Satsuma Loans

APR: 1575% Representative
Loan amount: £100 - £1,000
Repayment duration: 13 - 52 Weeks
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Satsuma Loans customer reviews

4 out of 5 from 12 reviews

Excellent

17:02 27-07-2017

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Never had any problems with satsuma loans always been fast payouts no problems would use again

RUSSELL

Great lender!

21:02 01-07-2017

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Simple to apply, amounts are generous! Very easy repayment scheme & even have an app for you too keep on top & track your loan progress, giving start dates, end dates & a percentage how much of your loan is completed! Money arrived very quickly & was not hassled with the need of providing pay slips / proof of income as was all done via bank info! Great great service! Love satsuma loans!

Chloe Hallinan

JOKE

21:33 06-09-2016

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i APPLIED ON Sunday Evening as I neded this urgently got told I was approved and account online was openede saying PENDING? no funds have been paid into my account two full days later no emails and no texts to let me know whats happening when are they sending the money its a joke

phillip

consolidation of business effort

00:33 01-07-2017

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Satsuma helped me to really focus and achieve by providing me with a big loan for my car, I am able to focus on my business without having to worry too much about transport. Great Job!

Rui Montenegro

If your in a tight position wiv finances

13:59 12-01-2016

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I was told that these are are good people very fair nd friendly nd they help you out I don't no myself cos I keep being told I can have loans but then being let down really by other loan company s. I am disabled wiv lots disability nd fed up of being others jhav joke nd fun out. Of me nd signing me up for stuff nd memberships nd all sayin NO to a little £200 when I have enough to pay it next month also not really in any shape to run anywhere as there things wrong wiv Heath BUT QUICK QUID could be a good one ok

Jason Heath

great company

04:45 30-06-2017

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great staff very hrlpful and understanding

shelley sewell

easy to manage

19:32 04-06-2017

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At only a small 5 weekly repayment satsuma is by far the easiest loan to pay back. Direct from my bank too, so it wasn't missed

kelly davies

not as good like they think they are

10:19 22-05-2017

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A company that needs, to grow. If they want beat and dispute the market.

M Faria

Wowww just wow

16:55 12-05-2017

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Absolutely love satsuma there the best just great love love love it

Emma

Satsuma

15:00 29-04-2017

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A life saver payday loan was easy to apply got the money transfer in minutes would recommend everyone satsuma loans

Noor Miah

Our review of Satsuma Loans

Our review by Mark
Written by: Mark
Simplicity
80.9
Features
76.0
Consumer sentiment
30.5

Total OPTIOSCORE
61.6/100

Satsuma Loans are a relative newcomer to the personal loans market however, their roots go back over 200 years, through parent company Provident PLC. Pitching themselves as a friendly alternative to payday loans, the firm comes across as a fresh and vibrant take on the high cost short term credit model. 

Satsuma rate highly when it comes to features largely because they don't charge any fees! That's right, aside from your repayments, there aren't any fees at all, which is a bit of a rarity when it comes to the payday loan sector. Watch out though, although Satsuma doesn't charge any fees on their loans, rates and APR are at the higher end of the pricing spectrum in this category. When it comes to simplicity and consumer sentiment, Satsuma haven't scored as highly due to a lack of post-payout facilities like statements and payment holidays.

Online customer reviews are on the whole very positive. The few negative posts I could find were about process issues and seemed to stop two years ago. There are a few negative reviews about pricing, particularly from those customers who appear to have been migrated over from Provident's doorstep operation where APRs were in the high 200s vs. Satsuma's in the 1500s. As I said, though, most reviews are overwhelmingly positive both on FeeFo.com and here on Choose Payday Wisely. 

If you're considering taking out a Satsuma Loan the usual high cost short term loan health warning applies: make sure you keep up with your repayments. Although Satsuma Loans are good at not charging any fees if you do miss a payment, it's never a good thing to have late or missed payments showing up on your credit file. 

Highlights

  • Weekly repayments on any day
  • You can choose which day of the week for repayments
  • No charges for late or missed payments
  • Funds available in only an hour between certain hours
  • Make additional or overpayments at any time

Minimum criteria

  • You must be aged between 18 and 74
  • You need to be a UK resident
  • No bankruptcy
  • You will need an email address
  • You must have a mobile phone
  • You must agree to a credit check

Fees

  • Maximum APR 1575%
  • Arrangement fee: £0
  • Early repayment fee: £0
  • Late payment fee: £0

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About Satsuma Loans

Satsuma Loans offer high-cost short-term loans between £100 and £1,000 that can be borrowed over a period of 13 to 52 weeks at a representative APR of 1575%. Instead of paying monthly like some other lenders, their short-term loans can be repaid weekly instead. Satsuma Loans charge absolutely no fees at all including arrangement fees, faster payment fees or even late or missed payments.

During the application Satsuma Loans will take a variety of details from you in order to determine whether you’ll be able to pay back the loan which goes towards their approval decision. You’ll need to give them your last three years’ address information, your monthly expenditure and you’ll need to agree to a credit check. Even if you have been declined credit from one lender, you still may be able to apply to Satsuma as long as you haven’t been bankrupt.

If you’re approved for a loan with Satsuma Loans, you can receive the funds within an hour as long as it’s between 6am and 11pm. Once you have chosen your weekly repayment day they will set up a Continuous Payment Authority to ensure the loan is paid. If you do find yourself with additional funds then you’re able to make overpayments and will need to phone their call centre.

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Product data last updated: 4:51pm 9/10/2017
Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk