Before applying for short-term loans, it can help to learn about the experiences of other borrowers.
Loan reviews can tell you what lenders are like when everything goes to plan, and how they respond when things go wrong.
Everyone hopes instalment loans are processed easily, and any repayment difficulties are managed without complications.
Satsuma Loans reviews can show you if that’s usually the case. They come straight from the consumers that have been in your position, so you can see how your loan might play out.
Satsuma Loans on Reviews.co.uk
Reviews.co.uk is the most comprehensive place to look for opinions about this lender. The website features independent loan reviews from Satsuma’s previous customers.
In January 2017, Satsuma had an average score of 4.8 out of 5.
A vast majority of Satsuma Loans reviews are positive, with a 4 or 5-star rating. Of course, amongst the many positive reviews, there are some negative ones to consider.
“Simple, quick and easy to use”
Many of Satsuma’s previous customers have been impressed with the speed of service.
This lender transfers money between 6 am and 11 pm each day, within an hour of loan approval.
Satsuma Loans come with an ‘initial instant decision’. Sometimes, customers are asked to provide further information or evidence to support their application.
There are also many positive comments about Satsuma’s customer service, once the loan agreement is in place.
“The whole lending process was easy and on-line. Decision was very quick and the transfer of funds instant. A very flexible approach to repayments. Even a chance to delay your first payment for up to 10 days after the original date was set. Customer Service is excellent and any hitches with payments are dealt with fairly and sympathetically. Service agents make you feel at ease and are not pushy or forceful.”
“Thorough process to make sure I could afford the loan. Had a problem with one payment and customer service were very understanding and worked with me to sort it out. Would use again.”
“Even though the last time I had a Satsuma loan was over two years ago, I was surprised how quickly and easily I was able to get another loan. The application was fuss free. Thank you Satsuma.”
“Easier to pay back”
Most providers of instalment loans will offer monthly repayment terms. Satsuma offers a choice between monthly and weekly repayments. The lender originally offered weekly payment plans, and more recently introduced monthly.
Many customers have appreciated the choice. For some, smaller and more frequent payments are more manageable than a one-off payment each month. Others prefer monthly repayments, to fit with their salary income.
“Rates are a bit high, but weekly payments are very handy to me, as I get paid weekly.”
“Came to the rescue”
Reviews report that Satsuma Loans approve applications for people that cannot access credit elsewhere.
All lenders must be authorised by the Financial Conduct Authority. They are strictly regulated, to ensure that they act fairly and responsibly. No lender should approve a loan that the consumer cannot afford. But, Satsuma might be able to offer funds when other lenders can’t.
Satsuma can use their own algorithm to assess the affordability of short-term loans. The lender can consider the situation beyond an individual’s credit score.
Happy customers include unemployed people on disability benefits. Along with, people with low credit ratings that have struggled to find a loan elsewhere.
“When I had an accident and needed more money than I had saved, I found all those companies wouldn’t even listen. A disabled unemployed person on disability benefits? NOT A CHANCE! That was, until I spoke to Satsuma Loans fully expecting to get binned off straight away. They listened and judged me on my present situation.”
“No option to make payments online”
Customers that are not as happy with their Satsuma loans frequently mention the lack of online functionality.
At the moment, there is no option for borrowers to make extra repayments online. Anyone that wishes to overpay will need to do this over the phone, which may not always be convenient. Some customers have said that it is “very difficult to pay back early”.
Satsuma states that online payment functionality should be available in future.
Satsuma Loans reviews: summary
Reviews of Satsuma Loans are generally very positive. The lender has a high average score on Reviews.co.uk. This site independently collects reviews from genuine customers.
Many reviews of Satsuma Loans mention that the borrowing process runs smoothly. Borrowers also report that customer services are excellent if there are ever any difficulties.
Satsuma may approve a loan when other lenders will not. This means that a poor credit rating will not necessarily stop you from borrowing. Many customers mentioned they felt like their individual circumstances were taken into account. Thus it meant they could access money in an emergency.
Reviewers frequently mention the speed of the approval process, and how they were pleased to have the money that they needed within an hour or two. Satsuma loans are transferred to bank accounts even over the weekend. Customers don’t need to wait until Monday for their money.
Satsuma also receives positive reviews because its instalment loans can be repaid either weekly or monthly. This flexibility helps borrowers to repay their loans at a pace that met their needs.
Negative reviews often include feedback about Satsuma’s lack of online functionality. Where some other lenders might provide the option to make repayments online, Satsuma customers are required to do this by phone. This can make it difficult for borrowers to repay their debt early.