Many customers have been left wondering how they can access affordable credit after Satsuma Loans stopped lending in the UK. If you’re looking for loans like Satsuma, we offer cheaper short term loans that also help grow your credit score and increase your access to credit.
Although people can no longer apply for a Satsuma Loan, Oakam is proud to offer a more cost-effective alternative that not only provides our customers with the money they need when they need it, but also helps build access to more affordable credit and larger loans over time.
Below we’ve compared the details of a Satsuma Loan versus an Oakam Loan. This shows that our minimum APR is lower and that we are able to offer bigger loan amounts. We also have a higher number of four and five star reviews on Trustpilot.
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Satsuma Loans used to offer short-term loans online, but it would take an hour to be paid into your account. In some cases the funds wouldn’t be with you until the next day.
Oakam offers first time customers a loan of up to £800, but this can increase up to £5,000 as you repay your initial loan.
With Oakam you can repay your loan in full at any time using the app. With Satsuma you would have to contact them via the phone or by email to arrange a loan settlement.
We think it’s a better idea to have this information ready and available in the app for our customers to check at any time and we don’t believe in charging early repayment fees. In fact, there are no fees or charges associated with any of our loans. Our customers can make an early repayment or settle their loans in full at any time.
While Satsuma offered loans of up to one year, our loans can be repaid over a maximum term of 36 months for existing customers. This means customers can choose to reduce their weekly or monthly repayment by opting for a longer loan term. For new customers, Oakam offers loans of up to £800 for a term of 6 months.
Over 80% of our loan applicants are paid their money within three minutes of being approved for an Oakam loan. We know that quick loans are important for many of our customers.
One of things that slows down the lending process is the need to have your application details verified through documents such as bank statements or identification paperwork. With Oakam, we look after all of this automatically either using your credit bureau data or, where there isn’t enough information about you held by the credit bureaus, through open banking.
If you borrow £300 over 6 months at 279% per annum (fixed) you would make one repayment of £17.06 and 25 weekly repayments of £21.66. You would repay £558.56 in total. The total cost of credit would be £258.56.
Loan term lengths between 3 and 36 months. Minimum APR 67.97%. Maximum APR 1431.41%. New customers can borrow up to £800 for a term of 6 months. Existing customers can borrow up to £5,000 for a term of up to 36 months. Early repayment options are available and are not associated with any fees or cost. There are no additional fees associated with any of our loans. All loans are subject to status.
If you’re a previous Satsuma customer or you’re looking for a loan like Satsuma, then we might be able to help! You’ll find that we’re faster, cheaper and more interested in your long term financial health and we’re open to applications 24/7 via our website and mobile app.
We’re here to provide you the credit you need and help you build your credit profile. You can apply online or on the app at any time.