Warning: Late repayments can cause you serious money problems. For help, go to moneyadviceservice.org.uk
Satsuma Loans is friendly lender who has been partnered with My Financial Broker for several years. The company offers a refreshing change to online payday loans with a flexible instalment product repaid over 3 to 12 months. Customers can apply to borrow £100 to £1,000, with same day funds available for those that are successfully approved.
Yes, Satsuma is a safe and trustworthy lender. The loans provider is regulated and authorised by the Financial Conduct Authority under registration number 700144. Satsuma is part of the large Provident Group which has over 135 years of history in providing consumer finance and has issued over 250,000 loans to date.
There are a number of key features and benefits you’ll receive when you apply for a short term loan with Satsuma. For instance, they will consider your application even if you have a less than perfect credit history.
Lenders like Satsuma understand that your credit score is not always a true representation of how you manage your finances. As most information stays on your credit file for around six years, often a poor credit rating is due to a late or missed payment from ages ago. Satsuma will therefore take other factors into consideration when they make a loan decision, not just your credit score. They will look at things like your income and expenditure, so that they can get a good understanding of your current financial situation.
We’ve listed some of the other key features of a Satsuma loan below:
Borrow £100 to £1,000
Repaid over 3 to 12 months
Equal monthly instalments (or repay weekly)
Option to repay early
Same day funding
100% Online application
Smart checker to check your eligibility
Satsuma ask that you meet the basic eligibility criteria below when applying for a short term loan with them:
Full-time UK resident
Not currently bankrupt
Hold a UK bank or building society account with a valid debit card
Have a working mobile phone & email address
Your loan will be subject to status and will undergo a series of credit checks and affordability checks to ensure your eligibility and how much you can afford to repay. However, the majority of loans are completed on the same day of applying and funded directly into the customer’s bank account.
Satsuma loans is different by allowing customers to repay weekly or monthly – and this might be more suitable for borrowers who get paid on a weekly basis or who are watching their finances closely.
Satsuma is passionate about offering flexibility, in both borrowing and repaying. Customers can choose how long they want to borrow for, with options ranging from 3 to 12 months and the chance to repay early at any point. Customers will also save money if they clear their account early, as they will be able to save money on the overall interest.
The Satsuma proposition is a much healthier option that traditional payday loans, whereby customers receive their loan upfront and repay in full on their next pay date. Whilst effective for some, it has forced many into a spiral of debt and created a habit of borrowing out multiple loans to stay on top.
As a direct lender, you have peace of mind knowing that you are working with Satsuma directly and no other brokers or middlemen.
My Financial Broker allows you to click through and apply directly on Satsuma’s website. You can complete the details in just 5 minutes on desktop, mobile or tablet and receive an instant decision on screen letting you know if you have been provisionally approved. Subject to further checks, you will usually be able to receive your funds within 1 hour or on the same day.
Satsuma also offer a ‘smart checker’ which allows you to check your eligibility for a loan, with no obligation to proceed. You can see very clearly how much you can borrow and will be repaying, with no impact to your credit score.
Failing to keep up with your loan repayments may incur additional late fees or added interest for the days that the loan is not repaid. As a FCA regulated lender, Satsuma will always be able to offer you forbearance and give you a few days to repay without issuing a default fee, which has a maximum charge of £15 each month.
However, missing your repayment can increase the overall cost of a loan but also have a negative impact on your credit rating. The information that your loan is overdue will be reported to the main credit reference agencies in the UK and this will be updated for future lenders and creditors to see.
If you are having issues repaying your loan, it is important that you speak to the lender beforehand or within a good period of notice. Most lenders in the UK are able to offer a few days for you to extend repayment on your loan, create a payment plan or temporarily freeze interest for you.