Satsuma Loans

scottward4

Hi, does anyone know if a 12 month Satsuma loan can damage your credit rating even more than a normal lender ? Is it still classed as payday loan even though it is over a 12 month period ?

DCFC79

scottward4 wrote: »

Hi, does anyone know if a 12 month Satsuma loan can damage your credit [STRIKE]rating[/STRIKE] history even more than a normal lender ? Is it still classed as payday loan even though it is over a 12 month period ?

Fixed that for you.

Its up to lenders to choose whether they avoid borrowers who have satsuma loans on the credit history.

phillw

DCFC79 wrote: »

Fixed that for you.

Having a satsuma loan doesn't damage your history. It may affect how a lender rates you, so it's not really fixed.

GarthThomas

It's a reasonable rule of thumb that if you are dealing with finance companies with stupid names then you may want to have a look at where you've gone wrong, and stop heading down that road.

My bank accounts are with companies such as a Citibank and HSBC, my credit cards are with American Express and Halifax and my insurance is underwritten by Aviva, and all seems well.

Wonga, Amigo, 118 118, quick-cash, and yes, Satsuma, are not standard high street names, and will indeed raise eyebrows if they appear on your report.

Will it matter? Who knows, but I'd certainly not use them.

Why not use Barclays, Lloyds, NatWest, or one of the myriad old names that everyone knows?

SnowTiger

GarthThomas wrote: »

Wonga, Amigo, 118 118, quick-cash, and yes, Satsuma, are not standard high street names, and will indeed raise eyebrows if they appear on your report.

Lenders and potential lenders don't see creditor names on the feeds they receive from CRAs.

They would, however, see the length of the loan and its ARP. That would suggest what sort of loan it was.

Sort term loans (payday loans) are highlighted separately on credit reports. I guess the OP is asking whether loans from Satsuma Loans fall in to that category. I would guess not, but I don't know for certain.

[Deleted User]

scottward4 wrote: »

Hi, does anyone know if a 12 month Satsuma loan can damage your credit rating even more than a normal lender ?
Is it still classed as payday loan even though it is over a 12 month period ?

Do you intend to ask them? (just being nosey now!) I def don't think it will be a payday loan.

Baring in mind, all these lenders have to now report whether it is short term, long term or just loan recorded, the results will be the same - from the loan company one up from this lot, even people who will borrow, change their mind and return money as if not had the loan for any real duration, will end up with a foot print on file it is said.

It shouldn't matter but it does as far as this type of borrowing goes.

StopIt

Wrong question.


You need to be asking why you only have access to high cost credit. Then ask if you can avoid using it in any way.


Have you looked at the DFW boards? I suggest you do, read the stickies, post an SOA and maybe the community can help you avoid such a loan.