Select Page

Lender in Focus 5.5: Satsuma Loans FAQ. Who’s behind Satsuma loans?

Satsuma Loans FAQ

Before you submit an application for a Satsuma loan, you should be designed with details about the financial institution. This Satsuma Loans FAQ covers probably the most popular questions. It covers things that are essential learn about the financial institution, the loans and just what it is prefer to be a debtor.

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

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

Today, Provident continues to operate as being a home loan provider. Satsuma could be the brand for Provident’s online loans.

The authorized workplace is:

1 Godwin Street Bradford BD1 2SU

Provident is registered because of the Financial Conduct Authority. And that can be located in the Financial Services join utilizing the guide quantity 002529.

What kind installment loans in New York of loans do Satsuma loans offer?

Satsuma is just 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, supplied over regards to between 3 and year. A lengthier repayment term enables you to spread the fee, with more repayments that are manageable could keep you with debt for longer.

Longer loans terms also end in a bigger total repayment.

In the event that you borrow ВЈ100 from Satsuma more than a 3-month term, then you may pay off ВЈ49.20 each month and ВЈ147.60 overall. Nonetheless, the exact same loan over year might suggest an overall total repayment of ВЈ199.20. The monthly repayments are a more manageable ВЈ16.60 over 12 months.

These instalment loans can also weekly be repaid.

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

Satsuma loans are given at A apr that is representative of%.

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

You can apply online for the Satsuma loan.

There is certainly a loan calculator in the Satsuma internet site. You can make use of 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 various. Interest levels are often determined after your specific circumstances have actually been considered.

exactly how much you’d like to borrow, and just how very long you desire to borrow for, you are able to undergo the online application.

You need to offer some individual and economic details.

in the event your loan is authorized, Satsuma claims that might be in your bank account within 1 hour.

Is there minimum needs to meet?

To be eligible for a Satsuma loan, meet criteria that are certain.

You have to:

В· Be between 18 and 74 years of age.

В· Have a uk banking account and debit card.

В· Be a UK resident.

В· never be bankrupt.

Whilst some providers of short term installment loans have income that is minimum, Satsuma doesn’t publish one. This means you can use also on the lowest earnings but doesn’t mean you will be provided that loan which you can’t pay for.

You will need to utilize that loan affordability calculator to choose loan that is realistic.

Will Satsuma run a credit check?

A credit check is a component associated with process that is decision-making.

To be considered for the loan, you shall want to offer approval to be accessed.

Satsuma is just a responsible lender and certainly will look at your credit report for indications you borrow that you can afford to repay what. You might be authorized for a financial loan, regardless of if your score is not perfect.

Satsuma checks your with Experian.

Is Satsuma a trustworthy lender?

Being a Provident brand, Satsuma is just a trusted loan company.

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

Other Provident brands consist of Vanquis Bank, well recognized for their bank cards.

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

The lending company is regulated and authorised by the Financial Conduct Authority.

Loan reviews supplied by clients are usually good.

Satsuma utilizes to gather feedback customers, with 83% of reviews having a rating that is 5 of January 2017.

Many borrowers mention an easy, fast and borrowing experience that is easy.

Satsuma has a passionate UK call centre.

How are loan repayments taken? if I cannot repay my loan?

Your loan will soon be repaid Continuous that is using Payment (CPA). This permits the financial institution to just take cash from your money, monthly or weekly, without requesting authorization each and every time.

A right is had by you to withdraw Continuous Payment Authority, but will still be in charge of the debt.

Should you want to withdraw, you need to contact Satsuma to help make alternate plans.

Satsuma will concur all repayments with you ahead of the loan is finalised. What this means is you shall get payment dates and amounts making sure that there are not any surprises.

If you’re struggling which will make repayments, it is critical to act quickly.

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

Contacting the lending company is not simple. But, they will have to simply help. They need to act in a reasonable and responsible method.

Satsuma could possibly started to a casual agreement, that will help you along with your cash dilemmas. They could temporarily pause your repayments or could stop interest that is further being included with the debt.

Another possibility is the fact that your regular or monthly repayments could be paid off, because of the debt spread over a lengthier loan term.

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

Should this be maybe not sufficient, you may desire to contact a financial obligation charity at no cost financial obligation advice.

How can I contact Satsuma?

You’ll contact Satsuma by phone. Call 0800 694 0004.

representatives can be found from through until Saturday monday.