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 Provident Financial plc is specialist bank for UK adults who are not served by mainstream lenders. Based in Bradford, England, it specialises in credit cards, online loans and consumer vehicle finance. It is listed on the London Stock Exchange. ...

in 2013. Satsuma Loans charges a typical

annual percentage rate The term annual percentage rate of charge (APR), corresponding sometimes to a nominal APR and sometimes to an effective APR (EAPR), is the interest rate for a whole year (annualized), rather than just a monthly fee/rate, as applied on a loan, mort ...

of 991% , with a maximum interest rate of 1,575%. 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. Satsuma had £5 million of loans as of 2015, increasing from £1.8 million the previous year. __TOC__

Sponsorship

Between 2014 and 2016 Satsuma Loans sponsored

RFU Championship The RFU Championship is an English rugby union competition comprising twelve clubs. It is the second level of men’s English rugby and is played by both professional and semi-professional players. The competition has existed since 1987, when ...

side

Yorkshire Carnegie Leeds Tykes (formerly Leeds RUFC, Leeds Carnegie and Yorkshire Carnegie) is an English rugby union club in Leeds, West Yorkshire, England, playing in the National League 1. The club was founded as Headingley FC, but renamed in 1991 when it j ...

in a deal worth £600,000. In 2016 it was announced that Satsuma Loans would become an official partner of

Sunderland A.F.C. Sunderland Association Football Club (, ) is an English professional football club based in the city of Sunderland, Tyne and Wear. Formed in 1879, Sunderland play in the Championship, the second tier of English football. The club has won six t ...

This prompted

Sharon Hodgson Sharon Hodgson (born 1 April 1966) is a British Labour Party politician serving as the Member of Parliament (MP) for Washington and Sunderland West, previously Gateshead East and Washington West, since 2005. Hodgson was appointed as the Par ...

, the MP for Washington and Sunderland West, to write to the club warning that associating themselves with a high-interest lender would undermine their positive community engagement work.

References

{{Reflist

Sponsorship

References

See also