Meta Description: Wondering if Satsuma Loans still operates in 2024? Learn about their loan terms, eligibility, and customer reviews. Updated expert analysis inside.
Introduction
If you’re searching for a short-term loan in the UK, you’ve likely stumbled upon Satsuma Loans. But with shifting regulations and market changes, many borrowers are asking: “Are Satsuma Loans still trading in 2024?” In this updated review, we’ll confirm their current status, break down how their loans work, and weigh the pros and cons to help you decide if they’re the right lender for your needs.
Are Satsuma Loans Still Trading?
As of July 2024, Satsuma Loans remains an active lender registered with the Financial Conduct Authority (FCA) (Check their FCA status here). However, the brand has faced scrutiny in recent years due to high APRs and mixed customer feedback.
Why the confusion?
- Satsuma’s parent company, Provident Financial Group, closed its doorstep lending arm in 2021, sparking rumors about Satsuma’s future.
- Despite this, Satsuma continues to offer online instalment loans of £100–£1,000, targeting borrowers with poor credit scores.
Always verify a lender’s FCA registration before applying to avoid scams.
Satsuma Loans: A Quick Overview
What Are Satsuma Loans?
Satsuma provides short-term instalment loans designed for emergencies, with repayment terms spanning 3–12 months. Key features:
- Loan Amounts: £100 to £1,000.
- Repayment Terms: 3–12 months (flexible monthly payments).
- APR: Up to 1295% (typical for bad-credit loans).
- Speed: Funds transferred within hours of approval.
How Do Satsuma Loans Work?
- Apply Online: Complete a 10-minute form on their website (no upfront fees).
- Instant Decision: Algorithms assess your income, expenses, and credit history.
- Receive Funds: If approved, money arrives in your account the same day.
Eligibility Criteria:
- Aged 18+ and a UK resident.
- Regular income (employed, self-employed, or benefits).
- Valid debit card and bank account.
Pros and Cons of Satsuma Loans
✅ Pros
- Fast Approval: Same-day funding for urgent needs.
- Bad Credit Considered: Soft credit check won’t harm your score.
- FCA-Regulated: Compliant with UK lending laws.
- Transparent Fees: No hidden charges (late fees capped at £15).
❌ Cons
- Extremely High APR: 1295% APR makes long-term borrowing costly.
- Limited Loan Amounts: Max £1,000 (unsuitable for large expenses).
- Mixed Reviews: 2.8/5 on Trustpilot, with complaints about affordability checks.
Satsuma Loans Alternatives
If Satsuma’s high APR concerns you, consider these FCA-approved alternatives:
| Lender | Loan Amount | APR Range | Credit Check |
|---|---|---|---|
| CashLady | £100–£5,000 | 49.7%–1294% | Soft + Hard Check |
| MoneyBoat | £200–£1,500 | 995%–1295% | Soft Check |
| StepLoan | £100–£1,000 | 260%–1260% | Soft Check |
Tip: Use eligibility checkers to compare lenders without harming your credit score.
How to Apply for a Satsuma Loan
Follow these steps to apply safely:
- Check Affordability: Use their online calculator to estimate monthly repayments.
- Gather Documents: Prepare ID (passport/driver’s license), bank statements, and proof of income.
- Submit Application: Avoid multiple applications to protect your credit score.
- Review Agreement: Confirm the APR, total repayable amount, and due dates.
Warning: High-cost short-term loans can trap you in debt. Consider free debt advice from StepChange if you’re struggling.
FAQs
Q: Is Satsuma Loans safe?
A: Yes, Satsuma is FCA-regulated, but their high APRs mean they should only be used for emergencies.
Q: Can I get a Satsuma loan with bad credit?
A: Yes, Satsuma specializes in bad-credit loans, but approval isn’t guaranteed.
Q: Are Satsuma Loans better than payday loans?
A: Their instalment structure spreads repayments, making them slightly more manageable than traditional payday loans.
Conclusion
Satsuma Loans is still trading in 2024, offering quick cash to borrowers with poor credit. While their same-day funding and soft credit checks are appealing, the 1295% APR makes them a costly long-term solution. Always compare alternatives, read reviews, and explore free debt help before committing.
For more options, read our guide: Best Bad Credit Loans in the UK.
