Are you looking to borrow some money?
If you’re thinking about borrowing some money from us or another loan provider, we know this is not a decision you will make lightly as there are lots of things to consider.
What does it involve?
When you borrow money you are signing up to an agreement with the financial provider to say that you want to borrow a certain amount and that you will pay it back over a set period of time. With a Satsuma Loan we offer loans up to £1,000 which can be paid back over 3 to 12 months in weekly instalments. Every provider is different which is why it’s important to shop around.
Once you’ve decided what amount of cash you want to borrow, there are some things to consider such as:
- How long you want to take to pay the money back
- The repayment frequency and amount
- The total amount payable
- Any fees or charges the lender may apply
- The APR of the loan
Most lenders have a loan calculator that you can use to make comparing like for like loans easier. Once you’re happy and choose to apply you’ll complete your application and most likely be subject to a credit check. This is where the loan provider takes a look at your credit file to see previous and current financial information. By doing this they can see how good you have been at paying back credit in the past. To find more about credit checks click here.
If you want further information about how we compare with other loan providers visit our compare loans section.
Loans can be repaid over a period of 13 to 52 weeks depending on the loan term chosen at application. The maximum APR for a loan is 1575%.
What types of loans are there?
The other thing to consider when borrowing money is whether you are applying for the right type of loan for you. How much you want to borrow, how good your credit history is and what you want to use the loan for will help you to determine which loan best suits you. We’ve pulled together a number of pages covering information on some of the most common loan types to give you some information to help you make a decision about getting the loan that’s right for you:
- Online Loans – no actual ‘paper’ required just an online application form, so no fuss.
- Unsecured Loans – suitable for those who don’t own a home
- Short term loans – short term loans for a short term need, it’s what Satsuma offer
- Guarantor Loans – suitable for those with a poor credit history, who need someone who knows and is happy to trust them in case they get into difficulty
- Secured Loans – suitable for home owners
- Direct Loans – go direct with a lender and cut out the middle man
Representative example: £400 loan repayable over 26 weeks. 26 weekly payments of £29.46. Rate of interest 183% p.a. fixed. Representative 1,575% APR. Total amount payable is £765.96.