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Satsuma Loans | www.satsumaloans.co.uk Reviews
Provident Financial pioneered the doorstep loan sector with Provident and they have enjoyed notable success delivering subprime credit cards under the Vanquis brand. The natural next big step for this thriving Bradford business was to deliver a competitive online service. This came about when they packaged Satsuma Loans and brought this project to the market in 2013. Satsuma’s product targets instalment periods from 3 months right up to a year. As it stands their customer base sits at around 80,000 that is quite a small portion of the Group’s 2.5 million user base. There has certainly been progress here though and they are now mixing it up with heavyweight instalment brands such as Lending Stream, MyJar and Sunny.
Brand: Satsuma Loans (aka: SatsumaLoans).
Company: Provident Personal Credit Ltd (subsidiary of Provident Financial Plc).
Founder: Joshua Waddilove (Group).
Offers: Instalment, personal.
Opening Hours: Monday to Friday (8am-8pm), Saturday (8.30am-5pm).
Other Projects: Moneybarn, Provident, Vanquis.
Address: 1 Godwin Street, Bradford, BD1 2SU.
Phone: 0800 694 0004.
Alexa Rank (Local): #14,738.
Facebook Page: 8000+.
£142.80 /£300 (3m) | £129.26 /£300 (13w).
£268.80 /£300 (6m) | £274.60 /£300 (26w).
£992 /£1000 (12m) | £990.04 /£1000 (52w).
Amounts: £100 to £1000 (new applicants).
Amounts: £2000 max (when reloaning).
Amount Selections: £10 increments.
Late Payment Fee: £0.
Terms: 3 to 12 months.
*Repayments can be made monthly or weekly. Both examples are shown besides each other above that as you can see affects the pricing.
Whilst this company hasn’t been around for that long, the owner certainly has. Joshua Waddilove founded the original home loan business in the year 1880. At that time they exchanged vouchers for clothing, coal and food. They also acquired the Greenwood loans business in 1977 that they later unfortunately closed, but this heads back a little further to 1877. And so, you’ll be in good hands with a trusted name in subprime lending that has stood the test of time. As far as product features, Satsuma’s level of flexibility is most notable. Any single month between 3 and 12 can be selected with amounts rising in small £10 increments. There are also no late fees charged.
The pricing when borrowing over their shortest term is reasonable, but the charges ramp up as months are added. That full year term should be avoided where for a £1000 requested they ask for either £990.04 or £992 depending on your repayment structure. In contrast, with your average guarantor lender you’d pay £230/£240. There are also no Sunday payouts here. There was previously no Satsuma login in place on the site, but one has recently been equipped. The owner did have many projects running that may have slowed down the growth potential here. This is no longer an issue since GLO (guarantor) has now closed as well as Greenwood and Provident’s international business was sold.
Similar Lenders Like Satsuma Loans…
Lending Stream and Sunny have emerged as the major instalment loan providers in recent years. Satsuma’s TV ads have been helping to close up the gap with each. Potential borrowers are being guided to much more flexibility here that is important. Stream’s term is fixed at 6m whilst Sunny’s 6m, 7m, 9m or 14m choices are determined by how much cash is required. MyJar and Pounds to Pocket are each good alternatives and Sunday payouts are available there. Market choice outside of this has fallen in the later stages of 2017 through the closure of PaydayUK and Payday Express (both offered 1m-12m terms). The Money Shop’s online service has also closed.
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