Warning: Late repayment can cause you serious money problems. For help go to moneyadviceservice.org.uk
Representative APR from 45.3% - 1575%
Advice

Thinking about a Satsuma loan? Try Moneypod instead

If you are thinking about taking out a Satsuma loan, it is always wise to keep your options open. If you need money quickly, it can be tempting to go for the first lender that springs to mind but you could be missing out on a better deal elsewhere.

Different lenders in the UK will have their own rules on how much you can borrow, how long you can pay it back, and the interest they charge, so comparing these beforehand is the only way to find the perfect deal for your individual situation.

Moneypod is a payday loan broker – not a lender. We work with a number of reputable loan providers from across the country, which means we are completely unbiased and can effectively match you with the best lender to suit your needs.

So what’s the difference between a Satsuma loan and a loan from Moneypod?

 

Who are Satsuma?

Established in 2015, Satsuma loans are relatively new to the personal loans market; but their roots go back more than 100 years.

Parent company Provident Personal Credit Limited are a trusted provider of consumer credit with more than 135 years of experience in helping customers with their loan requirements.

Satsuma was created in the understanding of what truly matters to those needing access to money quickly; accepting and providing loans in a way that is quick, convenient, and efficient.

They are also one of the most well-known short-term loan providers in the country and they boast a score of 3.8 out of five stars on choosewisely.co.uk.

 

What is a Satsuma Loan?

Satsuma offer both short-term loans which can be repaid over three months to a year depending on what you need.

The company state that their loans are ‘created with you in mind”, which is why they offer flexible loan terms and amounts which can be repaid in either monthly or weekly instalments to make repayments easier.

Satsuma issue small loans of up to £1000 for first-time customers, extending up to £2000 if you borrow from them again. They also offer flexibility when it comes to making your repayments, as you can extend the term of your loan should you need to.

If accepted for a Satsuma loan, the funds could be available in your account in just one hour. You can choose which day of the week or month you wish to pay, can make additional payments at any time, and Satsuma also do not charge for missed payments or late fees.

 

What are the Requirements of a Satsuma Loan?

If you are considering a Satsuma loan, you will need to meet their own requirements and criteria. Satsuma ask that all applicants must be aged between 18 and 74 years, are UK residents, and have no history of bankruptcy.

You will also need to have an email address and mobile phone number and you’ll need to agree to a credit check along with your application.

As with all lenders, Satsuma use credit scoring to decide whether or not they can lend someone money. This goes along with their ‘affordability checks’ that look at your income and outgoing to make sure you can comfortably afford your repayments.

 

What’s the Difference Between Satsuma and Moneypod?

Satsuma are a direct lender. This means you can apply for credit directly on their website, where they then carry out credit checks to see if they can lend to you.

Credit checks do, however, leave a lasting imprint on your credit file. This can be seen by all future lenders and mortgage providers, and they could affect your chances of being accepted for credit if there are too many loan applications on your record.

Credit brokers like Moneypod are not loan providers. Rather, we compare their panel of lenders to find the most suitable provider for your needs – meaning you are more likely to be accepted first time.

When you use Moneypod, there is only ever one credit search done on your file, even if we match you with a dozen different lenders.

 

What are Satsuma’s FCA Registration Details?

Satsuma have complete Financial Conduct Authority (FCA) approval and their FCA registration number is 002529.

FCA authorisation is a legal requirement for those working in the financial industry. This means the provider has a stamp of approval from the FCA and they are regulated by this body to make sure you are protected when taking out credit.

The FCA also recently introduced new rules for loan providers to stop loan costs from spiralling, including:

  • Charging no more than 0.8% per day in charges – equating to £24 per month for every £100 you borrow
  • A £15 limit on penalty fees should you fall into arrears
  • A 100% cap on interest fees and charges in total. This means, if you borrow £100, the most you’ll ever need to pay is £200.

As a broker, Moneypod is also fully authorised and regulated by the FCA under reference number 727348. We work to ensure your rights are protected and we only ever work with approved and compliant lenders to find your loan.

 

How do I Apply for a Satsuma Alternative?

To find the best possible short-term loan deal for you, you can use Moneypod’s quick and easy online process.

First, fill in our simple online form. We’ll need to get your contact details and find out about your employment, income and certain outgoings to make sure you can afford your repayments comfortably.

Then, we’ll get to work sorting through our database of UK lenders to find the most suitable deal for your circumstances and needs.

We’ll be able to tell you what your monthly repayments will look like, how much interest will be applied, and the total amount you’ll need to repay. You can then apply to the lender that best suits you.

Once approved, you’ll receive the funds from your chosen lender on the same day.

 

What are the Advantages of a Credit Broker Rather than a Direct Lender?

One of the best things about working with a credit broker rather than approaching a single lender directly is that you can compare top deals from hundreds of the top loan providers in the country.

At Moneypod, we hold a comprehensive database of more than 200 FCA approved lenders. We work closely with all our lending partners so we know exactly what it is they’ll be looking for an application to find the lender most likely to accept you.

Moneypod receives a “thank you” payment from our lender partners for every successful application we put their way. This allows us to offer our service to you completely free of charge.

 

Am I Eligible for a Moneypod Loan?

To apply for a loan through Moneypod, we’ll want to make sure you will be suitable for short term credit first. So, we will need to make sure that you are:

  • Over the age of 18
  • Reliably employed and earning over £500 per month
  • A UK resident

You’ll also need a UK bank account that your wages are paid into and your own email address in order to be considered.

 

Why Choose a Loan from Moneypod?

Getting your loan through Moneypod means you can save yourself a great deal of time and hassle visiting multiple lenders’ websites. We crunch the numbers to find the very best loans to suit your chosen amount and loan repayment term.

We do this completely free of charge, so there’s no harm in checking if you could be getting a better loan arrangement through Moneypod.

To see which of our lenders will best suit your needs, apply through Moneypod today.