Now you've decided to take out a personal loan you need to find a lender. In your search for a loan you've probably checked out many lenders. One company you may have come across is SafetyNet Credit.
SafetyNet Credit are different to most lenders, as they don’t offer loans. What SafetyNet Credit offer is what’s called a revolving line of credit. This is different to a payday loan or short term loan in a number of ways.
Satsuma don’t offer revolving credit, we offer short term loans. Let’s look at some of the differences.
What is revolving credit?
As mentioned earlier, SafetyNet Credit offer a revolving line of credit. But what does this mean?
It means that you don’t borrow a fixed amount, like say £100. It also means you don’t agree to pay it back over a fixed period, for example over 6 months. A revolving line of credit is there for you to access whenever you need it. It’s more like an overdraft or a credit card than a loan.
One of the problems with this type of lending though is that there’s no way to say exactly how much you’ll have to pay back. With a loan, you pay back a certain amount over a certain period, gradually reducing the overall balance until it's at 0, and your loan is fully repaid. With revolving credit, the money is always there. So say you pay off £50, that amount will be there ready to be used again, after interest and any fees have been deducted.
You might pay back what you borrow in one month, or you might continue to use the money over a period of several years, depending on your circumstances. And how long you take to pay it back will influence how much you have to repay.
At Satsuma, as we lend you a fixed amount over a fixed period of time, we can tell you up front exactly how much you have to repay.
SafetyNet Credit versus Satsuma
Satsuma are an alternative to SafetyNet Credit. We offer short term loans, with a fixed amount and repayment period. So you know exactly how much you’ll have to pay back. As a new customer with Satsuma you can:
- Borrow from £100 to £1,000 (subject to affordability)
- Repay your loan over 3 -12 months
- Choose to repay your loan in either monthly or weekly installments
- Manage your loan from our secure app
- Never pay any additional fees
- Get an instant decision
- Receive your cash within an hour of making your application**
SafetyNet Credit do not offer most of these options. Satsuma provide an ideal alternative to SafetyNet Credit by offering a short term loan product with additional guarantees, such as no late payment fees. Satsuma also has SmartCheck.
What is SmartCheck?
It can be nerve wracking applying for a loan. But it doesn’t need to be so. Using SmartCheck, you can see if you'll be accepted before you apply.*
SmartCheck only needs a few details, and it doesn’t affect your credit score either. And it's free.
Interested? Put your details in now to find out what we’re likely to be able to lend to you.
How does SmartCheck work?
We check your info
It's not a full application so we only need a few details
Protect your credit score
No matter the result, it won't affect your credit score unless you choose to apply
Give you your result
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*
Choose the loan for you
Ready to apply?
You can apply for a Satsuma loan right now. You can check how much your repayments will be by using our loan calculator here. Don't forget to use SmartCheck first if you're a little uneasy about your credit status.
After submitting your application you'll receive an instant decision from us. If we're able to offer you a loan the cash could be in your bank account within the next hour.**
What do our customers say?
* Approval for a Satsuma Loan is subject to successful completion of affordability, fraud, identity and money laundering checks. Satsuma Loans are only available to UK residents who are at least 18 years old and have a valid UK bank account and debit card.
**Once approved, hourly pay-outs between 6am-11pm.