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were these payday loans?
Kenyanscott1
Posts: 8
Forumite
in Loans
Hi Everyone
Im in the process of sorting out my finances - im getting there and working hard to achieve that holy grail of getting a mortgage for myself and the family.
going back to 2016 my world was a bit different and I took out short term loans with lending stream and also Satsuma loans.
Im a bit confused as both say they are not payday lenders - and the principle is - they were over a period of time and were short term loans not payday lending.
Its been two years since I took out a short term loan and I'm wondering how lenders would look at these? would they seem them as payday loans or would then see them as short term loans?
Im in the process of sorting out my finances - im getting there and working hard to achieve that holy grail of getting a mortgage for myself and the family.
going back to 2016 my world was a bit different and I took out short term loans with lending stream and also Satsuma loans.
Im a bit confused as both say they are not payday lenders - and the principle is - they were over a period of time and were short term loans not payday lending.
Its been two years since I took out a short term loan and I'm wondering how lenders would look at these? would they seem them as payday loans or would then see them as short term loans?
0
Comments
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They'll appear on your files as loans.
PDLs are in a separate category.0 -
APR of Satsuma is 535% APR and Lending Stream is 1333% so yeah they're considered in the same category a payday loan lenders no matter what they say however as said above, they're not categorised the same on your file. The mortgage company will see a normal loan that's been repaid.0
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