Industry Technology finance Products Short-term credit Number of employees 300 | Key people Mark Stevens Website satsumaloans.co.uk Founded 2013 | |
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Satsuma Loans (a trading name of Provident Personal Credit) is an online-only loan provider offering short-term loans. It was launched by doorstep lender Provident Financial in 2013. Satsuma Loans charges an interest rate of 991% as of November 2016.
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Satsuma lends up to £1,000 to first time customers which can be borrowed over a 12-month period, incurring an interest charge of £990 on a £1,000 loan. Satsuma Loans offer fixed weekly or monthly repayment plans and claim that there are no hidden fees or charges with their loans.
At the time of its launch Provident described Satsuma Loans as an 'antidote' to payday lenders, as the product allows the loans to be repaid in instalments. This is Money however noted that "irrespective of the time it takes to pay off, this isn't a cheap loan" and quoted financial author Carl Packman suggesting that "this product is capitalising on disquiet about payday lending - but we should remember home credit operators like Provident are often as bad."
Satsuma had £5 million of loans as of 2015, increasing from £1.8 million the previous year.
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Sponsorship
Between 2014 and 2016 Satsuma Loans sponsored RFU Championship side Yorkshire Carnegie in a deal worth £600,000. In 2016 it was announced that Satsuma Loans would be sponsoring Sunderland A.F.C. This prompted Sharon Hodgson, the MP for Washington and Sunderland West, to write to the club warning that associating themselves with a lender charging 1,575% interest would undermine their positive community engagement work.