenders, however Satsuma do not offer cash loans – our loans process is entirely online.
If you are considering applying for our short term loan, then we do look at more than just your credit score when assessing your application, which means we consider applicants who may have an adverse credit history. However, our loans are deposited into a bank account, not paid out in cash.
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 income and outgoings, alongside any other financial commitments you may have. However, our loan interest rates are higher than those charged by lenders such as high-street banks.
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 offer which is affordable.
Is this a payday cash loan?
Payday loans are typically very short term loans that are usually paid out on the same day you apply, but must then typically be paid back within a few weeks.
At Satsuma, we give you between 3 and 12 months to repay your loan.
How much can I borrow?
Dependent on the amount you need, Satsuma short term loans allow you to borrow between £100 - £1,000, subject to affordability. You can spread the cost over 3 to 12 months, instead of needing to repay the whole amount in one lump sum.
Will I need a credit check?
We only offer loans subject to a credit check, but when assessing your eligibility, we also take into account several other factors regarding your personal finances and circumstances.
This means that a limited credit history or a poor credit score won’t necessarily mean your application is rejected.
Some differences between cash loans and a Satsuma short term loan
If you’re searching for a cash loan that is paid and repaid by physically handing over cash, a Satsuma loan will not be the right solution for you – we only provide short term loans, with payments made directly into your bank account. This is the biggest difference between a cash loan and a Satsuma short term loan.
With a Satsuma short term loan, you then repay the money you borrow according to the schedule you choose at the outset (3-12 months). We collect your weekly or monthly payment from the debit card details you gave us during your application.
Some features of a short term loan from Satsuma:
- Your repayments are taken from your debit card automatically
- The whole process is carried out online – though we do have a dedicated contact centre too should you need assistance
- 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
How to apply
To apply for a Satsuma short term loan, fill in our online application form and we’ll deal with the whole process from start to finish.
Common questions about Cash Loans
What is a cash loan definition?
These types of loans are usually unsecured and are paid out in cash by the lender. Satsuma are very different to this, although our loans are also unsecured, we are an online operator from initial application to final repayment, which means we pay the money directly into your account.
Can you get a cash loan with a CCJ?
If you have a County Court Judgement (CCJ), this will harm your credit score and can make getting credit quite difficult. With Satsuma however, your application may still be considered, even with a CCJ on your credit file. Use our eligibility checker to get an indication if you’re likely to be accepted, this does not harm your credit score.
Can you get a cash loan whilst being unemployed?
We may also consider your application if you are unemployed, but you will have to prove that you can meet the repayment schedule and pay back everything you borrow, plus interest. Our minimum requirements are that borrowers are UK residents aged 18 or over, with a valid UK bank account and debit card.