How we decide whether to give credit
Just as most other lenders do, we use ‘credit scoring’ to help us decide on whether or not we are able to lend to someone. In addition to this, we also carry out our own checks during the application process to ensure that we lend an amount that you can afford to repay.
Applying for a loan with Satsuma is done by completing our online application form. This form includes providing details about your income and outgoings, marital status, address etc. The information you provide to us is then reviewed along with the information in your credit report, to give you an overall score and helps us decide how likely you are to be able to afford to make the loan repayments over the term of the loan.
When we do a credit check, we contact one or more of the credit reference agencies and ask to see your credit report. It contains your personal credit history; information that has been recorded over the years from your other creditors. In your report there will be your payment history on things such as mortgage repayments, credit cards, catalogue credit accounts, overdrafts and even utility bills.
Experian Credit Score: Score Factors
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You can get your Experian CreditExpert credit report and credit score at Experian.co.uk.