Satsuma Loans provides short-term loans for those who are experiencing an unexpected financial hardship. Part of the larger Provident Financial Group, Satsuma Loans is the trade name of Provident Persona Credit Ltd.
Unlike many lenders, Satsuma Loans function of a weekly repayment period, allowing borrowers to make smaller payments on a more frequent basis. Additionally, no fees are assessed during the processing or maintenance of your loan. All charges associated with a loan are disclosed upfront, ensuring full transparency regarding the repayment expectations.
Repayment is scheduled for a specific day of the week, as agreed upon by both Satsuma Loans and the borrower, and is completed over the course of 13 to 52 weeks. Every borrower will receive a borrowing summary outlining the costs associated with their loan
Many customers choose to use a continuous payment authority, allowing each payment to be made automatically from their debit card. In cases where this is not ideal, alternate payment arrangements can be made in order to satisfy the agreement.
Borrowers who are experiencing a financial need may be able to extend their repayment period based on Satsuma Loans’ flexible repayment plan. If the terms are extended, interest will be owed based on the amount of principal remaining at each subsequent repayment date.
Satsuma Loans Criteria
- Age Requirement
- Debit Card
- Credit Checks
- Other Requirements
- Same Day Transfer Available
- Loan Value Available
- £100 to £1000
- Representative APR
- Loan Length
- 13 Weeks to 52 Weeks
- FCA Registration Number
- Loan Example
- Borrow £400 loan repayable over 26 weeks. 26 weekly payments of £29.46. Rate of interest 183% p.a. fixed. Representative 1575% APR. Total amount payable is £765.96
Satsuma Loans Review
Satsuma Loans focuses on providing small loans with a somewhat unique repayment plan. While many lenders focus on monthly repayment schedules, or require the entire amount to be repaid from the borrower’s next salary payment, Satsuma Loans offers weekly payment plans. This allows borrowers to make smaller individual payments on the day of the week they select.
Satsuma Loans has basic qualification for all applicants. Each potential borrower must have an email address and mobile number, be able to provide address information for the past three years, information regarding income and outgoings, and a bank account with an associated debit card. Applicants must be between the ages of 18 and 74, a resident of the United Kingdom, and agree to the required credit and affordability checks.
While a credit check is considered during the application process, it is not the only point considered. Those with less than perfect may still qualify. Making timely payments on your Satsuma Loan will also be reported to the appropriate credit bureaus, allowing those with bad credit to improve while using the loan service.