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Satsuma Loans | Reviews

Satsuma Loans

About Satsuma Loans

Satsuma Loans was introduced in 2013 essentially as the online equivalent of Provident that has throughout its history been the dominant force in doorstep lending. Both brands make up the group’s consumer credit division built of 560,000 customers. Provident’s share is 440,000 and Satsuma’s is 120,000. The collective group user base stands at 2.3 million with most activity running through their credit card division (Vanquis) at 1.7 million whilst 62,000 use Moneybarn for motor finance. They had for a time also operated through GLO in the guarantor sector, but opted to close this project. Satsuma’s potential does look to be the greatest moving forward since doorstep demand is always falling and NewDay are continually taking market share from Vanquis.

Satsuma instalment loans stand out in particular in the flexibility department. All borrowers have the opportunity to select any single month between 3 and 12 months. You can compose the repayment to be taken either monthly or weekly that makes a slight difference on pricing. There are no late fees charged and sizeable sums of £1000 (£2000 reloan) are available. Across our instalment comparisons it is clear that this company is a strong performer. They do however face great challenges in the 6 month loan niche. This is due to the powerhouse brands Lending Stream and Sunny. Each of these are currently hold Alexa UK ranks under 12k and so will be very difficult to catch.

Company Details

Address: 1 Godwin Street, Bradford, BD1 2SU

Brand: Satsuma Loans (aka: SatsumaLoans)

Company: Provident Personal Credit Ltd (subsidiary of Provident Financial Plc)

Contact (📧):

Contact (☎): 0800 694 0004

FCA Licence: 002529

Launched: 2013

Niche: Instalment, personal

Opening Hours: Mon/Fri (8am-8pm), Sat (8.30am-5pm)

Related Brands: Aquis, Chrome, Moneybarn, Provident, Vanquis Bank

Site Address:

Site Rank (Alexa UK): #19,240

Product Specs

Amounts Available: £100 to £1000 (£2000 on reloans)

Late Payment Fee: £0

Login Provided: Yes

Pricing (Weekly Repay): £129.26 /£300 (13w), £274.60 /£300 (26w) & £990.04 /£1000 (52w)

Pricing (Monthly Repay): £142.80 /£300 (3m), £268.80 /£300 (6m) & £992 /£1000 (12m)

Repayment Terms: 3 to 12 months

Review Feedback

Feefo: Not listed

Reviews: 94% (2870+ count)

Trustpilot: 14% (120+ count)

Rivals & Similar Lenders Like Satsuma Loans

Satsuma’s biggest rivals are Lending Stream and Sunny, but there are many others posing a competitive challenge such as Mr Lender, MyJar, On Stride, Peachy etc. It is clear that there are much greater challenges online in comparison to doorstep lending. On that side their product is by far the best of its kind with Morses Club being their main rival. Morses for reference have also made an online equivalent through Dot Dot Loans although this isn’t performing too well. Satsuma’s pricing is decent, but there is a notable difference between the top 6 month subprime charges. For £300 you pay £268.80 here, whilst Street UK charges £166.58 per £600 (splits as £83.29).

Last Check @ June 8th, 2019

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