Satsuma Loans offer short term loans that are designed to cover emergency financial situations and short term cash flow issues, just like QuidMarket. If you are currently looking for affordable loans like Satsuma with an alternative lender, we may just be the answer.
To help you make an informed decision about which loan provider to choose, we want to offer a thorough scope of the market and do the comparison work for you. On this page, we will cover Satsuma Loans, the short term loans that they offer and details of their terms. Hopefully, this will help you to make an educated choice about whether Satsuma Loans or an alternative lender is best for you and your needs.
Who Are Satsuma Loans?
Satsuma Loans in the UK offer relatively short term loans and are a sister brand to Vanquis credit cards. In a similar way to Vanquis being marketed to people with lower credit scores, many consider Satsuma as bad credit loans, as they focus on checking affordability, rather than an applicant’s entire credit history. You can apply for their services online, which makes the application process simple, and you can typically apply for up to £1000 as a first time customer with the option to borrow over weekly or monthly repayments for up to a year. If you are approved with Satsuma Loans, it can take up to an hour for the money to appear in your bank account, however, if you apply after 11PM, they state that they won’t promise to pay out the loan until the next working day.
Borrowing With Satsuma Loans
Satsuma Loans offer loan amounts starting from £100 and a maximum borrowing limit of £1000. While this may be ideal for some applicants, here at QuidMarket, we offer loan amounts starting from £300 to £600, and potentially up to £1500 for repeat customers, which means that we can cater to a wider range of needs and circumstances. Take a look at this comparison:
Satsuma Loans representative example: £480 loan repayable over 9 months. 9 monthly repayments of £106.56. Rate of interest 133.1% p.a. fixed. Representative 535% APR. Total amount payable is £959.04.
QuidMarket representative example: Borrow £300 for 3 months / Interest payable £153.91 / Total amount payable: £453.91 in 3 instalments / 3 payments of £151.30 / Representative 1299.7% APR / Interest rate 292% per annum (fixed) / Maximum APR 1625.5%.
Satsuma Loans show a representative APR of 535% on their homepage, as outlined above, but they also mention on their site that APR can go as high as 1575%. This is because of the different amounts of times that applicants can borrow for, so it is worth looking at the actual cost to ensure that you are receiving the best deal for your financial situation.
What Are The Satsuma Loans Repayment Periods?
Satsuma Loans in the UK offer repayment periods starting from 3 months up to 12 months, but you can also make repayments weekly, if that suits your circumstances. At QuidMarket, we don’t want our applicants borrowing money for an amount of time that they can’t afford and we always have our borrowers’ best interests at heart. This is why the maximum borrowing period for our loans like Satsuma is 6 months.
How Fast Are Satsuma Loans With Their Decisions?
Satsuma Loans advertise that their loans will be transferred into your bank account within an hour of approval, but also state their lending decisions can actually take a few days if you need to submit additional documentation. It is important that if you are looking for fast loans decisions, you ensure that you have the required documentation to hand to speed up the process.
At QuidMarket, we aim to have a lending decision within 2 hours of your application being submitted. This may seem like a long time, but we take a personal approach to each application rather than using automated computer programmes. This allows us to make the relevant checks and ensure that applicants can afford repayments, but once you have been approved, we will deposit the funds directly into your bank account. We use a Faster Payments System (FPS) and so the money is typically available in your account within minutes of the transfer.
Why Choose QuidMarket?
If you are looking into alternatives for short term loans like Satsuma, we may just be the perfect solution. Despite this, we still recommend that you research your desired loan provider as much as you can before entering into a loan agreement to make the right decision for your situation. Here are a few reasons why we think that you should consider QuidMarket in your research:
FCA Authorisation
When it comes to loans like Satsuma, it is important that you choose a lender who is fully FCA Authorised as this is a reputable and trusted accreditation. We are proud to be fully FCA authorised, allowing our applicants to use our services with complete confidence.
Options For Bad Credit
While you may have been turned away from other lenders due to poor credit history, at QuidMarket, we consider all applications, despite your credit score. We base our bad credit loans on affordability to avoid leaving you out of pocket, so we evaluate your regular monthly income, your essential spending and any other financial commitments that you may have. We do not use automated computer programmes to make decisions, and instead, we take a personal approach to make our checks.
Flexibility
We go above and beyond to make sure that all of our loan options are as flexible as they can be. We want to offer all of our potential applicants the option to pay their loan over a period that suits them and provide the perfect amount of cash for any emergency. Our short term loans start at £300 to £600 for new borrowers, with a variety of amounts in between.
No Hidden Fees
At QuidMarket, we believe in full transparency and honesty, so there are no hidden fees or nasty surprises with our loans. We don’t charge late payment fees or any upfront fees. Instead, we clearly explain the loan and the repayments before an agreement is made, and there will be nothing else to pay.
We want you to be completely confident in your decisions, so there is no rush for you to make a choice. However, if you have been looking for Satsuma Loans in the UK and need the perfect alternative, there are plenty of options available, including QuidMarket. Our short term loans have been designed to be affordable and easy to manage over a 3-6 month period, so they are perfect for short term financial issues. Find out more about our alternatives to Cash Generator Loans and Amigo Loans. If you have any questions, you may be able to find the answer on our FAQs page. If not, please contact the experts at QuidMarket and we will be happy to help.