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Satsuma Loans for short term cash loans

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Satsuma Loans

  • Borrow up to £10001
  • Online Service
  • Weekly or monthly repayments
  • Direct to bank account
  • No hidden charges
  • Part of Provident

Satsuma Loans

Satsuma Loans logo

  • Short term online lender
  • Borrow £100 to £10001
  • Paid directly into your bank account
  • Paid within 1 hour of acceptance (6am to 11pm)
  • Various weekly or monthly repayment options
  • Part of the Provident Loans family

Satsuma Loans is the online member of the Provident Loans family. If you need a short term loan of up to £10001 and then want to repay it in instalments ("segments") then Satsuma's proposition may be worth considering. They offer various weekly or monthly repayment options:

  • Weekly over 13 to 52 weeks
  • Monthly over 3 to 12 months

Compare Satsuma's offering to that of Provident's home credit product - the traditional doorstep loan.

Summary of Satsuma Loans

  • Short term cash loans of £100 to £10001 (new customers)
  • Apply online and if accepted get your loan direct to your bank within 1 hour (6am to 11pm)
  • Borrow over 3 to 12 months - repay in weekly or monthly segments.
  • There are no hidden charges - you always know upfront the total amount of the loan that you need to repay
  • You will need a bank account into which the loan is paid.

How to apply for a cash loan from Satsuma

Using their repayment calculator select the loan amount you need and that you consider you can afford to repay. Also select the period over which you'd like to make the repayments - remember that the quicker you repay the loan the lower the total cost of the interest although the weekly/monthly repayments will be higher.

After you apply you will be given a decision in principle, subject to affordability. A member of the Satsuma team may contact you to confirm some details of your application. Payment will then be made directly to your bank account within 1 hour of acceptance (6am to 11pm).

Got a Question about Satsuma Loans?

What do I need to know before I apply?

Before you apply these are the basic borrower criteria. You must:

  • Be aged between 18 and 74
  • Be a UK resident
  • Not be bankrupt
  • Have a bank account with a debit card
  • Agree to a credit check

You will need to provide:

  • a valid email address & mobile phone number
  • address information for the past 3 years
  • your income and outgoings
  • your bank account and debit card details
How much can I borrow?

First time borrowers can borrow up to £10001. If you have borrowed before and repaid your loan without problems then Satsuma Loans may consider lending you up to £20002. In all cases though loan amounts are assessed by the lender on the basis of affordability - they will not lend you more than they believe you can afford to repay.

 

2subject to second application within 3 years.

How much will my repayments be?

Choose your loan amount  - from £100 to £1000 - the borrowing period you would prefer, and whether you want to repay weekly or monthly. 

You need to look at your personal budget to see how much you can afford to repay for each instalment. But keep in mind that the quicker you repay the loan the less interest you will pay in total.

Satsuma's loan calculator can help you judge what is affordable while keeping the period as short as possible.

How do I make my repayments?

As this is an online loan facility rather than a doorstep service your repayments are taken via your debit card (i.e. debited from your bank account) each time. This is done using a continuous payment authority that you agree to when you sign the loan documentation. As part of this agreement you will know on which day these debits will be made and the amount that will be debited. Satsuma Loans will never attempt to collect your payment more than once each time.

Can I change my repayment amount or pay off my loan early?

To change your repayment amount or to settle your loan early you simply call Satsuma's customer care team. If you pay off your loan early you may qualify for a rebate of the interest that you would have paid.

What happens if I have repayment difficulties?

When you agree your loan with Satsuma you will know the total amount you need to repay. If you have repayment issues Satsuma will not add charges to your account. However, because your circumstances might change during the loan period Satsuma realise that you might need to reorganise your loan payments and they ask that you contact their customer care team regarding repayment problems as soon as you are aware of them.

While Satsuma won't charge you more for missing payments etc these events will be recorded on your credit file and this may make obtaining credit more difficult in the future.

1Approval for a Satsuma Loan is subject to successful completion of affordability, fraud, identity and money laundering checks. Satsuma Loans are only available to UK residents who are at least 18 years old and have a valid UK bank account and debit card.

Satsuma Loans is a trading name of Provident Personal Credit Limited. Registered Office: No. 1 Godwin Street, Bradford, West Yorkshire, BD1 2SU. Registered number 146091 England. Authorised and regulated by the Financial Conduct Authority.

To operate this service we receive a commission from the provider we refer you to.

Instalment Loans

Representative Example

Loan Amount

£400

Monthly Repayment

£126.40

Loan Term

6 months

Total Repayment

£758.40

Rate of Interest

179% p.a. fixed

Representative APR

991%

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Warning: Late repayment can cause you serious money problems. For help, go to  moneyadviceservice.org.uk.

1 Subject to affordability & the application being approved by the lender.

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