Satsuma is a part of Provident Personal Credit Limited, which has over 135 years’ experience in lending a helping hand to customers. The company claims to have issued over 280,000 loans so far.
Satsuma Loans is a fresh alternative for those looking for a short term loan. Unlike traditional “payday” lending, where you would borrow over a very short period of time, and make a single repayment on your payday, with a Satsuma loan borrowers make a repayment each month, or each week, to pay off part of the capital (the original amount borrowed) as well as the interest accrued so far.
Customers can borrow from £100 to £1,000 and pay back in manageable segments over terms from 3-12 months. This spreads the cost of repayment, potentially taking the pressure off finances. It’s worth remembering that, broadly speaking, if you borrow for longer periods, you’ll pay more interest overall. Satsuma are transparent about the full cost of the loan upfront, and have a friendly UK Customer Care team on hand.
Please note: high-cost short-term credit is unsuitable for sustained borrowing over long periods and would be expensive as a means of longer-term borrowing.
Key features of a Satsuma loan:
Loans of £100-£1000. The amount you’re able to borrow will depend on your personal circumstances.
Borrow over 3 to 12 months. It can be helpful to spread repayments over longer periods, but remember that if you do, you’re likely to pay more in interest overall.
Repay weekly or monthly. Unlike many of its competitors, Satsuma give borrowers the option to repay weekly. If you get paid weekly, this could be a great idea.
Simple application. Complete your entire application online and save the hassle of phone calls and paperwork.
SmartCheck. Using Satsuma’s “SmartCheck” you can see if you’ll be approved before you actually apply.
Quick cash. Receive your loan within 1 hour of your application being approved.
Repay early at any time. This could save you money in interest.
Compare Satsuma loans against services from a range of lenders
Table: promoted deals, sorted by total payable
As well as comparing short-term loans with other types of credit, before you apply for a loan, it’s a good idea to shop around and compare a range of lenders. You can use the tool below to get an idea of how much the loan that you have in mind might cost.
How much money do you need to borrow?
How long do you need to borrow over?
Important information: You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.
We compare payday/short-term loans from
Is high-cost, short-term borrowing a good idea?
Payday loans, and high-cost, short-term credit are a very expensive method of borrowing and should only be considered as a last resort. They may not solve your money problems, and are not a good idea for borrowing over longer periods, or for sustained borrowing.
Before you apply for a payday or short-term loan, make sure you’ve considered other options. Is the expenditure that you’re planning absolutely essential? If you can defer a purchase then you could save yourself money in the long run. If you’re struggling to pay a bill, then why not talk to your electricity, gas, phone or water provider to see if you can work out a payment plan? Read more about alternatives to payday loans at moneyadviceservice.org.uk.
How does a short term loan from Satsuma work?
First of all you’ll need to decide how much you’d like to borrow and for how long. Satsuma’s online calculator will then inform you of your monthly/weekly repayment, and the total cost of your loan. You can also use the SmartCheck to see if you’ll be approved before you actually apply.
Next you’ll need to provide some personal, work and finance details. Some applicants may receive a quick call to confirm details and check if they are eligible for a loan. If accepted, Satsuma will use a Continuous Payment Authority (CPA) to automatically take your repayment in instalments on your agreed weekly or monthly dates.
Loans can be paid back over a period of 3-12 months, or if you have the funds you can pay back your loan early. Doing so will save you money on interest. Unlike most other providers Satsuma do not charge extra if customers miss their pay date. However, this can have big impact on your credit score, so should be avoided at all costs.
What is a Continuous Payment Authority (CPA)?
A CPA is a recurring payment in which you give a company permission to withdraw money from your account on a regular basis.
CPA differs from direct debit because they give the company being paid the ability to withdraw money from your account whenever they wish, and to take payments of different amounts without consulting you. Most payday loan companies will use CPA to collect your repayments, however you can cancel this at any point by either consulting with your provider or your bank.
What are the eligibility requirements?
You should only apply for a Satsuma loan if you’re certain you will be able to make the repayments, and you meet the following criteria:
Hold a UK bank or building society account with a valid debit card
Have a working mobile phone & email address
How do I apply for a loan from Satsuma?
Decide on the size and length of your loan.
Spend a few minutes completing an online application form.
Wait to see if you have been accepted, this should be pretty instant.
Accept the agreement.
Your loan should arrive in your current account within the hour, and can be as quick as 5 minutes.
Additional Borrowing Options
Top-Ups: You can top up your loan with Satsuma, and even take out additional loans. However, your ability to do so will depend on your existing loan and if Satsuma believe this to be an affordable option for you.
Extensions: Satsuma are happy to speak to you about extending your repayment date.
Did you know?
In 2015 the Financial Conduct authority (FCA) capped interest and fees on all high-cost short-term credit loans at 0.8% per day.
They additionally capped all default charges at £15 and the total cost (interest, fees) of loans at 100% of the original sum. This means you’ll never have to pay more than double the amount borrowed.
Frequently Asked Questions
A valid email address and mobile number
Address information for the past three years
Your income and outgoings
Your bank account and debit card information
Satsuma do their best to provide you with a response instantly. In some cases they may need to spend a little longer reviewing your application and may need to call you first for more information.
If your loan was approved between the hours of 6.00am to 11pm, the money should be transferred to your account within the hour.
You have the right to cancel your loan within 14 days of receiving it. If you do so you’ll need to immediately pay back your full loan and any interest accrued.
Yes, you will be asked to consent to a credit check being carried out on you. This will help Satsuma decide whether it is able to lend to you. The credit check is proportionate to the loans offered so you don’t need to have a perfect credit file.
Satsuma loans has a zero fee guarantee, meaning you will only pay the amount of interest you agree upfront.
Chris Lilly is a publisher at finder.com. He's a specialist in credit-based products including business and personal loans, mortgages and credit cards, and is passionate about helping UK consumers make informed decisions about their borrowing. In his spare time Chris likes forcing his kids to exercise more.
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