Top 10 Lists + Full Lender Lists (Linked in Brackets)
Satsuma Loans @ www.satsumaloans.co.uk
Satsuma Loans was unveiled at www.satsumaloans.co.uk in 2013. This brand is controlled by Provident Financial Plc who also run GLO (guarantor), Moneybarn (finance), Provident (doorstep) and Vanquis (credit cards). Satsuma has become increasingly popular in their short time active through TV ad campaigning. In the previous company accounts their user base was reported as 49,000 customers. This is quite a small portion considering that 2.4 million are served across the entire group. A first time loan is available here between £100 and £1000. Customers who build trust have the chance to receive as much as £2000 in time. Flexible terms are offered from 13 to 52 weeks paying weekly or 3 to 12 months paying monthly.
The option to switch to monthly has only recently been introduced. For pricing, the £300 instalment charges when paying weekly are £129.26 (13) and £274.60 (26). In contrast, the monthly charges are £142.80 (3) and £268.80 (6). This shows that there is better value available on each side. For £1000 over a year, the difference is minor at £990.04 (52) and £992 (12). Paying anything close to £1000 is very expensive when you consider that Likely Loans charges £228.32. There is now a Satsuma Loans login built into www.satsumaloans.co.uk (this was only added recently in 2016). Another change has been seen with verification calls. These were previously always required, but are now only made on occasions.
To access funding, it is listed that hourly payments are processed between 6am and 11pm. General customer support times run as Monday to Friday (8am/8pm) and Saturday (8.30am/5pm). This lender is one of the very top spenders on TV advertising and so their market share and user base should each continue to rise. The problem they face is that there are several companies doing the exact same thing on the ad front noting Lending Stream, Pounds to Pocket and Sunny. They could very well go on to become a major lender, but it is unlikely that they’ll be able to capture the same level of dominance held in the doorstep loan space.
Pricing Examples Paying Monthly…
£142.80 /£300 (3)
£268.80 /£300 (6)
£992 /£1000 (12)
Pricing Examples Paying Weekly…
£129.26 /£300 (13)
£274.60 /£300 (26)
£990.04 /£1000 (52)
Data Taken from www.satsumaloans.co.uk: January 2017.