Representative 535%​ APR.

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You'll find out in 60 seconds and we'll tell you how much you could borrow. We'll need to check your details if you choose to apply*

Why choose us?

Money in 1 hour

Once approved, hourly pay-outs between 6am-11pm

No hidden fees

Only ever pay back the amount we agree upfront

Our reviews

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

We all love a bargain. We’re constantly looking to save wherever we can. Let’s face it, who doesn’t enjoy a rummage (physical or digital) to find the best deal?

When we’re thinking of making any sort of purchase, our first stop is usually shopping around online and comparing prices. If we’re looking for a new TV and we find two sellers offering the same model, we naturally pick the one offering the lowest price.

When we’re looking for household items like TVs, price shopping is easy.

However, when we’re looking around for cheap loans, it can be difficult to compare what different companies are offering. This is because, in many cases, it’s hard to find like-for-like loans; there are so many out there to choose from and it’s rare to find two the same. 

Do cheap loans really exist? 

That’s the million dollar question – pun intended.

What’s cheap anyway? We’re all subjective when we talk about the price of things as we all have different perspectives.

A billionaire might think a £250,000 Ferrari is cheap. There again, if money’s tight, the £200 rusty Renault at the back of the showroom might look a little pricey. 

Whether it’s a car, a smartphone or a loan, it all comes down to affordability. 

So, when we’re asking if there’s such a thing as a cheap loan, maybe we should look at rephrasing the question.

Instead of looking for ‘cheap loans’, we should probably be asking: ‘Where can I find a loan I can afford to repay that suits my circumstances?' 

Comparing cheap loans from different lenders

We mentioned earlier about the difficulty of comparing loans from different lenders. A good place to start is comparing the Annual Percentage Rate (APR) charged by each lender.

Most online loan companies have calculators on their websites that allow you to enter the amount of money you’d like to borrow and the period over which you’d want to repay the money. 

Using the calculators on each lender’s site allows you to do a basic comparison. However, don't make your decision just yet.

Even though you may have compared different providers and found the cheapest loan in terms of APR, you need to be aware that the figure you’re given isn't always the one you’ll end up paying.

Don't forget the fees

What the loan calculators don't tend to show are the fees you have to pay. 

These charges can turn what appear to be cheap loans into very expensive ones.  

All finance companies are different and so are the fees they charge. Some will add arrangement fees, BACs fees, extension fees and so on.  

The impact of fees is mostly felt if, for whatever reason, you miss a payment. Late payment fees can become very expensive and add large sums to the original cost of your loan. To calculate the true cost of any loan, you need to add the amount borrowed to the interest charged and then add fees on top.

Only when you have the final figure will you be able to accurately judge whether you can afford the loan or not.

Providers of cheap loans near you

If you walk down any high street in any town in the UK, you’ll see a number of companies offering loans.

You’ll see the mainstream banks. You’ll see building societies. You may also see store fronts for a new type of shops: finance companies offering payday loans and other types of short term loans.

This could be ideal for anyone looking for a cheap loan. After all, with so many loan providers jostling for business, surely the costs will be coming down?

Unfortunately, it isn't quite so simple.

The banks and building societies are often reluctant to provide loans for those with less-than-perfect credit histories. Typically, they also only provide large amounts. 

The shops belonging to financial companies offering payday loans do offer smaller amounts and will consider people with poor credit histories. 

Unfortunately, payday loans and similar products are not suitable for everyone, and can be very expensive when fees are added on top of the interest.

Going online might be a better option.

Why Satsuma loans are different

Remember those fees we talked about? The ones that hide in the small print and drive up the total cost of your loan? With a loan from Satsuma, you don't have to worry about fees. Ever.

We don't add any fees onto your loan at all. Not even if you miss a payment.

The amount you agree upfront is always the amount you owe. There are no fees, hidden or otherwise, to inflate the true cost of your loan, so you always know the sum you’re borrowing from us.

You can learn more about our fees here.

Why you should always know how much you’re borrowing

Take the example of a smartphone contract. We know we get a data allowance, but how many of us really know what that means? 

Many of us will have happily downloaded music, videos and podcasts to our phone, only to get a huge shock at the end of the month when we get our bill. Turns out we’ve been stung with all sorts of added charges for going over our data limit.  

The extra cash needed to pay the bill and keep your phone then becomes an issue.

It can be the same scenario with a loan if you don't know about the hidden fees you might have to pay.

The impact of hidden fees

When you’ve used a loan calculator to work out your repayments, you’ve also probably worked out how those repayments will fit into your budget.

Sometimes, repayments can be a tight fit, but they’re just about manageable. However, being hit with additional fees you weren't expecting could cause problems.

With this in mind, you should always know exactly how much you’re borrowing before you even submit an application.

When you apply for Satsuma loan, it’s easy to work out exactly what you owe because we don't charge any additional fees. Not at the start, at the end

A quick recap

 Here’s what you need to consider while shopping around for cheap loans:   

  • The amount you need to borrow. Lenders will have different limits depending on your circumstances.
  • The period over which you want to repay the loan. With most lenders, you have the option to repay over a period of three to twelve months.
  • The frequency of your repayments. If you are paid weekly, it could be better to find a lender who will allow you to repay your loan in weekly instalments. However, many lenders only allow monthly repayments.
  • The amount you will be repaying every week or month. Use the calculators on the loan provider’s website to discover exactly how much your repayments will be. Make sure they fit in with your budget.
  • Check carefully for any charges or fees the lender may apply to your account.
  • Make a note of the APR or amount of interest you will repay over the life of the loan.

The information you’ll need

We’ll ask you for: 

  • Your mobile number so we can keep in touch
  • Your address history for the last three years
  • An email address (if you have more than one, give us the address you the most)
  • Details of your income
  • A note of your regular outgoings.

What we won't ask you for

Some loan providers will ask you to provide a guarantor before they’ll approve your application. There are some problems with this.

First, you may not know anyone able or willing to act as your guarantor. After all, they will be responsible for repaying the loan and any fees if, for any reason, you’re not able to.

Second, both you and your guarantor will be credit checked. This might be something your guarantor isn’t comfortable with.

If you apply for a Satsuma loan, you don’t have to worry about any of this. We’ll never ask you to provide a guarantor.

Why we ask for your income and expenditure details 

As a responsible lender, we don't want you to take on debt you can't afford to repay.

By looking at your regular outgoings, we’re able to assess whether your income is able to cope with the additional expense of a loan.

Your ability to make the repayments is much more important to us than your past credit history.  

We believe everyone should have access to finance as long as they’re able to manage their debt.

Can I apply for a Satsuma loan even if I have a bad credit history?

We’re willing to consider all circumstances, whether you’ve had credit issues in the past, are on a low income or you’re claiming benefits.

We do carry out a credit check as part of our approval process. We'll also make sure you have the ability to repay your loan.  

We always take your personal circumstances into account when deciding whether we can approve your loan. 


Does it take long for my loan to be approved?

Not at all. In the majority of cases, we’ll make a decision instantly.  

Occasionally, we’ll ask for a copy of your wage slip or images of your benefits award. In most cases, however, the decision to approve your loan or not will be made as soon as you click ‘submit’. 

Payment of your Satsuma loan

Once you’ve gone through the process of applying for your loan, you’ll probably want to know when you’ll receive the funds.

If you're approved for a Satsuma loan, your loan will be deposited into your bank account within an hour, as long as your application is received between 6am and 11pm**. Otherwise, you’ll receive your money the next day.

The cost of a loan from Satsuma 

When you’re looking around for cheap loans, it’s important to look at the APR. 

The Annual Percentage Rate is the interest added on top of your loan and it’s charged by all loan providers.

That said, rates vary between lenders. You should also realise the amount of interest you pay will depend on the period you’ve chosen to repay the loan over.

To illustrate how the APR varies according to your repayment schedule, let's look at an example of a Satsuma short term loan. 

Let's assume the loan is £400:

  • Repaying the loan over six months*** would accrue interest charges of £358.40 making a total of £758.40 to repay in instalments of £126.40
  • Repaying the loan over 12 months would accrue interest charges of £396.80 making a total of £796.80 to repay in instalments of £66.40.

From this example, you can see how the repayment period makes a difference to the interest charged and the level of repayments.

Choosing to repay the loan over a shorter time means you pay less interest, but the instalments are higher. Over a longer period, you’ll pay more interest, but the monthly instalments are lower.

When thinking about a loan, you should always consider the APR and the repayment schedule, then choose the terms that best suit your budget and personal circumstances.

Ready to apply for your Satsuma loan?

Simply visit this page to get started.


* 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

***Rate of interest 179% p.a. fixed. Representative 991% APR.