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Provident Financial launches Satsuma, the antidote to payday loans

Provident Financial, the UK’s leading non-standard lender, is launching Satsuma Loans – the antidote to Payday.

Provident Financial has a 130-year track record of responsible lending to communities throughout Britain and Ireland and has a deep understanding of the needs of customers with little leeway in their income.

Satsuma Loans has been created as a better alternative to payday loans, allowing customers to borrow small sums of up to £300 with affordable and manageable fixed weekly repayments that fit their budget. This solves one of the biggest problems of payday, where customers have to repay the full amount in one lump sum, which is often difficult and leads to many incurring additional fees and charges.

With Satsuma, customers will never pay a penny more than the cost agreed at the outset.  If their circumstances change, the structure of the loan allows flexibility in the repayment schedule without incurring late fees, admin fees or rollover charges. In fact, there are no extra charges whatsoever.

Customers have peace of mind in the knowledge that repayments will only be taken on a date agreed with them, and only once on that date. Satsuma pledges to use continuous payment authority responsibly.

Mark Stevens, Managing Director of the Consumer Credit Division of Provident Financial comments: “The market desperately needs a fresh, different and more responsible approach to short-term loans.

“Satsuma is the only product in the online loans market that meets the core customer needs of certainty, personal service, and affordable weekly repayments. Customers will never pay a penny more than what’s been agreed at the outset, even if their circumstances change. Satsuma is a cheaper and a better alternative to payday loans.

“Crucially, we have maintained Provident’s heritage of contact with the customer, as a Satsuma Loans representative will speak to every customer before a loan is granted, and handle any queries that arise throughout the term of the loan.”

A major television advertising campaign for Satsuma Loans begins in early November.

Satsuma Loans features:

  • Small sums with loans up to £300
  • Repayments made weekly over 13 or 26 weeks
  • The amount to be repaid is fixed at the outset and if a customer is unable to make a repayment, there are no rollover charges, late fees or any other additional charges
  • The certain and total  cost of credit on a £100 13 week loan is £40, or £68 on a £100 26 week loan
  • CPA (continuous payment authority) is used responsibly, on one day a week only  for an amount agreed with the customer
  • A Satsuma Loans representative will talk to every customer before a loan is granted  to ensure eligibility,  verify that repayments can be met, and to explain the service. The representative will also handle any queries that arise throughout the term of the loan.

ENDS

For more information please contact:

Provident Financial: David Stevenson on 01274 351 351

Lansons Communications: Tony Langham/Bev Aujla on 07979 692287/07976 204378

Notes to editors:

Provident Financial is a supplier of financial products tailor-made to the particular requirements of those in the non-standard credit market.

The particular requirements of those in the non-standard credit market include:

  • Small sums
  • High level of contact with their lender
  • Flexibility; for instance, to miss occasional repayments without penalty.

Provident Financial has two main businesses: the Consumer Credit Division, comprising a weekly, home-collected credit business trading as Provident Personal Credit and Greenwood Personal Credit and stretching back to the company’s formation in 1880 and Satsuma Loans; and Vanquis Bank, an issuer of credit cards to the non-standard market and savings products.