Satsuma Loans is a well identified name into the direct lending marketplace of the UK. Over the years, the lender has developed various financial products specially targeting the monetary emergencies of the borrowers. It has set the borrowing limit up to £1000 for the first time borrowers and up to £2000 for those who have already availed the loans from here. The direct lender offers the facility of monthly and weekly repayments to its borrowers, which is very unlike other payday loan providers. The company claims that it does not charge any additional fees, if someone fails to repay the amount on the given schedule.
Satsuma Loans is working under the name of Provident Personal Credit Ltd, which is further part of the Provident Financial Group, lending money all over the UK and also in Ireland. It offers a number of loans focusing on the different financial problems of the UK people.
Why You Should Choose Satsuma Loans?
It is always good to have a proper research before finding out a lender. Satsuma Loans can be the direct lender on which you can trust while looking for the loans. Well, there must be some good reasons for this and we have found some of them:
Availability of short term loans: This is indeed a plus point of the company. Here one can look for many options when it comes to the small loans. No upfront charges and no late payment fees, as the lender claims, are applicable on each loan.
A Responsible Past: By looking at the customers’ reviews on various sites, there has been a good record of the lender in providing loans with affordable repayments and interest rates. Due to this it has partnerships with Experian, Call Credit and World Pay.
Regulated by FCA: There is a strong reason to choose this private lender in UK that it has been registered and authorised by Financial Conduct Authority (FCA).
Loan Products Offered by Satsuma Loans
The direct lending company presents a number of loans to the UK people in which they can make a choice according to their prevailing circumstances and requirements. All the loans are categorised as:
Guarantor Loans: It offers these loans to present the maximum loan benefits in a quick time. Borrowers have to present a guarantor with good credit score and they can secure funds without any hassle.
Short Term Loans: To counter the unexpected expenses, applying for the short term loans is the right decision to make. The lender offers these loans on multiple features like quick approval and fund transfer:
Unsecured and Secured Loans: It also has both the finance products, unsecured and secured. For unsecured, where the borrowers can avail amount without placing anything as assets. On the other hand, secured loans need collateral like cars or personal property.
Same day Loans: The policy of same day fund transfer has made possible for you by the lender. These loans bring the money within one or two hour to eradicate the affect of financial emergencies.
Payday Loans: The lending company is also offering one of the most applied small loans in UK i.e. payday loans. Borrowers can make the repayments over the period of 3-12 months.
Bad Credit Loans: People with bad credit scores can seek an ally in the name of Satsuma Loans, as it provides bad credit loans and that would be no guarantor is required.
Should you apply for loans at Satsuma or Not?
Every lender tries hard to impress the borrowers with its loan products. It may be the prime reason why there is too much competition in the direct lending marketplace of the UK. Satsuma Loans also have certain aspirations and limits through which it offers the loans. Here are some advantages and disadvantages of applying for loans here:
|No Impact of Bad Credit Score||Extremely high interest rates|
|Flexible Repayments allow improvement in credit score||No Arrangements for statements, payment holidays and post payout|
|Providing the guarantor is not mandatory||Slow Customer Service|
|Fund transfer within one hour (as claimed on its website)||No specific Clause on late payments|
How Can Satsuma Loans be different from other Direct Lenders in UK?
When there are multiple lenders working in the marketplace, there is always a possibility of comparing their services with each other. Satsuma Loans has the competition with other prominent lenders like Bad Credits History, Lending Stream, Sunny Loans and many others.
- The loan products are more or less similar to other direct lenders. Whether it is a bad credit loan or the short term loan, it offers the finance products with flexible features when it comes to the repayments and the interest rates.
- Unlike Bad Credits History and Lending Stream, it charges high in terms of the interest rates. It has been noted from the overall reviews about the company and many users have shared their experiences with this lender.
- Apart from the difference, there is one similarity between Satsuma and other direct lenders is that it does not charge upfront charges and late payment fees from the borrowers. This thing is very much in favour of the lender.
Some Common Reviews on Satsuma Loans
I have applied two loans with Satsuma and fortunately, I haven’t faced any problem while applying for the loans here. They are quick to their loan decision and in fact, they transferred money within a few hours of application submitted. Despite high interest rate, I am fully satisfied. _____________Garry, London
Satsuma Loans is quite different from other direct lenders especially when it reverts quickly to the loan queries. I have a good experience with them and will definitely approach the lender if I need more loans in the future. Thank you Satsuma Loans ______________David Sampson, Manchester, UK
Very helpful staff and the services are also customer-friendly. I applied bad credit loan and I got a deal where the fund disbursal was quick but the interest rates were too high. Please do something on this, otherwise a fair experience with Satsuma Loans. ____________Saria Anderson, Leeds
How are the payments for the loan made?
Satsuma Loans gives you multiple options to make the loan payments. As a borrower, you can make the payment in instalments on either monthly or weekly basis depending upon your financial capacity. If you need longer term to repay then you can discuss with the lender and finalise everything.
For what purposes do you Approach Satsuma loans?
The direct lender has primarily the short term loan products. They are useful for small financial issues like medical emergency, car repair, urgent bill and many other expenses. If you need money quickly then also you can approach Satsuma, as it claims to offer funds within one hour of application submitted.
What is the maximum loan amount that I can borrow?
Satsuma Loans has confirmed £1000 for the new borrowers and £2000 for those, who are the existing borrowers of the company. However, you can also extend the amount in rare cases but for that, the lender may require guarantor or collateral from the borrowers.
Can You Make Early Repayment?
Yes, of course. You can make the settlement with the lender regarding the early loan repayment. It gives you the period of 28 days including interest to make the repayments. You can contact the lender online or can make a call.