Satsuma Loans (satsumaloans.co.uk) is a short term loan provider who has a credible history in this sector. They are operational for a considerable amount of time and are known for their professionalism. This firm is regulated by FCA which is a positive sign.
Their way of processing loans is a tad bit different. However, know that you will get a clear answer about your eligibility and maximum loan amount with a minute of providing them the details.
The interest rate is around 535% APR, it certainly is not so steep considering other alternatives. To know whether it is suitable for your needs, continue reading our impartial review.
Any firm which is indulged with providing the public with any sort of financial services has to adhere to the guideline set by certain authorities. Dealing with regulated and licensed entities not only ensures fair play, but most of the times you will get better treatment overall.
Satsuma Loans is a trading name of Provident Personal Credit Limited. They are also authorized and regulated by FCA. Below, we have gathered the details regarding their contact details and registration number.
Registered Office: 1 Godwin Street, Bradford, BD1 25U United Kingdom. Registered Number: 146091, FCA Reference Number: 002529
How To Get a Satsuma Loan?
This platform requires few details in order to check your information. Moreover, their tests do not affect your credit score. The credit score will be unaffected regardless of the results, unless you choose to apply.
Once you submit the application, the results will be out within 60 seconds flat. You will exactly know how much you are allowed to borrow and the repayment schedule. One of the most interesting aspect about their service is the loan calculator which is provided on their website.
At any period of time, you can use them to calculate the exact payments you need to make. There is no fees on early repayment and late payment. However, know that late payments can damage your credit score.
This firm charges APR of 1027.9% which is definitely on the higher side. So, if you need cash for short time period, then it may be useful. If you are looking for long-term borrowing, then it might burn a hole in your pocket. On the bright side, the maximum term can be extended up to 12 months.
The eligibility criteria are standard. Any individual who has applied for loan needs to be an UK resident. He or she should hold a valid UK bank account and a debit card. Bad credit score will certainly not nullify your chances of getting money. However, it is still a major aspect which dictates the end result.
If you have any issues with this lender and are finding it difficult to get it solved, then do not worry. Since this is a legitimate organisation you will be able to make your voice heard and get compensated, if you truly were the victim of a mistake or error.
The only thing you should be aware before complaining is that, the case or the issue has to be within 6 months of getting the final or last response from the firm. You can file the complaint with the help of Financial Ombudsman service or simply contact the support team of the firm.
Satsuma Loans Review Conclusion
Satsuma Loans is a reputable and legitimate service. They offer flexibility unlike many of the payday loan alternatives out there. There is some negative comments about them, but it is not something which you should be too concerned about.
Go with this firm if you need urgent funds, just remember that the added benefits comes at a price. To conclude, this company is the one which should be your go to Payday Loan solution.