Representative Example: On an assumed loan amount of £750 over 12 months. Rate of interest 191.2% (fixed). Total repayment amount £1726.68 and total interest is £976.68. 12 monthly payments of £143.89. My Financial Broker is a broker, not a lender*.
* As a broker, we are unable to ascertain exactly how many customers take out a loan or the lender’s rate of interest particular to that customer, therefore our calculation is based on the mean APR of our panel of lenders.
Is Satsuma Loans Safe?
As mentioned, Satsuma no longer offers short term loans, but you can be assured that the lenders like Satsuma we work with are safe and trustworthy lenders. Every loan provider in our network is regulated and authorised by the Financial Conduct Authority (FCA) – you will be able to look up their registration number on the FCA Website
There are a number of key features and benefits you’ll receive when you apply for a short term loan with lenders like Satsuma. While each lender is different, many offer the same advantages, such as short application forms and fast payout times. Most short term lenders will furthermore consider your application even if you have a less than perfect credit history.
Lenders like Satsuma understand that your credit score is not always a true representation of how you manage your finances. As most information stays on your credit file for around six years, often a poor credit rating is due to a late or missed payment from ages ago. Lenders like Satsuma will therefore take other factors into consideration when they make a loan decision, not just your credit score. They will look at things like your income and expenditure, so that they can get a good understanding of your current financial situation.
We’ve listed some of the other key features of loans similar to a Satsuma loan below:
Direct lenders only
Typically borrow smaller amounts, from £100 to £1,000
Generally repaid over a few months
Equal monthly instalments, with the option to pay weekly, fortnightly or four-weekly
Option to repay early
Same day funding
100% online application
Smart checker to check your eligibility
What is The Criteria For Satsuma Loans?
Satsuma had similar basic lending criteria to most short term lenders, who ask that you meet the requirements below when applying for a short term loan with them:
Full-time UK resident
Aged 18 and above
Not currently bankrupt
Hold a UK bank or building society account with a valid debit card
Have a working mobile phone and email address
Your loan will be subject to status and will undergo a series of credit checks and affordability checks to ensure your eligibility and how much you can afford to repay. However, the majority of loans are completed on the same day of applying and funded directly into the customer’s bank account.
How is Satsuma Loans Different?
Loans like those offered by Satsuma Loans are different due to their flexibility. Short term loan providers typically allow customers to repay weekly or monthly – this might be more suitable for borrowers who get paid on a weekly basis or who are watching their finances closely.
Lenders like Satsuma also like to offer flexibility in both borrowing and repaying. Customers can choose how long they want to borrow for, and the dates they wish to make their repayments. This might be on their payday, or perhaps the day after, to allow for wage delays. You should furthermore have the chance to repay early at any point with a short term loan. Customers will save money if they clear their account early, as they will be able to save money on the overall interest.
Satsuma Loans offered instalment loans, which allow you to spread the cost of borrowing over several months. Instalment loans are often a better option than traditional payday loans, whereby customers receive their loan upfront and repay in full on their next pay date. The monthly payments of an instalment loan are easier to budget for, as the payments tend to be smaller.
With both types of short term loan, the main benefit is that you only pay interest for the time the loan is open. So if you only need a payday loan for a week, you will only pay 7 days of interest.
How To Apply With Satsuma Loans?
While Satsuma are no longer lending, My Financial Broker work with a number of similar lenders, who can offer loans of up to £2,000. You can complete our online application in minutes via desktop, mobile or tablet. You should then receive an instant decision on screen, letting you know if you have been matched with a direct lender. You will be redirected to their website, and if approved, you will usually be able to receive your funds within 1 hour or on the same day.
Some lenders also have an eligibility calculator on their website, which will allow you to check your eligibility for a loan, with no obligation to proceed. You can see very clearly how much you can borrow and will be repaying, with no impact to your credit score.
What Happens If You Cannot Repay?
Failing to keep up with your loan repayments may incur additional late fees or added interest for the days that the loan is not repaid. But as the lenders we work with are regulated by the FCA, they will always be able to offer you forbearance. FCA guidelines ensure that all lenders treat their customers fairly, and if you get in touch with your lender if you’re unable to pay, they should be able to help.
Do bear in mind that missing your repayments can increase the overall cost of a loan and may have a negative impact on your credit rating. The information that your loan is overdue will be reported to the main credit reference agencies in the UK and this will be updated on your credit file, for future lenders and creditors to see.
If you are having issues repaying your loan, it is important that you speak to the lender beforehand or with as much notice as possible. Most lenders in the UK are able to offer a few days for you to extend repayment on your loan, help you set up a payment plan, or temporarily freeze interest for you.Apply Now