What is an online loan?
Put simply, an online loan is money that’s borrowed from a lender who operates and typically services the loan online too.
At Satsuma, we handle all our loans online, from initial application to final repayment. If your application is approved, the money is paid directly into your bank account, and repayments are taken automatically via the agreed monthly or weekly direct debit payments from your account. Though we do also have a dedicated call centre too to assist with any queries you may have.
Why choose Satsuma?
If you’re looking to get a loan online, Satsuma could help. We offer online short term loans which can be repaid over a period of 3 to 12 months, meaning you can spread the cost instead of paying back in one lump sum. If approved, you can borrow between £100 and £1,000, subject to affordability through our online process.
We can even give you a decision and you may have the funds in your account on the same day.
We don’t charge any late payment fees or application fees, though we do charge an interest rate on the money you borrow. However, we will never place any unexpected extras such as BACS fees, extension fees or late payment fees, only what was agreed upfront.
Check before you apply
Give us a few details and you'll find out in 60 seconds if you're likely to be accepted
Protect your credit score
No matter the result, it won't affect your credit score unless you choose to apply
Complete a full application
If you choose to apply, we'll then run a full credit check which will leave a mark on your credit file
Try our loan calculator
Before you apply for an online loan, it helps to work out exactly how much you can afford to / need to borrow and on what terms you can make repayments.
The Satsuma loan calculator allows you to do exactly that – enter the amount you need to borrow, along with the length of the repayment period and whether you prefer weekly or monthly payments, and it will show you what the total payments and costs would be.
Use the sliders to look at the costs and repayments for different loans over different periods to find the best solution for you.
Check if you’re eligible
Once you know how much you need to borrow and over how long, you can check before you apply.
Using this you can discover whether you are likely to be approved a loan before you apply – meaning it won’t leave a mark on your credit file unless you choose to apply afterwards. You’re not obliged to take out a loan with us.
If you’re accepted, you’ll then need to give us some more information so we can run a full credit search before transferring the agreed amount to your account.
Satsuma online Loans offering
Dependent on what your circumstances may be, applying for a short term loan with Satsuma could be a useful solution. Below, we’ve outlined different scenarios in which we may be able to help you.
Applying for a loan if you have bad credit
If you have a history of bad credit, this could be deemed unfavourable when applying for a loan. However, there are some lenders who are willing to provide credit to people in this scenario, including Satsuma. When assessing your loan application, we consider your annual incomings and outgoings, along with any financial commitments you may have.
If this is an option that you’re considering, then it’s worth noting that Satsuma has a higher rate of interest compared to high street lending.
Applying for an immediate loan
If you’re looking for a same day online loan, Satsuma could offer you a 60 second eligibility decision via our eligibility checker tool.
Please note that we are a high interest lender however, meaning our rates of interest are much higher than traditional high street lenders.
Applying for a short term online loan
Satsuma short term loans are available for borrowing between £100 and £1,000, subject to affordability, and are managed online from application to final payment. Satsuma do also have a dedicated contact centre too should you need to speak to someone.
Using our loan calculator, you can decide whether a short repayment would be the best option for you, or if you’d like to spread the repayments over a longer period of 12 months. After using the calculator, you can check before you apply to see if you’re eligible for a Satsuma short term loan.
In some instances, in order to further validate your income, we may ask you for 3 months’ worth of payslips
Satsuma’s approach to online loans
At Satsuma, we want to make applying for and taking out a short term loan as clear as possible. That’s why we aim to give you an eligibility decision within 60 seconds of your initial application being completed.
We pride ourselves on being a responsible lender, which means we’re always open about what we charge. Find out more at our charges explained page. If accepted, we’ll then run a full credit check to give you a decision on how much you can borrow and the full repayment terms.
(FAQ) Common questions about Online Loans
Do I need a credit check for online loans?
Yes. But, unlike some other lenders, checking before you apply enables us to give you an instant eligibility decision within 60 seconds without running a full credit check, which means there’ll be no trace of a hard search on your report. A full application does however require a full credit check which does leave an imprint on your credit history.
Can I get a loan online with bad credit?
Approval for loan is based on affordability checks, these can vary from one lender to another. At Satsuma, although we do run a credit search on all applicants, we also consider other factors alongside your credit score, so you should never let a poor credit history stop you from applying. Checking before you apply leaves no marks on your credit file, if you decide to complete the full application, we do then complete a full credit check.
What is the lending period for online loans?
This can vary from one lender to another. However, Satsuma short term online loans must be repaid within 3 to 12 months, and repayments can be made weekly or monthly.
How much can I borrow with an online loan?
This can vary from one lender to another and is usually subject to their own affordability checks. With an online loan from Satsuma however, you can borrow between £100 and £1,000 subject to affordability.
How quickly can I get an application decision?
Check before you apply and we’ll give you an eligibility decision within 60 seconds. Satsuma are a high interest lender however, so any decision to apply for a loan should be considered very carefully.
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