Representative example: £400 loan repayable over 6 months. 6 monthly payments of £126.40. Rate of interest 179% p.a. fixed. Representative 991% APR. Total amount payable is £758.40.
Quick Loans from Satsuma Loans
Everyone wants everything quickly these days. We visit fast food restaurants; we’re always on the lookout for shortcuts on our daily commute; and we start tapping our feet whenever we queue for longer than 30 seconds.
When it comes to looking for loans, we don't want to spend hours trying to make sense of endless forms. We also don’t want to be waiting weeks for our loan applications to be processed, approved and finally paid out.
We want to be able to go through a quick application process. Ideally, we want to do it online, so we can use our phone or laptop while watching TV or eating dinner. Above all, we want the money in our bank account quickly.
What are the best quick loans?
There are lots of loans available from different lenders, which makes the process of finding the best one a little difficult.
The phrase 'quick loans' is perhaps mostly associated with payday loans. This isn't very accurate though as other types of finance can pay out just as quickly.
Unlike payday loans, which must be paid back in a single lump sum, the best quick loans are repaid in small, affordable instalments. These are often referred to as short term loans. They’re typically loans for small amounts, usually under £1,000, and are repaid over a period between three months to a year.
A wide variety of leaders offer short term loans and you’ll find a whole raft of these products online.
How to get quick loans online
The internet is great for getting things done quickly. We can order pizza, find a car or buy a fridge; whatever we want, it’s only ever a few clicks away.
We can also use the internet to find and apply for a loan. This is handy since the reason we usually need a quick loan is because something has happened out of the blue and we’re desperate for fast cash.
If the knocking noise in the car has become impossible to ignore or you can't see because there’s smoke pouring from your washing machine, a loan may be the only way to deal with the cost of the emergency.
How do quick loans work?
The great thing about quick loans is how fast the decision is made and the loan is paid out.
Once the online application is complete, a decision can be made instantly. If the loan is approved, the funds will be deposited into your account within an hour (if you apply between 6am and 11pm).
It really is that straightforward, which makes ‘quick loans’ a pretty apt name.
How much can I borrow?
As a new customer, you can apply to borrow between £100 and £1,000. If you’re already a customer, you can apply for up to £2,000.
Obviously, the amount we agree is dependent on several factors, including what you need the money for and the amount you can afford to repay.
Before you make any commitment, you should use our loan calculator. Using the movable sliders in this uncomplicated tool allows you to see how much interest you’ll be charged on the amount you’d like to borrow.
The calculator will also work out how much your repayments will be, depending on whether you choose monthly or weekly instalments.
Quick loans from Satsuma
Dealing with a finance company used to be a daunting process. The paperwork alone was enough to put anyone off applying for loan - no matter how badly they needed it.
Thankfully, the ability to apply for a loan online has made the whole process faster, more straightforward and a lot less stressful.
What else has changed?
Quite a bit. One of the biggest changes in being able to apply for a loan online is the ability to know exactly how much you’re borrowing before you complete your application.
Many of us don't realise that, even when we know how much interest is applied to our loan, the final figure often is lower than the one we actually pay back. The reason: all the fees that are added on.
Arrangement fees, BACs fees and especially late payment fees. These can all add significantly to the actual amount we finally pay to the finance company.
However, with Satsuma, the amount you pay back is always the same as the amount you agree upfront. We can say this because we never add any hidden fees. You can find out more about this here, but rest assured no extra charges will ever be added to the amount you agreed to pay back, even if you miss a payment.
Can I pay weekly?
With Satsuma, you have the choice of either a weekly or monthly repayment schedule. We believe this choice gives you greater flexibility and allows you to budget more effectively.
A useful tip is to schedule your repayments to match your pay day. If you’re paid weekly, it makes sense to repay your loan in smaller weekly instalments; vice-versa if you’re paid monthly.
As we've already discussed, you should decide before you apply whether weekly or monthly repayments better suit your circumstances.
Whichever one you choose, you can also make additional payments if you wish.
Perhaps you've received a bonus from work or you were particularly spoiled on your birthday, so you want to make an extra payment to reduce your balance. Just call our Customer Care team on 0800 694 0004 and they’ll take you through the process.
Quick loans and benefits
If you’re on benefits, you can still apply for a Satsuma loan. What we’re interested in is whether you can comfortably afford to make your repayments, so we’re happy to receive loan applications even if you’re on a low income or benefits.
If you are on benefits, you’ll need to provide us with an image of your benefits statement. We’ll ask you for this as part of your application. Don't worry, we’ll keep your application open for 30 days to give you plenty of time to send us a picture of your documents.
We need the image to confirm your name, address and payment details, and we’ll need an image of each page. Photos from your smartphone will be fine or you can use a scanner if you have one.
How to apply for a Satsuma loan
If you’re considering a loan, you’ve used the calculator to work out how much your repayments will be, and you’ve decided on weekly or monthly repayments, you’re welcome to apply for a loan.
The process doesn't take long as everything is done online. You’ll need some basic information as you go through the application including your:
- Email address
- Mobile number
- Home addresses for the last three years
- Details of regular income and outgoings
We should find submitting your application straightforward, but if you need any help or additional information just contact our Customer Care on 0800 694 0004.
You can begin your application by visiting this page.
Once you receive our decision and your application is approved, the funds will be transferred into your bank account within an hour.
Are quick loans safe?
All companies that provide loans are regulated by the Financial Conduct Authority (FCA). However, if you take a loan from Satsuma, you’ll have peace of mind from knowing you’re dealing with a company that has been established for well over 100 years.