Satsuma Loans FAQ
This Satsuma Loans FAQ covers probably the most popular concerns. It covers important things to find out about the financial institution, the loans and exactly what it is prefer to be a borrower.
Who’s behind Satsuma loans?
Satsuma Loans is a trading title of Provident private Credit Ltd.
Provident is a well-known provider of loans, dating back again to 1880.
Today, Provident continues to run as a home loan provider. Satsuma may be the manufacturer for ProvidentвЂ™s on line loans.
The office that is registered:
1 Godwin Street Bradford BD1 2SU
Provident is registered utilizing the Financial Conduct Authority. And may be located in the Financial solutions join utilizing the guide quantity 002529.
What sort of loans do Satsuma loans offer?
Satsuma is a provider of short-term loans.
You are able to borrow such a thing from ВЈ100 to ВЈ1,000, at the mercy of approval.
They are instalment loans, supplied over regards to between 3 and year. A lengthier payment term enables you to spread the price, with more workable repayments but could keep you with debt for extended.
Longer loans terms additionally end in a larger total repayment.
If you borrow ВЈ100 from Satsuma over a 3-month term, then you may repay ВЈ49.20 each month and ВЈ147.60 general. Nevertheless, the loan that is same year might suggest a complete payment of ВЈ199.20. Over one year, the month-to-month repayments are a far more workable ВЈ16.60.
These instalment loans may also weekly be repaid.
What’s the APR of a Satsuma loan?
Satsuma loans are supplied at a APR that is representative of%.
Which means at minimum 51% of clients must accomplish this APR or better.
How do I make an application for a loan from Satsuma?
You can apply online for a Satsuma loan.
There clearly was that loan calculator from the Satsuma internet site. You should use this to get a estimate that is rough of total payment, and month-to-month or regular instalments. The cost that is actual of loan may be various. Interest levels usually are determined after your specific circumstances have actually been taken into consideration.
Once you understand how much you want to borrow, and exactly how very long you may like to borrow for, it is possible to have the online application.
You will have to provide some individual and monetary details.
In case the loan is authorized, Satsuma claims that the income might be in your account within an hour or so.
Is there minimal demands to fulfill?
To qualify for a Satsuma loan, you have to fulfill criteria that are certain.
You have to:
В· Be between 18 and 74 years of age.
В· Have a British bank account and debit card.
В· Be a UK resident.
В· never be bankrupt.
Whilst some providers of short term installment loans have actually a income that is minimum, Satsuma will not publish one. This means you can use even on a reduced earnings but does not mean you will be provided that loan that you cannot manage.
You should make use of a loan affordability calculator to choose loan that is realistic.
Will Satsuma run a credit check?
A credit check is component associated with the decision-making process.
To be considered for a financial loan, you will need certainly to provide approval for the credit history to be accessed.
Satsuma is an accountable loan provider and certainly will always check your credit history for indications that one may manage to repay everything you borrow. You may be authorized for a financial loan, whether or not your rating is not perfect.
Satsuma checks your credit report with Experian.
Is Satsuma a lender that is trustworthy?
As a Provident brand name, Satsuma is a trusted loan provider.
Provident loans have already been given to significantly more than 130 years.
Other Provident brands consist of Vanquis Bank, well understood for their bank cards.
Satsuma Loans was launched in 2013. The Satsuma site states that a lot more than 90,000 loans are actually granted annually.
The lending company is authorised and controlled by the Financial Conduct Authority.
Loan reviews given by clients are usually good.
Satsuma makes use of Reviews.co.uk to get feedback from the clients, with 83% of reviews having a rating that is 5 of January 2017.
Many borrowers mention an easy, fast and simple borrowing experience.
Satsuma has a separate UK call centre.
Exactly how are loan repayments taken?
Your loan are going to be repaid Continuous that is using Payment (CPA). This enables the financial institution to just take cash from your money, regular or month-to-month, without requesting authorization every time.
You have got a right to withdraw Continuous Payment Authority, but it’s still accountable for your financial troubles.
You will need to contact Satsuma to make alternative arrangements if you wish to withdraw.
Satsuma will concur all repayments to you prior to the loan is finalised. What this means is you shall be provided with a listing of payment dates and quantities in order that there aren’t any shocks.
What the results are if we cannot repay my loan?
It is important to act quickly if you are struggling to make repayments.
You should first contact Satsuma, to make them conscious of your problems.
Calling the lending company is not simple. But, a duty is had by them to assist. They need to work in a good and way that is responsible.
Satsuma might be able to arrived at an informal contract, that will help you together with your cash dilemmas. They may temporarily pause your repayments or could stop interest that is further being included with the debt.
Another possibility is the fact that your weekly or month-to-month repayments could be paid down, using the debt spread over a lengthier loan term.
Loan providers haven’t any obligation to cut back the quantity which you owe or even stop interest from being added. But, they need to allow you to find a reasonable and reasonable solution.
Should this be maybe not sufficient, you may want to contact a financial obligation charity at no cost financial obligation advice.
How can I contact Satsuma?
You are able to contact Satsuma by phone. Phone 0800 694 0004.
Customer care representatives can be obtained from Monday through until Saturday.