Satsuma Loans | Reviews

Satsuma Loans

About Satsuma Loans (Closed = Further Details to Follow Soon)

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. Satsuma’s growth is certainly coming along well though and you can expect higher acceptance rates in contrast to those 2 noted rivals.

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 ( Global): #1,019,800

Product Specs

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

Late Payment Fee: £0

Login Provided: Yes

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

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

Repayment Terms: 3 to 12 months

Review Feedback

Feefo: Not listed

Reviews: 93% (2910+ count)

Trustpilot: 15% (180+ 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 and MyJar. 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 instance, at £300 you pay £268.80 here, whilst Street UK charges £166.58 per £600 (splits as £83.29).

Last Check @ February 14th, 2020

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Average rating:  
 3 reviews
by Dave on Reviews

good service, but declined me for another loan even though i had made all payments on time

by tom on Reviews

too expensive for my liking

by George on Reviews

Used a broker with very bad credit and Satsuma was the only lender willing to give me a chance. Thank you!