Today’s post is another Payday Loan Review and this time it is the turn of Satsuma. I used Satsuma for a payday loan of £300.
This is a review of my experience being a customer of theirs.
I applied online with Satsuma and filled in their short application form. I selected the amount I wanted to borrow and awaited the response. The loan was approved. I did have another payday loan at the time with lending stream although that didn’t seem to bother them.
The application form asked all the usual questions. It also asked about my expenditure.
Speed of Payout
This was very quick. The money was in my account within 20 minutes after confirmation that my loan had been accepted. It was probably faster than that but certainly when I logged into Internet banking after 20 minutes the funds were there.
An online account is available that lets you see your balance and whether you can be approved for another loan or not. Quite handy if you need it I suppose.
The repayments for my Satsuma Loan were taken weekly from my debit card as that was what I choose to do. Nothing went wrong here. Well not at least until I hit some repayment difficulties.
I hit some issues repaying my loan so contacted Satsuma by email to set up a repayment plan. This was quite straight forward and a lot less hassle than I though it might be. Once set up I didn’t hear from them again. They allowed me to repay the loan back via standing order.
I didn’t have to speak to anyone about my loan application, this is much the same as my experience with Lending Stream. In all they did what they said they would do.
If you are looking for a short term loan and you have bad credit, Satsuma could well be worth a try. Just make sure you can afford the repayments so you don’t end up in debt and with an even worse credit rating!