Lender in Focus 5.1: Satsuma Loans Overview and History

about Satsuma Loans

Satsuma loans is a loan provider offering short-term loans. CashLady takes a look at the history of Satsuma Loans and the services they offer to their customers.

Satsuma Loans offers its new customers the opportunity to apply for a loan of between £100 and £1,000. Borrowers can choose to repay their loan in either weekly or monthly instalments.

Satsuma Loans says as your relationship with them grows, they may be able to offer you loans of up to £2,000, subject to affordability checks.

Loans that are paid back in instalments, rather than in just one lump sum, are known as instalment loans. If you choose to take out a loan with Satsuma loans, it can either be repaid in weekly instalments or over a period of 3 to 12 months. You can choose your repayment preferences when you complete your application.

Customers are able to apply for a loan with Satsuma Loans via their online application form.

If approved for a loan, Satsuma Loans promises to transfer the money to your bank account within 1 hour by Faster Payments. These types of payments will take place between 6 am and 11 pm.

The repayments of your loan will be made via Continuous Payment Authority (CPA) from your debit card. This is something you will have to agree to if you want to take out a loan with Satsuma Loans.

Customers are able to contact Satsuma Loans via telephone, email or letter. They have a UK contact centre so you can speak to a real person if you have any queries, questions or concerns.

Eligibility Criteria to apply for a loan with Satsuma Loans 

To apply for a loan from Satsuma loans, you will need a valid email address and mobile phone number. Along with a home address and information from the past three years. Also, you will need information regarding your bank account and debit card and details of your income and outgoings.

You should also be living in the UK, be aged between 18 and 74, not be bankrupt and agree to a credit check.

Bad Credit applications to Satsuma Loans

Satsuma Loans is a responsible lender and therefore does carry out credit checks as part of their application process. They will then use the information obtained from your credit file, together with your credit rating, to decide if they can lend you money.

Satsuma Loans offer loans of up to £1,000 because they say they aim to ‘lend a helping hand’. They say their customers do not necessarily need to have a perfect credit rating to obtain a loan from them.

Different lenders use different credit reference agencies to carry out their credit checks. Currently, Satsuma Loans use Experian and Call Credit. You are able to see what lenders will see when they carry out a credit check on you by signing up to Experian, who offer a 30-day free trial.

Satsuma Loans say they do not just see their customers as a credit score and try to say ‘yes’ wherever possible. They promise to work with their customers to ensure they can afford the loan and the repayments. This by reviewing your application information and asking various questions about your personal circumstances.

Company information

Satsuma Loans is part of Provident Personal Credit Ltd, who are part of the Provident Financial Group.

The Provident Financial Group have lending experience throughout the UK and Ireland. Although Satsuma Loans may seem like a new brand, they have been trading since 1880, meaning they have now been around for more than 135 years.

Satsuma Loans’ registered office is: 1 Godwin Street, Bradford, BD1 2SU.

This address is also their correspondence address if you need to send them a letter.

Their website address is: www.satsumaloans.co.uk

Financial Conduct Authority registration

Satsuma Loans is authorised and regulated by the Financial Conduct Authority. Their Interim Permissions Reference Number is: 002529. Authorisation can be checked on the Financial Service Register at www.fca.org.uk.

Data Protection

learn more on Satsuma Loans

Provident must manage personal information in accordance with the Data Protection Act. This means they must process your information fairly and lawfully and that you have the right to know how they will use your information.

Satsuma Loans say they provide regular training to all their employees to remind them of their obligation. That is, to maintain customer confidentiality. As well as having privacy policies and procedures, Satsuma Loans is also regularly audited and reviewed.

More about who they will share their customers’ information with, both internally and externally, can be found via this link.

Right to cancel your loan agreement

You have the legal right to cancel your loan agreement within 14 days of signing. If you choose to do this, you must return any money that you have received, together with any accrued interest.

It is important to contact Satsuma Loans as soon as possible if you want to cancel your loan.

Credit checks

As a responsible lender, Satsuma Loans will always run credit checks on its customers during the application process. You will be asked to consent to this happening.

Credit checks help lenders to decide whether they can lend to you. Satsuma Loans say you do not need to have a perfect credit file, as the credit check is proportionate to the loans they offer.

Promotional activities

Do Satsuma Loans have a television advert?

Satsuma loans have run various television adverts in the past. These include a Singing Satsuma and the ‘manageable segments’ advert. As these are old adverts, the terms and conditions do not now apply.

Do they advertise on Google?

No, they do not currently have a Google ad.

Do Satsuma Loans charge fees?

Satsuma Loans has a ‘zero fee guarantee’. This means you should only pay the amount of interest you have agreed to pay on your loan contract.

They do not charge late or missed repayment fees and will not add any fees or charges after your application is accepted. This means if you pay less than the contracted rate, pay late or miss a payment, Satsuma Loans will not charge anything extra.

The interest you will repay is displayed as part of the application process and Satsuma say they will never charge you any more interest.

Yet, you may find it more difficult to obtain credit in the future if you make late repayments or miss repayments. This is because Satsuma Loans will share this information with credit reference agencies.

Has Satsuma Loans ever been fined?

CashLady could not find any evidence of Satsuma Loans being fined.

Anything I need to be aware of about Satsuma Loans?

In October 2012, Provident Financial was accused by the Citizen’s Advice Bureau of lacking social responsibility. Provident said it made every effort to ensure borrowers were capable of making informed decisions.

This was the only incident of this kind  CashLady could find in the news about Provident Financial and it occurred over 4 years ago.

Social Media

Facebook

When CashLady checked in January 2017, Satsuma Loans had an active Facebook Page with over 7,000 likes and plenty of conversation.

Their last post was the 12th January 2017. Then they shared a Satsuma Squeeze article that focused on how to get fit without the added costs you usually come across.

Satsuma Loans seem to be fairly active on Facebook, with regular posts averaging at least one per day.

Twitter

Satsuma Loans joined Twitter in November 2013 and in January 2017 had 1,861 followers. In their time on Twitter, they have tweeted 1,314 times.

At the time of checking their Twitter feed, Satsuma Loans had tweeted only 2 hours before. This was about oven-baked foil packet dinner ideas. Their tweets consist of general advice about life, technology and work, as well as reviews from their customers.

Satsuma Loans seems to be very active on Twitter.

Instagram

Satsuma Loans does not seem to have an Instagram account that they regularly use. When CashLady searched for them on Instagram, a page came up showing they had no posts or followers but had their website address link visible.

Do they have an App?

CashLady could not find an app for Satsuma Loans via Android or through the Apple store.

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