When considering a short-term loan, it’s important to shop around for the best provider and product for you and your circumstances. A short-term loan can offer the support you need in a costly emergency situation but it should only be considered as a last resort, after exhausting all other borrowing options.
If you’ve looked into the short-term loan provider Satsuma and are wondering how Sunny compares, this guide breaks down what each lender has to offer to help you decide which is the best option for your needs.
Satsuma Loan Eligibility vs Sunny
All loan providers have a set of requirements you must meet to be eligible to borrow cash from them, although it’s worth noting that meeting these requirements alone doesn’t guarantee your application will be accepted. Both Satsuma and Sunny offer instant decisions on loan applications but to be eligible with Sunny to apply you must:
- Be 18 years old or over
- Be a UK resident
- Not be bankrupt
- Have an active bank account and debit card
- Have a working mobile number and email address
- Be able to provide details of your address history for the past three years during your application
- Agree to a credit and affordability check when you apply
Satsuma also have an upper age limit on those they will offer loans to. As well as being 18 or over, you must also be younger than 74 years old. You should only apply for a loan if you meet all of the eligibility requirements. This will help to prevent an unnecessary search being placed on your credit file.
Do Sunny or Satsuma charge fees?
No, neither Sunny nor Satsuma charge any fees at all. So, with both lenders, you’ll know exactly what you need to pay back without worrying about any additional hidden costs.
Do Sunny and Satsuma use Continuous Payment Authority?
Yes, with both lenders, you will repay what you owe through Continuous Payment Authority (CPA). This is different to a direct debit; it means the lender can collect the amount you owe using your card details, rather than apply for the funds directly through your bank account.
How much can I borrow from Sunny vs Satsuma?
Sunny offers loans from £100 to £2,500, this means you can borrow as much as you need for those emergency situations. Meanwhile, Satsuma offers loans up to a maximum of £1,000.
How fast can I receive money from Sunny or Satsuma?
If you are accepted for a loan from Sunny, the amount you are borrowing could be in your account in just 15 minutes – this is great if you need the cash immediately to cover an emergency expense. Satsuma, on the other hand, can transfer the money within an hour, which is a little slower.
What to expect from a loan with Sunny
At Sunny, we believe we offer “life support” to our customers in their moments of need. An emergency can occur when you least expect it and you may not have the cash available to cover an unexpected cost of any size. If there’s no other way of getting your hands on the cash you need, a loan from Sunny can help and we try to make the process as simple as possible. Here are some of the great features you will benefit from when you apply for a short-term loan with us.
You can have the money you need transferred directly into your bank account in as little as 15 minutes, if your application is approved.
There are no fees, hidden or otherwise, when you use Sunny for a short-term loan. Not even if you’re late making a payment.
You’re in control, with an online account you can access 24/7 to keep track of payments and even use to make early payments if you wish.
Sunny and Satsuma may appear to be similar lenders when it comes to the basics, but Sunny offers some beneficial extras.
We can get the money you need into your account faster than Satsuma, allowing you to deal with unexpected costs more quickly. We also offer larger loan amounts, covering a wider range of emergency situations and not limiting you if you need to borrow up to £2,500.
Here at Sunny, we offer “life support” to our customers in their time of need, providing you with the cash you need to deal with the unexpected and get back on track. Depending on how much you borrow, you’ll have 6 or 14 months to repay your loan in manageable instalments to suit your budget.
You can also feel safe in the knowledge that our team are at the end of a phone seven days a week should you ever need any help with your account.
Looking for alternative lending options?
Want to know more about short-term loans for emergency situations? Take a look at our guides below that break down what to consider, depending on your situation.