Lender in Focus 5.2: Satsuma Loans Advantages

Satsuma Loans Advantages

Satsuma Loans Advantages

Satsuma Loans provides short-term loans that are both simple and flexible. CashLady takes a closer look at the Satsuma Loans advantages.

Satsuma Loans advantages include flexible short term loans

Usually, Satsuma Loans offers customers the opportunity to apply for instalment loans that can be repaid on a weekly or monthly basis.

Borrowers can choose how they would like to repay their loans as part of the application process.

Over 100 years’ experience of ‘lending a helping hand’

Satsuma Loans is a trading name of Provident Personal Credit Ltd, part of the Provident Financial Group, which was founded in 1880. This means they have been around for over 135 years and have lots of lending experience in both the UK and Ireland.

Flexible loan amount

New customers to Satsuma Loans can take out short-term loans worth between £100 and £1,000.

Satsuma Loans may be able to offer existing customers loans of up to £2,000, subject to affordability checks. 

Flexible repayments

Satsuma Loans offers flexible repayment structures. This is so if you need longer to repay your loan, you can call them to talk about restructuring slower repayments.

Satsuma Loans advantages include the ability to receive your loan within 1 hour, once approved

Once your application has been approved, Satsuma Loans are able to transfer the money to your bank account within 1 hour, between 6 am and 11 pm. This is done by Faster Payments.

UK contact centre

Satsuma Loans have a UK contact centre. Thus, you can speak to a UK-based customer service representative if you have any queries, questions or concerns.

the advantages of satsuma loans

Satsuma Loans offers the ease of Continuous Payment Authority

With Continuous Payment Authority (CPA), payments will automatically be taken from your debit card. This is so you do not have to do anything to repay your loan, once this is set up during the application process.

Satsuma Loans will only attempt to take repayments once. If this is unsuccessful, they will contact you.

There are no hidden fees with Satsuma Loans

You will only pay back what you agree upfront with Satsuma Loans. There are no hidden charges such as missed payment fees or late payment fees.

You should only pay back the amount you borrowed, plus the interest accrued over the loan term, at a pre-agreed amount.

Application form

Applying for a loan with Satsuma Loans is done by completing their online application form.

The pre-application page of the application form tells you what you will need before you begin. Something which includes details of your income and your debit card information.

Existing customers will also need their current or previous loan agreement number.

Once you have the necessary information ready, you can start your application.

On the first page of the application form, you will have to declare whether you have previously had a Satsuma Loan. You will then need to choose how much you want to borrow and how you would like to repay it (weekly or monthly). You are also able to select the date (or day, if weekly) you would like to start making repayments.

Next you must confirm you are able to make the repayments. As well as your personal details, such as your marital status and date of birth, you will also be required to declare what you need the loan for. It is also important to confirm that you have read the website cookie policy.

Your contact details will also be requested.

The next page will request further information about your finances, such as your employment status. Along with, how frequently you receive income and how much you pay towards your rent or mortgage.

You will then need to confirm your total monthly outgoings and income and tick to confirm that you have checked these figures.

Read carefully through the consent and use of personal information section. After, you will need to tick to confirm you have understood how your personal information is going to be used.

If you want your summary of borrowing to be sent to you via email, you will need to tick the relevant box.

After clicking the ‘review your quote’ button, you will then be given the opportunity to see a full breakdown of your loan. This will include the interest you will pay and the amount you will be expected to pay back, including your repayment dates.

Satsuma Loans says the application form should only take a few minutes to complete. You should make sure that you take the time to read their terms and conditions.

Who can apply?

In order to apply for a Satsuma Loan, you must:

•   Live in the UK

•   Be aged between 18 and 74

•   Not be bankrupt

•   Agree to a credit check

You must also have details of your regular income and any outgoings. Along with, your home address information for the past three years, a valid email address and mobile telephone number. Also required in your debit card and bank account information.

Credit searching

Satsuma Loans do carry out credit checks on all their customers before approving their application for a loan.

However, they say that you do not need to have a perfect credit file in order to apply.

It is important to be aware that credit checks leave ‘footprints’ on your credit file. They are visible to other lenders and anyone else who looks at your credit file. Although these ‘footprints’ are not in themselves bad, it can reflect negatively on you. Especially if you have lots of credit checks carried out over a short period of time.

Cancellation policy

You have a legal right to withdraw from your loan agreement within 14 days of signing it. If you wish to do this, you must contact Satsuma Loans as soon as possible.

You will be required to repay any money sent to you, together with any accrued interest.