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Have you taken out a loan with Satsuma Loans? Or are you considering one?  If you are looking for info on Satsuma Loans, then this article should help you. We’ve compiled the most important, in-depth information about Satsuma’s loan for you in this guide.

About – Who are Satsuma Loans?

Satsuma Loans offers short-term loans of up to £1,000 with a repayment period of up to 12 months. Customers also have the option to repay the loan on a weekly or monthly basis. The company is a registered lender in the UK and a trading name of Provident personal credit Limited.

Find your best debt solution

This 4 question debt calculator will tell you if you’re eligible.

What is the total amount of your debt?

What are the key features of Satsuma’s loan?

Analyse the details of a loan, such as the APR and the repayment period, carefully before you commit. Below are the key details of Satsuma’s loan.

Satsuma Loans Website Review

APR

Minimum APR: 535%

The APR for the loan is advertised at 535%. This is a best case scenario. Depending on your individual circumstances, the APR could go up.

Loan Amount and Repayment Period

You can borrow between £100 and £1,000.

The loan repayment period can be between 3-12 months.

Example

Here’s the representative example that they give on their website:

  • Representative APR: 535% APR
  • Loan amount: £480
  • Interest rate: 133.1% p.a. fixed
  • Term: 9 months
  • Monthly repayments: £106.56
  • Total amount repayable: £959.04
  • Total cost: £479.04

Information correct as of 01/04/21 (Satsuma)

How do I apply for a Satsuma loan?

You can apply for a Satsuma loan online. They will confirm your provisional eligibility in 60 seconds.

Satsuma Loan form

Will I be accepted for a Satsuma Loan?

Satsuma will assess you based on certain criteria. See if you qualify:

  • Age: 18 – 74
  • Residency: UK resident with 3 years address history
  • Income: You must provide proof of income
  • Insolvency: You must not be bankrupt and be willing to have a credit check
  • Bank: You need to have a UK bank account to qualify for this loan.

Information correct as of 01/04/21 (Satsuma)

Satsuma Loans reviews

It’s important to see how other customers have rated their experience with Satsuma Loans. Take a look at their up-to-date reviews on Trustpilot or on Reviews.co.uk.

Trustpilot review
review.io review

*Information correct as of 11/06/21

New laws for lending companies

Unfair lending practices have been identified by the Financial Conduct Authority in recent years, and new laws introduced to regulate lending bodies. Here are the rules that lending companies must abide by:

Law #1: The loan must be affordable

The Financial conduct Authority, who are the regulator for lenders in the UK, have said that a lender is not permitted to allow you to sign an agreement unless the lender has carried out a creditworthiness assessment.

The law also says that any repayments must be “sustainable”. According to this, you must be able to make your repayments on time, while being able to maintain your reasonable commitments (eg. Rent, bills, food, car.) You should not have to borrow more money to make repayments.

Law #2: Limits on interest and charges

The Financial Conduct Authority has introduced a price cap which is designed to protect borrowers from excessive charges. These include:

  • A cost cap of 0.8% per day on the amount borrowed – this is a combination of both interest and all fees charged.
  • A cap on default fees of £15 – after a default, interest may still be charged, but it cannot be more than the original rate of 0.8% per day.
  • A complete cost cap of 100% – you should not be asked to repay more than 100% of the money borrowed.

The limits are relevant to all credit agreements with an interest rate of 100% or more and that are expected to be fully or substantially repaid within a year.

Other laws came into force in May 2017. Lenders have a responsibility to provide details of their products on a price comparison website which has been authorised by the FCA. Borrowers should also be provided with a summary of the cost of borrowing.

Law #3: continuous payment authority

In most cases, loan companies will expect you to repay the debt using a Continuous Payment Authority (CPA). The CPA provides the company with permission to remove any sum they want from your bank whenever they want. They should always inform you before they debit your bank account.

New regulations mean that if the CPA fails to be paid on two occasions, the lending company is not allowed to make any further requests to your bank account.

How to complain about Satsuma Loans

If Satsuma Loans has made you feel like you need to complain, you can use the details below to write to them.

Many complaints can resolved this way without escalating to the Financial Ombudsman Service. However, if you are unsatisfied with Satsuma Loans’ response, you can contact the Financial Ombudsman Service. They will be able to handle your complaint.

Complaints Contact Details

Tom Jeffery
1 Godwin Street
Bradford
West Yorkshire
BD1 2SU
UNITED KINGDOM
+4401274351247
tom.jeffery@provident.co.uk

Information correct as of 01/04/21 (FCA)

Company information:

After researching Companies House and their website, we found the following information about Satsuma Loans:

Date of incorporation: 20 February 1917
Company status: Active
Company number: 00146091
Company type: Private limited Company
Address: No. 1 Godwin Street, Bradford, West Yorkshire, BD1 2SU
Opening Hours: Monday – Friday: 8 A.M – 6 P.M
Phone number: +4401274351247

Information correct as of 01/04/21 (Companies House)

FCA registration:

The Financial Conduct Authority (FCA) is the conduct regulator for financial services firms and financial markets in the UK. 

FCA regulated: Yes
FCA status: Authorised
FCA regulated activities: Consumer Credit (credit broking, debt collecting, entering into multiple types of credit agreements as a lender)
FCA reference number: 700144
Trading names: Glo, Provident, Satsuma, Satsuma Loans
Place of business: 1 Godwin Street, Bradford, West Yorkshire, BD1 2SU, UNITED KINGDOM

Information correct as of 01/04/21 (FCA)

Data protection registration:

Data protection registration means that this company is registered with ICO, the UK’s independent authority set up to uphold information rights in the public interest. The privacy of your data will be protected.

Registration No: Z5227544
Data controller: Provident Personal Credit Limited
Address:
1 Godwin Street
Bradford
West Yorkshire
BD1 2SU

Information correct as of 01/04/21 (ICO)

Where are Satsuma Loans located?

You may want to speak with the loan company in person. If you do, it’s important to find a company whose offices are near your own address. Take a look at their office location on a map.

References

CONC 2.1 Application

CONC 5.2A Creditworthiness assessment

CONC 13.1 Application

About the author

Scott Nelson

Scott Nelson is a financial services expert, with over 10 years’ experience in the industry, including 6 years in FCA regulated companies. Read more
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