Do Satsuma offer cash loans for bad credit?

Complete a full application

If you choose to apply, we’ll then run a full credit check which will leave a mark on your credit file

A cash loan for bad credit may be an option from some lenders, however Satsuma do not offer cash loans – our loans process is entirely online.

If you are considering applying for our short term loan, then we do look at more than just your credit score when assessing your application, which means we consider applicants who may have an adverse credit history. However, our loans are deposited into a bank account, not paid out in cash.

If you have a poor credit score, or no credit history, you may find you’re turned away by some lenders. At Satsuma, we also consider your annual income and outgoings, alongside any other financial commitments you may have. However, our loan interest rates are higher than those charged by lenders such as high-street banks.

When you apply, we need you to be as accurate as possible with the details you give us, so we can use all this information to give you an offer which is affordable.

Is this a payday cash loan?

Payday loans are typically very short term loans that are usually paid out on the same day you apply, but must then typically be paid back within a few weeks.

Although we offer an instant decision on all loan applications and provide an eligibility decision within 60 seconds, we are not a payday cash loan provider .

How much can I borrow?

Dependent on the amount you need, Satsuma short term loans allow you to borrow between ?100 – ?1,000, subject to affordability. You can spread the cost over 3 to 12 months, instead of needing to repay the whole amount in one lump sum.

Will I need a credit check?

We only offer loans subject to a credit check, but when assessing your eligibility, we also take into account several other factors regarding your personal finances and circumstances.

Some differences between cash loans and a Satsuma short term loan

If you’re searching for a cash loan that is paid and repaid by physically handing over cash, a Satsuma loan will not be the right solution for you – we only provide short term loans, with payments made directly into your bank account. This is the biggest difference between a cash loan and a Satsuma short term loan.

With a Satsuma short term loan, you then repay the money you borrow according to the schedule you choose at the outset (3-12 months). We collect your weekly or monthly payment from the debit card details you gave us during your application.

• Your repayments are taken from your debit card automatically
• The whole process is carried out online – though we do have a dedicated contact centre too should you need assistance
• No guarantor is needed. We’ll never ask you to find someone who can pay your loan if you can’t. The agreement we make is just between you and ourselves
• Even as a new customer, you can borrow up to ?1,000, subject to affordability

How to apply

To apply for a Satsuma short term loan, fill in our online application form and we’ll deal with the whole process from start to finish.

Common questions about Cash Loans

These types of loans are usually unsecured and are paid out in cash by the lender. Satsuma are very different to this, although our loans are also unsecured, we are an online operator from initial application to final repayment, which means we pay the money directly into your account.

If you have a County Court Judgement (CCJ), this will harm your credit score and can make getting credit quite difficult. With Satsuma however, your application may still be considered, even with a CCJ on your credit file. Use our eligibility checker to get an indication if you’re likely to be accepted more helpful hints, this does not harm your credit score.

We may also consider your application if you are unemployed, but you will have to prove that you can meet the repayment schedule and pay back everything you borrow, plus interest. Our minimum requirements are that borrowers are UK residents aged 18 or over, with a valid UK bank account and debit card.