Lender in Focus 5.5: Satsuma Loans FAQ. Who’s behind Satsuma loans?

Lender in Focus 5.5: Satsuma Loans FAQ. Who’s behind Satsuma loans?

Satsuma Loans FAQ

It is important to be equipped with information about the lender before you apply for a Satsuma loan. This Satsuma Loans FAQ covers some of the most popular concerns. It covers important things to find out about the lending company, the loans and just just what it is prefer to be described as a debtor.

Satsuma Loans is a trading name of Provident private Credit Ltd.

Provident is really a provider that is well-known of, dating back again to 1880.

Today, Provident will continue to run as a home loan provider. Satsuma may be the name brand for Provident’s on line loans.

The subscribed workplace is:

1 Godwin Street Bradford BD1 2SU

Provident is registered with all the Financial Conduct Authority. And may be found in the Financial solutions enter making use of the guide quantity 002529.

What type of loans do Satsuma loans offer?

Satsuma is really a provider of short-term loans.

You can easily borrow such a thing from ВЈ100 to ВЈ1,000, susceptible to approval.

These are instalment loans, supplied over terms of between 3 and one year. A lengthier payment term enables you to distribute the price, with more repayments that are manageable will keep you with debt for longer.

Longer loans terms additionally lead to a bigger total repayment.

In the event that you borrow ВЈ100 from Satsuma more than a 3-month term, then you may pay off ВЈ49.20 per month and ВЈ147.60 overall. Nonetheless, the loan that is same one year might mean an overall total payment of ВЈ199.20. The monthly repayments are a more manageable ВЈ16.60 over https://personalbadcreditloans.org/payday-loans-me/ 12 months.

These instalment loans may also weekly be repaid.

What’s the APR of a Satsuma loan? How do I submit an application for that loan from Satsuma?

Satsuma loans are given at A apr that is representative ofper cent.

Which means at minimum 51percent of clients must accomplish this APR or better.

You can apply online for the Satsuma loan.

There was a loan calculator regarding the Satsuma site. this to get a rough estimate of your total repayment, and monthly or weekly instalments. The cost that is actual of loan could be various. Interest levels usually are decided after your circumstances that are individual been taken into consideration.

Once you understand just how much you’d like to borrow, and exactly how very long you want to borrow for, you are able to undergo the online application.

It is important to offer some individual and economic details.

In case your loan is approved, Satsuma claims that the amount of money might be in your bank account within an hour or so.

Are there requirements that are minimum satisfy?

To be eligible for a Satsuma loan, you need to fulfill criteria that are certain.

You have to:

В· Be between 18 and 74 years old.

В· Have A british banking account and debit card.

В· Be a UK resident.

В· never be bankrupt.

Whilst some providers of short term installment loans have income that is minimum, Satsuma will not publish one. This means you can put on even on a reduced income but does not always mean that you’ll be provided that loan which you cannot manage.

It is critical to make use of that loan affordability calculator to pick practical loan terms.

Will Satsuma run a credit check?

A credit check is part regarding the decision-making procedure.

To become considered for the loan, you will want to offer approval for the credit history to be accessed.

Satsuma is really a responsible loan provider and can look at your for indications you borrow that you can afford to repay what. You might be authorized for a loan, regardless if your rating is not perfect.

Satsuma checks your credit report with Experian.

Is Satsuma a trustworthy lender?

Being a Provident brand, Satsuma is really a trusted loan company.

Provident loans have now been given to significantly more than 130 years.

Other Provident brands consist of Vanquis Bank, well understood for their charge cards.

Satsuma Loans was launched in 2013. The Satsuma internet site states that a lot more than 90,000 loans granted yearly.

The lending company is regulated and authorised by the Financial Conduct Authority.

Loan reviews given by clients are often positive.

Satsuma makes use of Reviews.co.uk feedback from the clients, with 83% of reviews having a rating that is 5 of January 2017.

Most borrowers mention an easy, fast and borrowing experience that is easy.

Satsuma has a passionate UK call centre.

Just how are loan repayments taken? if I cannot repay my loan?

Your loan will likely to be paid back Continuous that is using Payment (CPA). the lending company to simply take funds from , monthly or weekly, without asking for authorization each and every time.

A right is had by you to withdraw Continuous Payment Authority, but will still be in charge of the debt.

Should you want to withdraw, it is important to contact Satsuma to make alternate arrangements.

Satsuma will agree all repayments with you ahead of the loan is finalised. This implies you shall be provided with a summary of payment dates and quantities to make certain that there are not any surprises.

If you’re struggling to produce repayments, it is critical to act quickly.

You should first contact Satsuma, alert to your problems.

Contacting the lending company is not effortless. But, they’ve to aid. work in a reasonable and accountable method.

Satsuma could possibly started to an agreement that is informal to assist you with your cash dilemmas. temporarily pause your repayments or could stop interest that is further being included with your financial troubles.

Another possibility your regular or monthly repayments could be paid down, utilizing the debt spread over a lengthier loan term.

Loan providers do not have obligation to lessen that you owe or even to stop interest from being added. But, they need to allow you to find a reasonable and reasonable solution.

Should this be perhaps not enough, you might desire to contact a debt 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 through until Saturday monday.

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