Lender in Focus 5.5: Satsuma Loans FAQ. That is behind Satsuma loans?

Satsuma Loans FAQ

Before you make an application for a Satsuma loan, it is vital to be loaded with information on the lending company. This Satsuma Loans FAQ covers some of the most popular concerns. It covers essential things to realize about the lending company, the loans and exactly what it’s prefer to be considered a debtor.

Satsuma Loans is a trading title of Provident private Credit Ltd.

Provident is really a provider that is well-known of, dating back into 1880.

Today, Provident continues to run as being a home loan provider. Satsuma could be the name brand for Provident’s on the web loans.

The subscribed workplace is:

1 Godwin Street Bradford BD1 2SU

Provident is registered with all the Financial Conduct Authority. And that can be located from the Financial solutions enroll utilizing the guide quantity 002529.

What type of loans do Satsuma loans offer?

Satsuma is a provider of short-term loans.

It is possible to borrow such a thing from ВЈ100 to ВЈ1,000, susceptible to approval.

They are instalment loans, provided over regards to between 3 and one year. A lengthier payment term enables you to distribute the fee, with more repayments that are manageable could keep you in debt for extended.

Longer loans terms also end in a bigger total repayment.

Then you might pay back ВЈ49.20 per month and ВЈ147.60 overall if you borrow ВЈ100 from Satsuma over a 3-month term. Nonetheless, the loan that is same year might mean an overall total payment of ВЈ199.20. Over one year, the month-to-month repayments are a far more manageable ВЈ16.60.

These instalment loans also can be repaid weekly.

What’s the APR of a Satsuma loan? How do I submit an application for a loan from Satsuma?

Satsuma loans are offered at A apr that is representative ofper cent.

Which means that at least 51percent of customers must accomplish this APR or better.

You can apply online for the Satsuma loan.

that loan calculator in the Satsuma internet site. You should use this to get an estimate that is rough of total payment, and month-to-month or regular instalments. The real price of your loan could be different. interest rates usually are decided after your individual circumstances have been considered.

Once you understand exactly how much you want to borrow, very long you’d like to borrow for, you can easily feel the online application.

It is important to offer some personal and monetary details.

Should your loan is authorized, Satsuma claims that the cash could possibly be in your bank account within 1 hour.

exist minimal needs to fulfill?

To qualify for a Satsuma loan, you have to meet criteria that are certain.

You need to:

В· Be between 18 and 74 yrs . old.

В· Have A british banking account and debit card.

В· Be a UK resident.


В· never be bankrupt.

Whilst some providers of have minimal income requirement, Satsuma does not publish one. Which means that you can put on even on the lowest income but does not mean you will be provided that loan which you cannot manage.

It’s important to utilize that loan affordability calculator loan that is realistic.

Will Satsuma run a credit check?

A credit check is component associated with the decision-making procedure.

To become considered for a financial loan, you shall want to offer approval for the credit report to be accessed.

Satsuma is just a responsible loan provider and certainly will check always your for indications you borrow that you can afford to repay what. You might be authorized for a loan, even though your rating is not perfect.

Satsuma checks your with Experian.

Is Satsuma a trustworthy lender?

As a Provident brand name, Satsuma is really a lender that is trusted.

Provident loans have already been given to significantly more than 130 years.

Other Provident brands include Vanquis Bank, well understood for their bank cards.

Satsuma Loans was launched in 2013. The Satsuma web site states that a lot more than 90,000 loans are actually released yearly.

is authorised and managed by the Financial Conduct Authority.

Loan reviews supplied by clients are often good.

Satsuma makes use of Reviews.co.uk to gather feedback clients, with 83% of reviews having a 5* rating as of January 2017.

Most borrowers mention a straightforward, fast and easy borrowing experience.

Satsuma has a separate UK call centre.

Just how are loan repayments taken? if I cannot repay my loan?

Your loan are going to be paid back Continuous that is using Payment (CPA). This enables the lending company to simply take funds from , regular or month-to-month, without requesting permission everytime.

A right is had by you to withdraw Continuous Payment Authority, but it’s still in charge of your financial troubles.

Should you want to withdraw, it is important to contact Satsuma to create alternative plans.

Satsuma will concur all repayments with you before the loan is finalised. What this means is you will get a summary of due dates and amounts in order for there aren’t any surprises.

If you’re struggling to create repayments, it is essential to work quickly.

You should first contact Satsuma, to ensure they are conscious of your problems.

Calling is not easy. But, they usually have to assist. They need to work in a reasonable and accountable means.

Satsuma could possibly arrived at a informal agreement, to assist you together with your cash dilemmas. They may temporarily pause your repayments or could stop interest that is further being included with your financial troubles.

Another possibility your regular or month-to-month repayments could be paid off, using the debt spread over a lengthier loan term.

Loan providers don’t have any duty to lessen the quantity which you owe or even stop interest from being added. But, they need to allow you to to find and reasonable solution.

Should this be perhaps not sufficient, you may need to contact a financial obligation charity free of charge financial obligation advice.

Just how do I contact Satsuma?

you are able to contact Satsuma by phone. Phone 0800 694 0004.

representatives can be found from Monday through until Saturday.