What is a cash loan?

A cash loan is exactly what you think it is – a loan that is given to someone in cash. The difference between a cash loan and a standard loan is that, typically, a standard loan will be paid directly into a bank account, rather than being given as a lump sum of cash in hand. 

How does a cash loan work?

To receive a cash loan, at least part of the application process will typically need to happen face-to-face with a lender. This can either be in a lender’s branch on the high street, or from a doorstop agent, such as those who Provident engage to work with them for their home credit loan.

During the application, you’ll likely be assessed to check that you can afford the repayments by the lender. If you’re granted the loan, it will be given to you in cash and in full, and you’ll be required to pay it back in cash on the agreed repayment day or dates.

Cash loans are typically unsecured, meaning you don’t need to use your property or possessions as collateral.

What are the benefits of a cash loan?

Cash loans are ideal for those who do not have a bank account, and are often the only type of loan someone will be able to apply for if this is the case.

If you take out a doorstep cash loan, also known as home credit, you’ll likely have a dedicated agent who will visit you at a prearranged time every week to collect the loan repayments, which can work well for those who prefer a face-to-face service.

Those who’d rather do things by electronic payments may find they prefer an online loan, like those from Satsuma. We can deposit the loan amount straight into your bank account and take repayments automatically from your debit card.

Use our loan calculator to work out the types of monthly or weekly repayments you’d need to make based on how much you’d want to borrow and how long for.

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Example of cash loans

A cash loan application is similar to the application for any other loan. You will need to request the credit amount you’d like and the number of months or weeks you wish to repay over. Then you’ll be given details of the interest that will need to be paid, and the final amount to pay back.

A cash loan will likely be for smaller sized sums, from around £100 to £1,000 or perhaps more.

Who is a cash loan most suited for?

Cash loans are well suited to those who do not have a bank account. They are also an option for people who wish to have a face-to-face meeting with an agent every week when they make payments rather than having the money automatically taken from their account. 

How to apply for a cash loan

We do not offer cash loans at Satsuma Loans. However, if you need instant cash, it’s important to remember that our loans are processed on the same day if you are approved, meaning they’ll often appear in your account within an hour after approval (if approved between 6am and 11pm). Once it’s in your account, you’re free to visit an ATM and withdraw the cash.

If you are certain that a cash loan is right for you, our Provident offers this service. 

What happens after you apply for a cash loan?

After you apply for a cash loan, you’ll be assessed in the same manner as with an online loan. If  you’ve been approved in principle, an agent will visit you in person to complete the application process, to check the loan is affordable and sustainable and, if approved  to pay you the loan in person.

How is a Satsuma Loan different?

With a Satsuma Loan, you can apply online and instantly find out if you’ve been approved in principle. After you’ve used the loan calculator to work out how much you want to borrow, you can apply straight away. We don’t have any hidden fees or penalties – all you’ll pay back is the amount you agree to upfront. 

Before you get started, make sure to have the following information to hand:

  •         Mobile phone number and email address.
  •         Address history from the last three years.
  •         Details of your regular expenditure (income and outgoings).
  •         Bank account and debit card details.

You must also be a UK resident, between the ages of 18 and 74, with no history of bankruptcy and agree to a Satsuma Loans credit check. 

Keep in mind that the credit check is based on the amount you’re looking to borrow, as well as your other financial circumstances, so it’s not necessary to have a perfect credit score in order to be considered.

Once you’ve filled in all the necessary information and passed the credit check, your money can be transferred into your account within the hour, as long as you’ve applied between 6am and 11pm.

And that’s where your work ends! Weekly repayments will be automatically deducted from your bank card, with our quick and simple Continuous Payment Authority. We’ll only ever take payment on the day you agree to, and we’ll never charge you any fees for a late or missed payment.

If you ever have any questions or concerns, or your circumstances change, our Customer Care Team is always happy to help.