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

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

Borrow ВЈ100 – ВЈ1,000, susceptible to affordability

Representative 535%​ APR.

Warning: belated payment could cause you serious cash issues. For assistance, head to

What exactly are Short Term Installment Loans?

Short term installment loans are ways to borrow a sum of cash and repay in a space that is short of. This contrasts along with other forms of borrowing, such as for example mortgages and car and truck loans, that are removed for bigger quantities of cash which you typically pay off over many years.

You may find you have limited access to loans from some high street lenders or banks if you have a less than perfect credit history. With Satsuma, we glance at more than just your credit score when contemplating you for a term that is short, meaning you could nevertheless be accepted despite having significantly less than favourable credit.

Why choose Satsuma?

We could help if you’re looking for a short term loan but have limited access to credit from banks and other high street lenders. At Satsuma, you can borrow between £100 and £1,000 and repay over a length between 3 to one year if approved.

We try not to charge charges for missed or payments that are late you simply pay off that which you agree upfront. Nevertheless, we nevertheless charge mortgage in the cash you borrow. It is additionally well well worth noting that Satsuma are a definite lender that is high-interest so please simply take this under consideration before using for a financial loan with us.

Take to our loan calculator

We could inform you whether you’re apt to be accepted for a term that is short, without making a difficult impact on the credit report.

With Satsuma you’ll find down if you’re qualified before using. Even though you have a past reputation for bad credit, you’ll get an eligibility choice within one minute. You aren’t obliged to simply just take a loan out and there won’t be accurate documentation of it on the credit report.

When you do opt to apply a while later nevertheless, in that case your application will need the full credit check.

To check on, 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 down in 60 moments if you’re probably be accepted

Protect your credit rating

Regardless of the outcome, it’s not going to influence your credit rating until you elect to apply

Finish a full application

If you decide to use, we’ll then run a complete credit check that may keep a mark on your own credit history

Are Satsuma a lender that is direct?

Satsuma is a primary loan provider , this means we pay the agreed loan amount straight into your account, and then manage it right until the payment that is final. Nevertheless, we do on event usage agents too.

What’s the difference between short term installment loans and pay day loans?

Even though they are able to seem comparable, there are numerous differences when considering short term installment loans and payday advances.

Unlike pay day loans, which needs to be repaid within one lump amount within 2-3 weeks of taking right out the mortgage, repayments for a Satsuma temporary loan may be manufactured in regular or month-to-month instalments, during a period 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 miss a repayment on a payday loan or roll. You simply will not spend any extra charges on a Satsuma term that is short, just what’s agreed upfront.

But, even as we talked about earlier in the day, we have been a higher interest loan provider this means our interest rates are much more than old-fashioned high-street loan providers. Something is highly recommended very carefully if you’re thinking about a Satsuma loan.

Can a short-term loan be good for my credit history?

The theory is that, any loan you are taking down – a term that is short or otherwise – may have a direct effect on your credit history. Whether or not it has a confident or negative effect is determined by the way you handle your repayments.

In the event that you spend your loan right back underneath the terms consented whenever you took it away, and then make all of your repayments on time, it will help to enhance your credit score. If, having said that, you may be belated with re re payments or completely miss them, this may damage your credit history.

For those who have other lines of credit available, opt for just how they are handled. If repayments are missed somewhere else then this can have a negative effect on your credit score.

Nevertheless, you will find exceptions to take into account: then having this on your credit history could potentially count against you if a particular company sees short term (or payday) loans negatively.