If you have bad credit history you may be considering a guarantor loan. But did you know you can apply for a no guarantor loan from Satsuma? Even if you have had credit problems in the past.
Guarantor or no guarantor - what's the difference?
When you apply for a loan with no guarantor the lender will run a credit check on you before deciding whether to approve your application. You are solely responsible for repaying the loan. But a guarantor loan works a little differently.
In this case you ask someone you know to guarantee the loan for you. This means they agree to make any payments should you be unable to do so. If your guarantor has a good credit rating the lender is likely to approve the loan. Even if you have a bad credit history.
What is SmartCheck?
SmartCheck is our online tool to see if you are eligible for a Satsuma loan.. Simply confirm your name and address and answer a few straightforward questions and you can find out if you’re eligible for a loan
SmartCheck will tell you instantly if you are eligible for a loan. It will also tell you how much you are able to borrow. And it does all this without affecting your credit rating*.
SmartCheck is ideal if you have a bad credit history or are unsure if you are eligible for a loan.
Once you have used the Smart Check option, you can then complete your online application for a Satsuma loan. No guarantor needed.
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*
How do guarantor loans work?
Applying for a guarantor loan can be more time consuming than other online loans.
Though the process may differ between lenders the usual procedure is that you, the borrower, firstly completes an online application form. The next stage is for your guarantor to complete their own application. You must both provide details of income and outgoings.
Anyone can apply for a guarantor loan. As long as you can find a guarantor with a very good credit rating.
Those with a bad credit history often believe a guarantor loan is their only option when looking for finance. However, other alternatives are available.
Loans for bad credit with no guarantor
If you have a bad credit history you can still apply for a short term loan from Satsuma. And you don't need a guarantor.
Here at Satsuma we believe the most important thing is your ability to repay the money we lend to you, regardless of your previous credit history. We welcome applications from people from all backgrounds and personal circumstances. But we will never ask you to provide a guarantor.
Applying for a no guarantor loan from Satsuma
Your ability to repay a loan is the most important thing we consider so you don’t have to have a perfect credit score. You can learn more about how we decide whether to approve a loan or not by clicking here or, to find out how much a loan would cost, you can visit our loan calculator.
No guarantor, no fees
You already know Satsuma will never ask you for a guarantor for your loan. But something else which sets us apart from many other lenders is we don't charge you any fees. What you borrow is what you pay, we won't ask you to pay any extra fees. There are no hidden charges and no surprises lurking in the small print.
A loan from Satsuma
As a new customer, you could borrow from £100 to £1,000 (subject to affordability) and repay your loan in monthly or weekly instalments on a day of the month or week to suit you. We make sure you only borrow what you can afford to repay, and you can manage and maintain your loan online.
Satsuma is part of Provident Personal Credit Limited. We are a long established and trusted lender. Remember with
- No guarantor needed.
- As a new customer you could borrow from £100 to £1,000 (subject to affordability).
- Repay your loan over three to twelve months.
- Choose either weekly or monthly repayments.
- Never pay extra fees.
- Manage your account online or via the Satsuma app.
* Unless you choose to apply, 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 of age and have a valid UK bank account and debit card.
**Once approved, hourly pay-outs between 6am-11pm
Representative example: £480 loan repayable over 9 months. 9 monthly repayments of £106.56. Rate of interest 133.1% p.a. fixed. Representative 535% APR. Total amount payable is £959.04