Satsuma Loans

Satsuma Loans
Industry Technology finance
Founded 2013
Headquarters Bradford, United Kingdom
Products Short-term credit
Number of employees
 300
Website satsumaloans.co.uk

Satsuma Loans (a trading name of Provident Personal Credit) is a British loan company. It was launched by Doorstep lender Provident Financial as an online short term loan service that promised to be the 'antidote to payday loans.'[1]

The company lends up to £1000 to first time customers which can be borrowed over a 12-month period. Unlike payday loan companies Satsuma Loans offer fixed weekly repayment plans. Satsuma also announced in February 2015 it would be recruiting for 200 roles.[2]


Satsuma claim there are never any hidden fees or charges with their loans and that their customers never pay a penny more than what's agreed from the outset.[3]

On the 24th February 2015 Provident Financial chief executive Peter Crook said Satsuma was "proving to be strong" with loans increasing from £1.8m to £5m, with a view to engaging in a fresh advertising push for the rest of the year.[4]

Responsible Lending

On the 21st of April 2015 Satsuma Loans Managing Director Mark Stevens spoke out on the tighter regulations imposed on the high cost short term credit industry by the FCA welcoming them and encouraging a stricter approach for lenders that "don't play by the rules." He also held banks and building societies liable for a part to play in the controversial practices of some non-standard lenders as they're "so restrictive about who they lend to."[5]

Sponsorship

On the 3rd September 2014 it was announced that Satsuma Loans had agreed a 2-year sponsorship deal worth £600,000 with RFU Championship side Yorkshire Carnegie.

Mark Stevens, Managing Director of Provident's Consumer Credit Division which houses Satsuma Loans, said: "As a firm that laid its roots in Yorkshire over 130 years ago, we are proud to get behind Yorkshire Carnegie and support them in achieving success both for the club and its Academy and in supporting the wider community."[6]

References

  1. ↑ Uren, Adam (1 November 2013). "Is Satsuma Loans really the 'antidote' to payday lenders". http://www.thisismoney.co.uk/. Retrieved 16 February 2015. External link in |publisher= (help)
  2. ↑ Holland, Chris (25 February 2015). "200 jobs boost at loans provider". Bradford Telegraph and Argus. Retrieved 12 March 2015.
  3. ↑ Treanor, Jill (27 October 2013). "Provident Financial launches Satsuma loans at 792% APR". http://www.theguardian.com/. Retrieved 16 February 2015. External link in |publisher= (help)
  4. ↑ Dakers, Marion (24 February 2015). "Provident Financial says outlook is rosy for subprime or non-standard lending". http://www.telegraph.co.uk. External link in |publisher= (help)
  5. ↑ Stevens, Mark. "http://www.yourmoney.com". Your Money. Retrieved 19 May 2015. External link in |title= (help)
  6. ↑ "Satsuma Loans agrees sponsorship deal with Yorkshire Carnegie Rugby". http://www.yorkshirecarnegie.com/. Retrieved 16 February 2015. External link in |website= (help)
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