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 probably the most popular concerns. It covers things that are essential find out about the lending company, the loans and exactly just what it is prefer to be a borrower.
Satsuma Loans is really a trading title of Provident private Credit Ltd.
Provident is just a well-known provider of loans, dating back once again to 1880.
Today, Provident continues to run as a home loan provider. Satsuma may be the name brand for ProvidentвЂ™s on the web loans.
The office that is registered:
1 Godwin Street Bradford BD1 2SU
Provident is registered using the Financial Conduct Authority. And that can be located in the Financial Services enroll utilizing the reference quantity 002529.
What type of loans do Satsuma loans offer?
Satsuma is just a provider of short-term loans.
You’ll 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 allows you to distribute the fee, with more repayments that are manageable could keep you with debt for longer.
Longer loans terms additionally bring about a bigger total repayment.
In the event that you borrow ВЈ100 from Satsuma more than a 3-month term, then you might pay off ВЈ49.20 each month and ВЈ147.60 general. Nevertheless, the exact same loan over 12 months might mean an overall total payment of ВЈ199.20. Over one year, the monthly repayments are a far more workable ВЈ16.60.
These instalment loans may also be paid back weekly.
What’s the APR of a Satsuma loan? How to submit an application for a loan from Satsuma?
Satsuma loans are offered at A apr that is representative ofper cent.
This means that at the very least 51percent of clients must accomplish this APR or better.
You can apply online for the Satsuma loan.
There clearly was a loan calculator in the Satsuma site. payday loans Wisconsin You should use this a rough estimate of one’s total repayment, and month-to-month or regular instalments. The real price of your loan could be various. Interest levels usually are decided after your circumstances that are individual been taken into consideration.
exactly how much you may like to borrow, and just how long you’d like to borrow for, it is possible to feel the application that is online.
You will have to offer some individual and details that are financial.
In the event your loan is authorized, Satsuma claims that the cash could possibly be in your bank account within one hour.
Are there minimal needs to meet?
To qualify for a Satsuma loan, satisfy criteria that are certain.
You need to:
В· Be between 18 and 74 yrs old.
В· Have A british banking account and debit card.
В· Be a UK resident.
В· never be bankrupt.
Whilst some providers of have minimum income requirement, Satsuma does not publish one. This means you can put on also on a minimal earnings but doesn’t mean that you’ll be offered that loan which you cannot manage.
It is critical to use that loan affordability calculator to pick practical loan terms.
Will Satsuma run a credit check?
A credit check is part associated with the process that is decision-making.
considered for a financial loan, you shall require certainly to offer approval credit report to be accessed.
Satsuma is just a responsible loan provider and can always check your credit report for indications that one can afford to repay that which 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 trustworthy lender?
Being a Provident brand name, Satsuma is really a trusted loan company.
Provident loans have already been provided for a lot more than 130 years.
Other Provident brands consist of Vanquis Bank, well recognized for their credit cards.
Satsuma Loans was launched in 2013. The Satsuma site states that more than 90,000 loans released yearly.
The lending company is authorised and managed by the Financial Conduct Authority.
Loan reviews given by clients good.
Satsuma utilizes Reviews.co.uk to gather feedback from the customers, with 83% of reviews having a 5* score as of January 2017.
Many borrowers mention an easy, fast and easy borrowing experience.
Satsuma has UK call centre.
Just how are loan repayments taken? What are the results if I cannot repay my loan?
Your loan is likely to be paid back utilizing Continuous Payment Authority (CPA). This permits to simply take funds from , regular or month-to-month, without asking for authorization each and every time.
A right is had by you to withdraw Continuous Payment Authority, but it’s still accountable for the debt.
You will need to contact Satsuma to make alternative arrangements if you wish to withdraw.
Satsuma will concur all repayments with you prior to the loan is finalised. What this means is you will be provided with a summary of due dates and amounts to ensure that surprises.
It is important to act quickly if you are struggling to make repayments.
You should first contact Satsuma, to ensure they are alert to your problems.
Contacting is not effortless. But, they will have to greatly help. They need to act in a good and way that is responsible.
Satsuma might be able to arrive at an agreement that is informal to assist you together with your cash problems. temporarily pause your repayments or could stop further interest from being included with the debt.
Another possibility is the fact that your regular or repayments that are monthly be paid off, with all the debt spread over an extended loan term.
Loan providers don’t have any obligation to lessen you owe or even to stop interest from being added. But, enable you to find a good and solution that is reasonable.
Should this be maybe not sufficient, you might desire to contact a financial obligation charity free of charge financial obligation advice.
Just how do I contact Satsuma?
You’ll contact Satsuma by phone. Phone 0800 694 0004.
Customer support representatives can be found from through until Saturday monday.