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Satsuma Loans set to shake up financial marketing with new price comparison ads PDF Print E-mail
Tuesday, 14 April 2015

Satsuma Loans, Provident Financial’s online, short-term loan option, is gearing up to launch a new kind of TV, radio and press advertising campaign that directly compares its prices with its competitors.

With a fresh approach to financial advertising, Satsuma Loans is confidently putting its head above the parapet to show customers the cheapest option for borrowing £100 over three months when compared with equivalent lenders in the market.

In doing so, the non-standard lender hopes to make decisions easier and clearer for customers and also encourage other lenders to follow its lead.

It will use the ads to show that while customers would pay £72.00, £52.87 and £51.40 borrowed with quickquid.co.uk, peachy.co.uk and sunny.co.uk respectively, it would be significantly less with satsumaloans.co.uk at just £40.01 per £100 borrowed.

Satsuma Loans believes by taking a more ‘retail/grocery led’ approach to its advertising, akin to Aldi’s successful price comparison ads, it will help customers easily identify the best short term loan available and so make a more informed decision about the way forward.

The TV adverts are set to go live on Monday 13 April on ITV1, ITV2, ITVBe, E4, Channel 4 and Sky while other press and radio activity will start on Wednesday 15 April in Scotland and London.

Managing director at Satsuma Loans, Mark Stevens explains:  “This retail led approach to advertising will not only benefit the consumer by bringing total transparency, but also the non standard lending sector as a whole, as it will highlight those responsible lenders like ourselves who are confident of their product being the most cost-effective.”

Satsuma Loans prides itself not only on offering the cheapest loans, but also on listening to its customers and quickly acting on feedback. It has also recently updated its lending service to allow customers to choose to repay their loans on a weekly or monthly basis.

Mr Stevens continues:  “Some 60% of our customers get paid monthly so it made sense for us to offer them a monthly repayment option too.  It means we now provide the most flexible product on the market, at great prices.  In addition, there are no hidden surprises because, whichever way customers choose to repay, they’ll never pay more than the amount we agree at the start of the loan.”

Satsuma Loans provides a simple and refreshing alternative to pay day lenders, providing customers with up to £1,000 straight into their bank account, but with the handy option of paying it back in manageable weekly or monthly segments over 13, 26 or 39 weeks.  It also offers a zero-fees guarantee, which means a borrower will never be charged late or default fees, they will only repay what was agreed upfront.

(Source - Satsuma Loans Press Release)  

 

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