Satsuma Loans

Satsuma Loans is a trading style of the Provident Financial Group that is perhaps better known for its home credit product more commonly called “Provident Loans”.

Repayment affordability is just as important these days as a person’s credit history. In the short term loan market this is perhaps the case even more. So, while having credit problems might concern a lender they will most probably be focused more on your income and outgoings. They want to be sure you will be able to make your monthly/weekly repayments on time and in full.

Satsuma provides a fully online service with loans paid to and repayments made from your bank account. To get a cash loan from Satsuma you could get the loan paid to your bank electronically and then withdraw the loan as cash from your bank (at the counter or via a cash point).

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

If your loan is approved by Satsuma between 06.00 and 23.00 then they will credit your bank account the same day. Outside of these hours, they will send your loan the following morning.

First-time borrowers can borrow up to £1,000 (subject to affordability). If you have borrowed before and repaid your loan without problems then Satsuma Loans may consider lending you up to £2,000¹. 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.

¹subject to the second application being within 3 years.

There are a variety of lenders that offer short and medium-term loans. We have access to many of them and continually add new ones where we can. You can find other short term lenders here.

Choose your loan amount  – from £100 to £1,000 – 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.

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

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.

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.

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.