Satsuma loans is an internet-only loan company offering fast short term loans in the Philippines. It was launched in June 2020 by doorstep lender Provident financial in partnership with the leading bank PNB. Satsuma loans offers various types of short term loans with flexible rates and repayment terms. The loans have variable interest rates with high minimum fees and high penalties. It charges an average annual rate of 990% over a specified period as of March 2020, with an additional higher interest rate for customers who pay their loans in the period of grace.
Satsuma loans company offering fast short term loans
Satsuma has two main loans product categories: Sajan and Sigan loans. Sajan loans are given to borrowers for major expenses such as home renovations, vacation trips, education of children, buying new automobiles and other necessary expenses. Sigan loans are granted to borrowers for short term cash needs. For Sigan loans, the borrower needs not to provide collateral or security. Sigan loans also offer competitive interest rates. They are very helpful during emergency situations when a borrower needs cash urgently.
These loans are easily available online and can be obtained from the bank’s website. A borrower can compare several lenders to find the best loan deal. Lenders usually provide different loan products such as Sigan and Sajan loans. Borrowers can compare loan terms and other terms offered by the lenders to find the best offer at affordable interest rates. It is very important to read the fine print of the loan offer to make sure that the borrower gets the best deal. Borrowers are advised to check the Sigan and Sajan loan terms thoroughly before signing the contract. They should also compare the loan deals offered by the online lenders to find the best deal.
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