Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk

How do early repayments work with a Satsuma Loan?

As one of our customers it’s good news for you. At Satsuma we don’t believe in charges or fees of any kind – ever. That’s our promise; we will never charge a customer for repaying all or part of your loan early.

We aim to lend a helping hand when others don’t. Charging you a fee is not something that makes sense to us – it simply isn’t fair.

Worried about your credit file? Don’t be! Making an early repayment won’t reflect negatively on your credit report.

Save money with an early repayment

If you already have a short term loan with Satsuma then not only do you have the peace of mind of a fee free loan, you may also be entitled to what is known as an ‘early settlement rebate.’

This means that if you decide to pay back your loan early with us you could actually be eligible for a reduction on the amount of interest you agreed to pay when you took out your loan, this depends on how much you have paid so far and how long remains on the loan term. This is common with other providers too.

When you tell us that you want to settle your Satsuma Loan early, we will give you a settlement quote so you know how much you need to pay in total.  This will be valid for 28 days. The amount you need to pay to settle your account will include interest calculated to cover this 28 day period in which the quote is valid. This amount is payable even where you settle the loan immediately. This is in accordance with the provisions of the Consumer Credit (Early Settlement) Regulations 2004.

Looking to repay your loan early?

If you want to repay your loan early or have any questions on early repayments, then you will need to contact our Customer Care Team on 0800 694 004. it won’t take long at all as all they need to do is take a one off debit card payment over the phone from you. Payments are accepted from third parties but just make sure they’re present with you to give their permission and make the payment with their debit or credit card.

For more ways to get in touch see our contact us page.

But what is an early repayment?

An early repayment is simple to understand – this is where a person is able to repay off a small amount of their loan in advance or settle it in full.

Unfortunately though unlike Satsuma Loans, when it comes to paying off a loan early it can sometimes bring with it the unwelcome surprise of an additional early repayment charge.

This is why it is vital that you always read the small print of any loan agreement. The last thing you would want when taking out a loan is to find yourself in a position where you can afford to repay early but get penalised for doing so!

What makes matters worse is that different companies may use different terms for these fees which can often be confusing or misleading. Here’s a few to watch out for:

  •          early repayment charge
  •          early redemption fee
  •          early repayment fee
  •          redemption charge

When you tell us that you want to settle your Satsuma Loan early, we will give you a settlement quote so you know how much you need to pay in total.  This will be valid for 28 days. The amount you need to pay to settle your account will include interest calculated to cover this 28 day period in which the quote is valid. This amount is payable even where you settle the loan immediately. This is in accordance with the provisions of the Consumer Credit (Early Settlement) Regulations 2004.

Representative example: £400 loan repayable over 6 months. 6 monthly payments of £126.40. Rate of interest 179% p.a. fixed. Representative 991% APR. Total amount payable is £758.40.