Representative 535% APR.
A payday loan is a type of short-term credit, as the name suggests, the debt from this type of loan is usually repaid in full from the borrower’s next pay packet.
Some lenders provide these types of payday loans, but with Satsuma we only provide short-term loans. Our customers can borrow up to £1,000, subject to affordability, and repay between 3 to 12 months, in either weekly or monthly instalments. This feature differentiates a Satsuma loan from payday loans.
Why choose Satsuma?
When designing our alternative to payday loans, we wanted to offer a flexible, short-term loan that allowed customers to choose how long they spent repaying their loan.
Try our loan calculator
Before you apply for a Satsuma short-term loan, you may want to consider using our loan calculator to get an understanding of exactly what your repayments will be. You can use the sliders to set the amount you need to borrow, whether you prefer to repay it with weekly or monthly payments over your selected time period.
It puts you in control because you can see what the repayments would be, change the amount or repayment period around, and work out what is the best option for you.
Our loan calculator shows exactly what you'll repay
Check before you apply
When you apply for any credit, whether it’s a payday loan or an alternative like a short term loan available at Satsuma, it will leave a mark on your credit file. If you’ve been declined a loan as a result of a credit check, it may impact your credit rating – even if you don’t end up taking out that loan. This can also impact the way other companies assess you for credit.
With Satsuma you can check before you apply. If you are considering applying for one of our short-term loans, we’ll give you an eligibility decision within 60 seconds. It will not affect your credit score unless you choose to take out the loan afterwards.
You’re not obliged to take out a loan with us after checking and there won’t be a record of it on your credit file. A full application does however need a full credit check.
We check your info
Its 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. We'll need to check your details if you choose to apply*
Can I apply for a Satsuma loan online?
Satsuma only offers short-term loans online. Check before you apply and once you have filled out a few details, we can give you an initial decision in 60 seconds. If you then wish to proceed, this will be subject to a full affordability assessment which includes a credit check.
In some instances we may require 3 months’ worth of payslips, this is to validate your income.
You will need a few details to hand before you apply including:
- Your email address
- Mobile phone number
- Addresses of where you have lived for the last 3 years
- Details of your income and outgoings
- Bank account information
If you’ve borrowed from us before or if you have an existing loan with us, you will also need your loan agreement number.
Does Satsuma offer Bad Credit Payday Loans?
At Satsuma, we do not offer bad credit payday loans as there is no such thing. Whilst some might assume that a poor credit history can result in payday loans being the only option available, there are alternatives available depending on individual needs and circumstances, such as a short term loan like Satsuma.
What is a Guarantor Loan, and do Satsuma offer these?
No. Guarantor loans are those which require the borrower to have a secondary party guarantee the loan repayment if the original applicant defaults at any point.
Satsuma do not offer guarantor loans, one of the features of a Satsuma short term loan is that it is a ‘no guarantor’ loan.
Even if you have had difficulties with credit in the past, you may still be eligible for a Satsuma loan which doesn’t require a guarantor.
Can you get a loan without a credit check?
In the UK, regulated lenders have to perform credit and affordability checks to make sure they are lending to people who can afford it. Satsuma will therefore complete a credit check if you apply for a Satsuma short-term loan.
Check before you apply without impacting your credit rating
Will I be accepted if I have bad credit?
We carefully consider every application, including those from people with a bad credit history.
We are a responsible lender and our decision on whether to offer you a loan will not just be based on your credit score, but also your personal circumstances and we want to ensure that if you take a loan with us, the repayments will be affordable throughout the term of the loan.
Why Satsuma is different from a payday loan company
Satsuma aren’t a payday loan company. Repayments on a Satsuma short term loan can be spread over 3 to 12 months meaning the full repayment isn’t taken in one instalment.
Some features of a Satsuma short term loan are:
- You don’t have to pay the loan back in one lump sum.
- You’ll never be charged any extra fees, you’ll only pay what is agreed up front.
- You can choose to pay either weekly or monthly.
- You can repay your loan in instalments over a period of up to a year.
- You can borrow up to £1,000, subject to affordability, even if you’re a new customer.
- The cash will usually be in your bank account the same day your application is accepted
- We have a Customer Care team available if you run into difficulties.
As a responsible lender, all our loans are subject to credit and affordability checks.
Ready to get started?
If you have read this information and feel that a Satsuma short-term loan, an alternative to payday loans, is the right choice for you, then use our loans calculator. This will allow you to see what the repayments would look like on the amount you wish to borrow.
You may then want to check before applying.
Our application process can then be completed online, and you could get a final decision within 60 seconds.
Common questions about payday loans
Can I get a payday loan with very bad credit?
Eligibility for a loan can depend on each lender’s individual criteria. Typically, a payday loan provider will look at both your credit history and your current financial situation before they make a decision on whether to lend to you and some loan companies may be more willing than others to lend to people with very bad credit. However, this can vary from one lender to another.
Satsuma are not a payday lender however we consider all circumstances, including bad credit. We do complete a credit check and also take your personal circumstances into account as part of our decisioning. You can check to see in advance if you are likely to qualify for one of our short-term loans.
What happens if you don’t repay a payday loan?
All loan providers may differ, so you should consider carefully when applying for a loan what the terms and conditions are around the consequences of missing repayments..
What happens if you don’t repay a Satsuma loan?
With a Satsuma short-term loan, there are no fees for late or missed payments, you’ll only pay back what you agree up front. So you won’t find your debt grows to more than you expected.
However, if your circumstances do change and you do not let your lender know and miss repayments or pay less than the contractual amount, you may risk damaging your credit rating. Therefore, it’s always a good idea to let a lender know if your circumstances change, and as Satsuma Loans is a responsible lender, we’ll always do what we can to try and help.
Whether it’s a payday loan or a payday loan alternative, talk to your lender if you are struggling. You can talk to Satsuma by phone, online, or by post. Details on how to contact us can be found here.
Can I get a payday loan online?
Some payday loan companies allow you to apply online. However, each company has their own acceptance requirements so the ability to be approved can vary from one lender to another.
If you decide a short-term loan from Satsuma would suit your needs more than a payday loan, the application process can be done online, and you could get a decision within 60 seconds. You just need to have all your information handy, including:
- Your email address
- Mobile phone number
- Addresses of where you have lived for the last three years
- Details of your income and outgoings
- Bank account information.
What are some alternatives to payday loans?
Satsuma loans are one alternative if you consider repaying over a longer period. We lend money over 3 to 12 months, meaning you can spread the cost over several pay packets with monthly or weekly repayments.
If your question isn’t answered above, you can call our customer service team on 0800 694 0004.
* Approval for a Satsuma Loan is subject to successful completion of affordability and identity 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