Looking for a Satsuma Loans Alternative?
Are you looking for Satsuma Loans? They are no longer lending, but Drafty is! With Drafty Loans, you can borrow between £1,000 and £3,000, with repayment terms of 12, 18, or 24 months. If approved, cash can be sent to your bank account in just 90 seconds*.
Representative 79.9%APR
Representative Example: Given a Representative APR of 79.9%, if you borrow £1000 over 18 months at 59.9% p.a. (fixed), you would owe 18 equal repayments of £85.56. You will repay £1,540.08 in total.
Not all applications will be approved for credit. An offer of credit is subject to status and affordability checks.
Why choose Drafty as a Satsuma Loans alternative?
Fast
Cash sent to your bank in under 90 seconds, if approved. It may take longer to reach your account depending on your bank’s processes.
Varied repayment periods
Repay in 12, 18 or 24 months.
Convenient
Secure online application available 24/7. An instant decision.
About Satsuma Loans
Satsuma Loans was a short term loan company. It was a part of Provident Personal Credit. They offered short term loans, guarantor loans and doorstep loans. In 2021, Satsuma Loans/Provident Personal Credit Limited announced they were withdrawing from the market. At this time, they stopped lending and have not done so since.
Satsuma Loans may no longer be lending, but we are. At Drafty, we offer loans ranging between £1,000 and £3,000, with 12, 18, and 24 months to repay.
Has Satsuma Loans stopped lending?
Yes. In 2021 Provident Financial Group, who owned Satsuma Loans, withdrew from the market and stopped lending. Borrowers looking for Provident loans can now look for an alternative like Drafty. With Drafty, you can apply online at any time and receive an instant decision.
How is Drafty different to Satsuma Loans?
| Drafty | Amigo Loans |
|---|---|
| Drafty offers loans between £1,000 and £3,000. | Satsuma used to offer short term loans, doorstep loans and guarantor loans. |
| If approved with Drafty, we send cash to your bank in 90 seconds, depending on your banks processes. | Satsuma offered cash transfers within an hour if approved between 6am and 11pm. |
| Drafty is still lending today. | Amigo is not in business anymore and no longer providing new loans. |
Drafty is a responsible lender. We are authorised and regulated by the Financial Conduct Authority (FCA). Our registration number is 689378. There are no hidden fees in our repayment terms. There are no early repayment fees if you want to repay early.
How can I check my eligibility with Drafty?
To apply online for a loan with Drafty, you need to meet the following requirements:
- Be at least 18 years old.
- Be a UK resident with an active UK bank account and debit card.
- Be in regular employment with a monthly income of at least £1,250.
Representative 79.9%APR
How can I apply online for a Loan with Drafty?
To apply for Drafty Loan:
Apply
Click on the apply now button and complete our online application
process. Choose how much you want to borrow. Then, fill in your
personal, employment and banking details. It takes around 15 minutes
to complete (application completion time varies).
Checks & approval
Once you submit the application, we’ll run credit and affordability
checks. This is to see if you can afford the repayments on top of your
existing financial responsibilities. In most cases, we’ll give you an instant
decision.
Get your money
If approved, we will send the money to your bank in 90 seconds. It may
take longer to reach your account, depending on your bank’s processes.
Alternatively, visit our homepage to apply for Drafty Flex, a personal line of credit (maximum £3,000). After you’ve applied, we’ll run affordability and credit checks. If approved, we’ll send the money to your bank within 90 seconds. Depending on your bank’s processes, it may take longer to reach your account.
Representative 79.9%APR
Drafty: A direct lender
If you choose Drafty, you’re borrowing directly from us – a direct lender. This means there are no middlemen (third party) involved in your loan application. You apply directly with Drafty and get an instant decision. And, if approved, we send the cash to your bank within 90 seconds*.
So, if you’re looking for an unsecured loan or line of credit, choosing a direct lender like Drafty may give you faster access to money.
FAQ – Satsuma Loans
Can I get a loan like Satsuma Loans?
Yes, there are alternatives to Satsuma Loans. Drafty, for example, offers loans from £1,000 to £3,000. It’s important to have a clear understanding of your options and choose a lender that suits your needs.
Does Drafty consider bad credit?
Yes, Drafty considers applicants with a poor credit history. We look beyond just your credit file and take your overall financial health and financial stability into account. Your credit history matters, but it’s not the only factor we consider.
Is Drafty a payday loan?
No, Drafty is not a payday loan. Drafty offers a longer repayment period for loans with repayment periods of 12, 18 and 24 months. Our loans are to be repaid in equal monthly instalments.
What can I use a Drafty Loan for?
A Drafty loan may help you manage unexpected expenses. Whether it’s a broken boiler, urgent car repairs, or a bill that’s higher than expected, Drafty may give you access to the cash you need.
Please think carefully about whether Drafty is the right solution for you. This is even more important if you're in financial difficulty. If we don't think you can afford to repay your credit, we won't be able to approve you. We'll look at your current finances and credit history before we decide whether to give you credit. Failure to repay could impact your credit file.