Satsuma Loans Review | www.satsumaloans.co.uk
Address: 1 Godwin Street, Bradford, BD1 2SU.
Branding: Satsuma Loans. AKA: SatsumaLoans.
FCA Licence: 002529.
From: Provident Personal Credit Ltd (part of Provident Financial Plc).
Related: GLO, Moneybarn, Provident, Vanquis.
Bad Credit Satsuma Loans Available?: Yes.
Manage: Satsuma Loans login provided via www.satsumaloans.co.uk.
Offers: Instalment and personal loans.
Opening Hours: Monday to Friday (8am/8pm), Saturday (8.30am/5pm).
Secure (SSL): Yes.
Sums: £100 to £1000 (new) | £2000 max (returning).
Terms: 13 to 52 weeks.
£142.80 /£300 (3) (mo) <0.529%>
£129.26 /£300 (13) (wk) <0.473%>
£268.80 /£300 (6) (mo) <0.498%>
£274.60 /£300 (26) (wk) <0.503%>
£992 /£1000 (12) (mo) <0.272%>
£990.04 /£1000 (52) (wk) <0.271%>
Notes: The option is now there to repay monthly as well as weekly (examples for each are shown). To calculate the rates, for monthly we count a full month as 30 days. This created 90 (3) and 180 (6). Weekly gives us 91 (13) and 182 (26). Obviously for a full year it is simple enough to use 365.
– Experience: Across the sector no one can quite compete with the owner when it comes to market experience. The group was established in the year 1880. In these early days they provided vouchers that the customer could exchange for clothes, coal and food. Weekly payments were then collected. This old system is still employed in a similar manner through their market leading doorstep loan service today.
– Operations: Funds are available on a Saturday whereby they operate from 8.30am to 5pm. Throughout the standard working week they operate for 12 hours each day that is also impressive.
– Ownership: Provident Financial Plc is one of the UK’s leading subprime financial groups. As well as this discussed company and Provident, they are firmly established in the subprime credit cards sector as Vanquis. They have recently also released the Tandem guarantor loan service (now GLO) and the owner has also acquired Moneybarn that provides car finance. The backing of this owner has helped this new lending brand to grow very quickly across the UK.
– Profile: The profile of the owner has really helped this brand to enjoy rapid growth. Not many companies could achieve this with a 2013 launch. The initial growth started off with plenty of media coverage whereby they were queried as a major contender to Wonga. The TV ads then followed that haven’t stopped to date and they are advertising extensively online, that is quite widespread over on Facebook. Around 49,000 customers use this service.
– Account logins were added in 2016. They no longer also require verification calls (these are only often made). The choice to repay monthly has also been added.
– Amounts available started out at £100 to £300 (new) and £800 (returning). The latest change sees £1000 (new) and £2000 (return).
– Pricing has been raised. Previous costs were £120.03 (13), £203.88 (26) and £820 (12).
– Terms have also seen changes. First time applicants could pick 13 or 26 weeks (that equates to 3 or 6 months). Then 39 and 52 weeks was granted to users coming back to them. As it stands today, all customers can choose between the complete range and there are now many more “segments” to choose between.
– The Tandem guarantor brand has now become GLO.