Short term installment loans. What??™s the difference between short term installment loans and pay day loans?

Borrow ??100 – ??1,000, at the mercy of affordability

Representative 535%??‹ APR.

Warning: Late payment could cause you severe cash dilemmas. For assistance, head to moneyadviceservice.org.uk

Exactly what are Short Term Installment Loans?

Short term installment loans are a method to borrow a sum of cash and repay it in a short period of time. This contrasts along with other forms of borrowing, such as for instance mortgages and auto loans, that are applied for for bigger quantities of cash which you typically pay off over a long period.

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 simply your credit score when it comes to you for a short-term loan, meaning you could nevertheless be accepted despite having not as much as 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 12 months if authorized.

We usually do not charge costs for missed or late repayments, you simply pay off that which you agree upfront. However, we nevertheless charge mortgage loan in the cash you borrow. It is additionally well worth noting that Satsuma are really a high-interest loan provider, so please just just take this into account before using for a loan with us.

Decide to try our loan calculator

We are able to inform you whether you??™re probably be accepted for a term that is short, without making a difficult impact on your own credit report.

With Satsuma you will find down if you??™re qualified before using. Even though you have reputation for bad credit, you??™ll get an eligibility decision within 60 moments. You’re not obliged to simply simply take a loan out and there won??™t be an archive from it on the credit history.

When you do choose to use a short while later but, after that your application will need a complete credit check.

To check on, fill this form out and we??™ll give you an instantaneous decision, at the mercy of affordability.

Check always just before use

Provide us with a couple of details and you??™ll find away in 60 moments if you??™re probably be accepted

Protect your credit rating

Irrespective of the total outcome, it’s not going to affect your credit rating until 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 leave a mark in your credit report

Are Satsuma a primary loan provider?

Satsuma is a primary loan provider , meaning we spend the agreed loan amount straight into your bank account, then manage it right until the last payment. But, we do on occasion usage agents too.

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

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

Unlike payday advances, which needs to be paid back in one single lump sum payment within 2-3 weeks of taking out fully the mortgage, repayments for a Satsuma short-term loan could be produced in regular or month-to-month instalments, over a length of between 3 to one year.

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 won’t spend any extra costs for a Satsuma term that is short, just what??™s agreed upfront.

Nevertheless, even as we pointed installment loans Indiana out early in the day, we’re a top interest loan provider this means our interest rates are much greater than conventional high-street loan providers. A thing that should be thought about very carefully if you??™re thinking about a Satsuma loan.

Can a term that is short be great for my credit history?

The theory is that, any loan you are taking down ??“ a short-term loan or otherwise ??“ may have a visible impact in your credit score. Whether it has an optimistic or negative effect is determined by the manner in which you handle your repayments.

In the event that you spend your loan straight back beneath the terms consented whenever you took it away, and then make your entire repayments on time, this assists to enhance your credit score. If, having said that, you might be belated with re re payments or miss them totally, this will damage your credit history.

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

Nevertheless, you can find exceptions to take into account: if a specific business views short-term (or payday) loans adversely, then having this in your credit score could potentially count against you.