Satsuma Loans

Written by:

Cara Bradley

5 minutes mins read

Updated: 2nd July 2024

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Looking for Satsuma Loans? They’re no longer trading; however, Little Loans could help you search for an alternative to Satsuma Loans.

Little Loans as a Satsuma Loans alternative

• Little Loans is a credit broker, working with a panel of over 30 trusted lenders.
• Little Loans, and all the lenders we work with, is authorised and regulated by the Financial Conduct Authority (FCA).
• Search for a loan between £100 and £10,000, with repayment terms from 3 to 60 months.
• Our service is completely free to use.
• No-obligation quotes.
• Check your eligibility today with no impact to your credit score.*

*If you’re matched with a loan and choose to make a full application, the lender will be required to carry out a hard credit search as part of the application process. A hard search will remain on your credit file for up to 12 months and could negatively affect your credit score.

Who was Satsuma Loans?

Satsuma Loans, a trading name of Provident Personal Credit, was a direct lender.
Customers were able to apply for loans between £100 and £1,000, with repayment terms ranging from 3 to 12 months.

Provident Personal Credit was authorised and regulated by the FCA.

What happened to Satsuma Loans?

Satsuma Loans ceased trading in 2021, following a number of complaints from customers claiming they’d been approved for loans that they could not afford to repay.

Can I make a claim against Satsuma Loans?

Customers who had been approved for unaffordable loans through one of Provident’s brands (including Satsuma Loans) between April 6, 2007, and December 17, 2020, were able to make a claim.
The final deadline for submissions was February 28, 2022, and any claims received after this date will not be actioned.

Can I still get a loan with Satsuma Loans?

Satsuma is no longer able to accept loan applications from new or previous customers, but if you are looking for an alternative lender, Little Loans might still be able to help you search.

Satsuma Loans alternatives

Customers could apply to Satsuma Loans for a payday loan product.
Little Loans do not work with any payday loan providers; however, we do work with lenders who offer short-term loans instead.

As the name suggests, payday loans are generally designed to help tide borrowers over between one payday and the next and are typically required to be repaid in full within four weeks. Their short borrowing terms often mean they display a high interest rate.

The lenders on our panel offer short-term personal loans, with repayment terms from 3 to 60 months, depending on how much money you apply to borrow. Spreading the cost of a loan could make monthly repayments more manageable for some people, although you should be aware that the longer your loan duration, the more you will pay in interest.

Who can search for a loan with Little Loans?

You can use Little Loans to search for your Satsuma Loans alternative if you:

• Are over the age of 18;
• Are a UK resident with at least three years’ worth of UK address history;
• Have a UK bank account with a valid debit card; and
• Have a regular source of income paid directly into your bank account.

Bad credit loans

As previously mentioned, Satsuma Loans is no longer trading and are therefore unable to accept new applications; however, some of the lenders on the Little Loans panel are willing to consider applications from those with poor credit history.

When applying for loans for bad credit, it’s important to remember that you might not be able to borrow as much money as you’d like. You’re also likely to be offered a loan at a higher rate of interest.

Improving your credit score

Improving your credit score could help you gain access to more desirable rates of interest. You can work towards a healthier credit score by registering to vote, ensuring that the information on your credit report is correct and up to date, and making sure that all your bills are paid on time.

How does the Little Loans process work?

If you’re looking for a loan company like Satsuma Loans, Little Loans could help you find a suitable option.
The Little Loans process has been designed to be as straightforward as possible.

• Select your ideal loan and term and complete our online form. This should take no longer than five minutes.
• In just 60 seconds, we’ll check your eligibility using soft search technology with no impact to your credit score. We’ll scan our panel of lenders for a suitable loan.
• If we find you a match, you’ll be redirected to the lender’s website, where you can find out more about the loan and decide whether you’d like to proceed.
• Should you wish to go ahead with a full application, you’ll be required to undergo some further checks directly with the lender, including a hard credit search.*
• If the lender is happy with the outcome of their checks, you’ll be sent a loan agreement. Be sure to read through the terms and conditions carefully before deciding whether or not this is the right loan product for you.

*Hard searches will remain on your credit file for up to 12 months. Too many hard searches in a short space of time could cause a decline in your credit score.

How quickly will I receive my money?

Every lender has their own payout timeframe. Some lenders on the Little Loans panel are able to send your money the same day your application is approved.
It’s important to remember that the time it takes for the money to appear in your account will depend on your bank’s policies and procedures, such as if they accept Faster Payments.

FAQs

Who owns Satsuma Loans?

Satsuma Loans was a trading name of Provident Personal Credit, part of the wider Provident Financial Group. Provident are now known as Vanquis Banking Group.

Have Satsuma Loans gone bust?

Satsuma Loans went into administration and stopped trading in 2021 and is no longer able to accept new applications.
If you’re looking for a Satsuma Loans alternative, Little Loans might be able to help you search.