Satsuma loans are a Bradford-based direct lender part of the Provident Financial Group. What is different about Satsuma compared to other short term and payday lenders is that repayments are made in weekly instalments. Customers can borrow up to £2,000 and funds can be transferred within one hour of applying, including evenings and weekends.
You can visit Satsuma’s website by clicking through this page. There are no upfront fees, brokers or hidden charges and the entire application is completely online.
How Much Can I Borrow With Satsuma Loans?
First-time customers can borrow between £100 and £1,000 whereas repeat customers can borrow up to £2,000. How much you can borrow will always depend on a series of affordability checks which assess your income and finances and determine how much you can afford to repay.
How Does Repayment Work With Satsuma?
Satsuma Loans are repaid in weekly instalments ranging from 13 weeks to 52 weeks. The idea is that customers have a more flexible repayment schedule of small amounts each week rather than having to pay large amounts at the end of the first month or recurring months, which is typical of other lenders in the industry.
Here is a representative payment example: £400 loan repayable over 26 weeks, 26 weekly repayments of £26.15. Rate of interest 140% p.a. fixed. Representative 845% APR. Total amount payable is £679.90.
The repayments are handled completely online too through continous payment authority. This is set up when you apply and provide your debit card details. It gives Satsuma the permission to collect their repayments from your account each week automatically so you don’t have to worry about making the repayment. You will receive an email or SMS from Satsuma on the days leading up to each repayment so you are aware of how much is being collected and when. If you wish to repay manually, you can still do so, paying over the phone, via bank transfer or by calling up Satsuma’s customer support team.
Satsuma allow customers to repay early if you do not wish to have the loan for as long as 52 weeks. You simply need to get in touch if you wish to clear your account and you may be eligible for a rebate.
What Checks Are Carried Out By Satsuma?
There is a standard criteria for applying for a loan through Satsuma. By filling in the basic application form online, they will confirm your eligibility which includes being aged between 18 and 74, UK resident, owning a valid email address and mobile number, address for the last 3 years, bank account and debit card information.
Satsuma will carry out affordability checks so the application will ask about your income and your outgoings. This allows them to evaluate whether you can afford to borrow the amount you requested. In addition, your credit file will be checked to get an idea of your repayment history and whether you have any other loans or debts outstanding. These checks will determine your eligibility and how much you can borrow.
Useful Information About Satsuma Loans
Company Number: 146091
Interim Permission Number: 002529
Warning: Late repayment can cause you serious money problems. For help, go to www.moneyadviceservice.org.uk.