What Happens When You Can Not Pay Your Satsuma Loan?

On this particular page we’re going to examine what the results are when you can not pay your Satsuma loan back for any reason. We’ll examine any potential extra costs you might incur, added interest and the best way to sort matters out if you either miss a payment or just can not afford the repayments. For those who have taken out a loan with Satsuma and are worried about what’s going to happen to you personally in case you overlook one or more of the payments, then this page should supply you with all the info you will need. !

Satsuma loans are a product of Provident Personal Credit. Satsuma offer short term loans which are paid back on a weekly basis. It’s possible for you to borrow cash over 13 weeks or over a longer period of 26 weeks. The repayments are chosen from your debit card on a weekly basis as well as on a day of your choice. The cash is immediately paid into your own bank account and everything is taken care of immediately. This is all well and good, but what occurs if for any reason you do not have the funds to make your repayments? Businesses like Wonga and other payday lenders add on extra fees and then added interest, this gets folks into actual financial problems, is the same true of Satsuma loans?

So if something has gone wrong with your financing and you also just do not have the cash to make a repayment, will you incur hidden costs? The easy answer is no. This really is where Satsuma differ from payday lenders, they’ll not charge you anything extra in the event you miss a payment. This really is very good news and makes Satsuma an extremely appealing lender as it takes a lot of the danger out of borrowing. Provident, the firm behind these loans insist these aren’t payday loans and this is among the key differences. This really is only one of their primary marketing strategies, they promise to be the antidote to the cash advance.

In the event you agree to pay your loan back over 13 weeks and then for some reason it takes you 20 weeks to pay it back, you WOn’t pay a cent additional in interest. You simply repay the amount you initially consent to. So there’ll be no nasty shocks when you get a statement through. If something does go wrong with your financing then you’ve got no need to worry vast levels of interest being added when you’re not anticipating it.

On the negative yet, should you miss payments or just do not pay the loan back, then you’ll fight to get credit in the future. Provident do share your payment history with other businesses, so late payments or no payments at all will damage your credit score. On the other hand, pay punctually and this enhances your credit score and after that you can apply for additional loans later on.

So if for any reason you do lose a payment, what do you need to do? Well the very first thing to do is get in touch with customer support, the amount for this is 0800 9640004. Should you describe your position they can assist you to rearrange your payments and get back to paying consistently again. In addition, you have the choice to make a payment over the telephone in case you have missed a payment, this may get you right back up to date with your payments and therefore back in line for future credit. The firm are also looking at setting up online payments so this would be an additional choice to think about. !

In the event you are in real trouble and only can not afford the repayments, then again you need to get in contact with customer support. They’re going to talk it over with you and then you might be able to get a reduced rate to make your payments over a longer duration of time. !

Another alternative which you have is you could swap the day the cash is taken from your debit card. Should you get paid later in the week or you also know you’ve got cash coming in on a particular day then you could just ring up and change days. This must not effect your credit rating together with the v provided that you keep up your repayments you need to have no issues.

All this business about never needing to pay anything extra back could seem to good to be true, after all, other loan firms make enormous profits by charging late fees and adding added interest for late payments. Wonga are famous for this and are now being investigated for unjust business practices. Thus, are Satsuma loans trustworthy or are they hiding something? !

Well the great news is no, they’re not concealing anything. Provident Personal Credit, the firm behind Satsuma, have been giving money for over 100 years. This is actually the method they have always conducted business. It’s part of the main reason why they charge more than a few other lenders out there. They should cover themselves for cash lost on loans which are never paid back.

Provident are expecting that with this new breed of short duration loan they are able to take on the huge payday lender businesses and locate a difference in the marketplace. Individuals shy away from payday loans as they may be worried about something going wrong and then having to pay back huge sums. This WOn’t ever occur with financing from Satsuma. You pay back what you initially consent to and nothing more.

It is going to be intriguing to find how nicely this new kind of credit does in the very competitive lending marketplace. With the large businesses all anguish at the hands of fiscal investigations and masses of grievances, can Satsuma slide in get the most out of a little difference in the marketplace. One thing is for sure, if for any reason you do miss one of your payments, or can not pay your loan back to Satsuma, you’re not going to end up with bulks of debt. !