Satsuma Loans | www.satsumaloans.co.uk Reviews
About Satsuma Loans (Closed)
It was on the 10th May 2021 when the closure of Provident Personal Credit Ltd was confirmed. Both noticed appeared on the Provident/Satsuma sites, but Satsuma Loans had actually already had a pause on lending throughout the pandemic. It was affordability complaints that has ended the reign of this popular instalment brand that was introduced back in 2013. We’d hazard a guess though that many of the complaints surrounded the doorstep side. The FCA page only referenced the full number of PPC complaints that had surpassed 40,000. Whilst Satsuma’s service is now gone, the owner is expected to roll out Vanquis loans soon. These are currently only available to existing credit card holders.
To run through the Satsuma basics, this product was rolled out in 2013 essentially acting as the online equivalent of Provident that has throughout its history been the dominant force in doorstep lending. Satuma’s customer based had climbed to around 120,000 and before the covid pause they’d been mixing it with the leading sector brands. Their product had some good features especially on the flexibility side as you could select any single month between 3 and 12 months. The option was there to repay month or weekly. Between £100 and £1000 was granted to first time borrowers and those who had earned trust were able to apply for as much as £2000.
This lender was known to deliver higher acceptance rates than their key rivals. They would in this instance commonly be picked out via broker pingtrees. At the same time they had excellent visibility from TV advertising. The pricing here was reasonable. This varied depending on whether you repaid monthly or weekly. The monthly charges ran as: £142.80 /£300 (3m), £268.80 /£300 (6m) and £992 /£1000 (12m). The weekly charges ran as: £129.26 /£300 (13w), £274.60 /£300 (26w) and £990.04 /£1000 (52w). No late fees were imposed here. They operated across the hours of Mon/Fri (8am-8pm) and Sat (8.30am-5pm). Online reviews were supportive at least on Reviews.co.uk where they rated at 92% from close to 3000 reviews.
Rivals & Similar Lenders Like Satsuma Loans
Whilst Provident had quite an easy life, Satsuma’s challenge was much greater online. It did however appear that the road ahead had been cleared from the closures of such rivals as MyJar, Peachy, Pounds to Pocket, Sunny etc. Before closing it was Dot Dot Loans that appeared to their main threat. This was interesting as the owner’s had already been battling in the doorstep space through Morses/Provident. As far as those currently active, Dot Dot, Fair Finance, Kabayan Finance and Quick Loan Shop would be good alternatives if you are seeking a flexible product as far as repayment terms. Of these it is Fair Finance that can deliver the cheapest 6 month deal.
Final Check @ www.satsumaloans.co.uk: July 12th, 2021