What exactly are Short Term Installment Loans?

Short term installment loans are a method to borrow a quantity of cash and repay it in a space that is short of. This contrasts along with other forms of borrowing, such as for instance mortgages and car and truck loans, that are removed for bigger levels of cash that you typically pay off over years.

You may find you have limited acce to loans from some high street lenders or banks if you have a le than perfect credit history. With Satsuma, we glance at more than simply your credit rating when it comes to you for the short-term loan, meaning you could remain accepted despite having le than favourable credit.

Why choose Satsuma?

If you’re trying to find a quick term loan but have actually restricted acce to credit from banking institutions as well as other high-street loan providers, we’re able to assist. At Satsuma, you might borrow between ?100 and ?1,000 and repay over a length between 3 to 12 months if authorized.

We usually do not charge charges for mied or payments that are late you simply pay off everything you agree upfront. Nonetheless, we nevertheless charge mortgage loan regarding the cash you borrow. It is additionally well well well worth noting that Satsuma are really a lender that is high-interest so please just just just take this under consideration before you apply for a loan with us.

We are able to tell you whether you’re probably be accepted for the temporary loan, without making a difficult impact on your own credit report.

With Satsuma you will find out if you’re qualified before using. Even though you have past reputation for bad credit, you’ll get an eligibility choice within one minute. You aren’t obliged to simply take away that loan and there won’t be an archive from it in your credit report.

Should you choose choose to use a short while later but, in that case your application will need the full credit check.

To test, fill away this form and we’ll give you an immediate decision, susceptible to affordability.

Check always just before use

Provide us with several details and you’ll find away in 60 moments if you’re probably be accepted

Protect your credit history

Regardless of the total outcome, it will not impact your credit rating unle you decide to use

Finish an application that is full

If you decide to use, we’ll then run the full credit check that will keep a mark in your credit history

Are Satsuma a primary loan provider?

Satsuma is an immediate loan provider , this means we spend the agreed loan amount straight into your account, then manage it right until the last repayment. But, we do on event use agents too.

What’s the difference between short term installment loans and payday advances?

Although they are able to appear comparable, there are lots of differences when considering short term installment loans and loans that are payday.

Unlike pay day loans, which needs to be paid back in a single lump amount within a couple weeks of taking out fully the mortgage, repayments on a Satsuma payday loans in Yellow Springs temporary loan is produced in regular or month-to-month instalments, over a length of between 3 to 12 months.

It over for an additional month, you can be charged an additional fee or have increased interest added on to your payments if you mi a repayment on a payday loan or roll. You’ll not spend any extra costs for a Satsuma temporary loan, just what’s agreed upfront.

Nonetheless, even as we talked about earlier in the day, we have been a top interest loan provider this means our interest levels are much more than conventional high-street lenders. Something that should be thought about very very carefully if you’re thinking about a Satsuma loan.

Can a temporary loan be good for my credit score?

The theory is that, any loan you are taking down – a term that is short or otherwise – may have a direct effect on your own credit history. Whether it has an optimistic or negative impact is dependent upon the way you handle your repayments.

You took it out, and make all your repayments on time, this can help to improve your credit rating if you pay your loan back under the terms agreed when. If, having said that, you’re late with re payments or mi them entirely, this will probably damage your credit history.

You should also consider how these are managed if you have other lines of credit open. If repayments are mied somewhere else then this may have a negative affect your credit score.

But, you can find exceptions to take into account: if a certain business views temporary (or payday) loans adversely, then having this on the credit rating may potentially count against you.