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Why choose us?
What are same day loans?
Same day loans are pretty much what they say on the tin. We’re talking about loans that are paid out on the same day your application is accepted.
There are different types of loan, many of which could be described as same day loans. In most cases, the general premise is the same.
You make an application to a bank or other lender, and the paperwork is processed. If you’re approved, the loan company will transfer the money you’ve agreed to borrow into your bank account, usually within an hour or two.
Why do I need a same day loan?
There are times when we all need extra cash fast. Emergencies happen, unforeseen events occur and unexpected bills arrive at the worst times. Often, they arrive when we’re between paydays and our cash reserves have run low.
When this happens, we often turn to our bank or building society for a loan to cover the unexpected expenses. However, approaching traditional lenders can sometimes be difficult because of:
- The time is takes to get the cash
- Poor credit history
No time like the present
When you apply for a loan from a high-street bank or building society, the process can take days or even weeks. The paperwork must be completed and submitted, the bank then needs to process the application and, finally, if the loan is approved, the cash will be sent to your account.
The issue here, of course, is the time it takes when you’re facing an emergency and need funds quickly. In this case, applying online for a same day loan, rather than going to a traditional lender, allows you to access the cash you need much quicker.
Past financial issues
Another barrier to applying for a loan from a bank or building society can be the high barrier to entry. Traditional institutions take issue with lending to customers with poor credit histories or who may have had financial difficulties in the past.
On the other hand, some same day loans companies will approve a loan even if the borrower has had past credit issues. Because the amount they lend is typically smaller, they are more prepared to approve applicants regardless of credit history. However, they sometimes charge fees for missed payments which can cause further issues.
Are same day loans the same as cash loans?
The label 'cash loan' is a little misleading. Although there are some loan companies that pay out and collect repayments in cash, most loans are paid to bank accounts. That said, they can still be called cash loans because the money is almost instantly available.
When your application for a same day loan is accepted, the money you’ve borrowed will be transferred into your account on the same day. You can then withdraw your funds in cash or use your debit card. So, while the cash isn't placed directly into your hand, it’s normally available to you straight away.
Do Satsuma offer same day loans?
If you apply for a Satsuma loan, provided you apply between 6am and 11pm, the money will be deposited into your account within an hour if approved.
This means whatever the emergency situation you find yourself in, or for whatever reason you need the loan, the cash will be instantly available to you.
Is a same day loan the same as a payday loan?
Payday loans are paid out on the same day the lender receives the application. However, they shouldn't be confused with the loans offered by responsible lenders like Satsuma.
The big difference between a payday loan and the same day loans offered by Satsuma is the former is a lump sum payment that must be repaid in full (usually within 30 days). Extra fees and, of course interest, are also charged.
Payday loans have attracted very poor publicity in the past. This has been due to the difficulties borrowers have found themselves in when they are unable to repay the full amount within a very short timeframe.
By contrast, a short term loan from Satsuma, which can be a sum between £100 and £1,000 for new customers, can be paid back in instalments agreed upfront. These instalments can be paid either weekly or monthly, and can be scheduled over three to twelve months to suit your budget.
Are same day loans safe?
When you take out a credit agreement (a loan or credit card, for example), you’re protected by the Financial Conduct Authority (FCA). The FCA regulates financial products like same day loans and it’s their role to provide protection for consumers. You can learn more about the FCA here.
The FCA also compiles the consumer credit register. This is a register of financial companies and you can use it to check out a company before you apply for a loan from them. You can find the register here.
Should you have any issues with any company that has provided you with credit, you can ask for help from the Financial Ombudsman. Again, the ombudsman's role is to ensure consumers are protected. You can find out more information here.
Can I apply for a same day loan if I have bad credit?
At Satsuma, we’ll consider applications from everyone, regardless of credit history. If you’ve had difficulties with finance in the past, we may still be able to help you.
We’re much more concerned with your ability to repay your loan, rather than with your previous credit history. If you can afford the repayments, we may be able to help you.
However, we are a responsible lender, which means we won’t loan money to those we don’t think will be able to manage the repayments. We don't want any of our customers to take on debt they can't afford.
So, will I need a guarantor?
No. Even if you have a poor credit history, we will never ask you to provide a guarantor.
Why should I trust Satsuma Loans?
We are very different to other lenders you may have heard about.
When you apply for a loan with us, you know exactly how much you will have to repay before you make your application. You can use our loan calculator to see how much interest you will be charged and the total amount you will have to repay.
The total you see on the screen is the final figure you will owe. This is because, unlike other lenders, we never charge any fees. Even if you miss a payment, you will not be charged any extra fees on top of the amount you borrowed. You can read more about our charges here.
Here to help
Satsuma are part of the Provident Financial Group, which has been lending a helping hand when others don’t since 1880. Over the years, we’ve proudly built a reputation for customer service and responsible lending.
If you need information or you’re struggling to repay your loan, it’s easy to get in touch. Our Customer Care team is available between 8am and 8pm Monday to Friday, and from 8:30am to 5pm on a Saturday. You can contact them on 0800 694 0004.
How do I apply?
It’s easy to apply for same day loans from Satsuma.
You can begin your application here but, before you do, take a moment to ensure you have all the details we’ll need in front of you. Don't worry, we don't ask for too much information and the application is a quick and easy process. We’ll then give you a decision instantly.
What you need
Your mobile phone number so we can contact you
A valid email address - we recommend you use the email account you check most regularly
Your income and expenses - we need to know you can afford the repayments
Details of your bank account and debit card, so we can deposit your cash into your account and set up your repayment schedule
That’s all you’ll need. Once you’ve gathered the information together, visit this page to begin your application. You can choose how much you borrow (up to £2,000 in some cases) and how often you want to make the repayments.
You can choose from either weekly or monthly instalments, whichever works best for your budget, and how often you’re paid.