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Cash point; CITY DESK.

Byline: Edited by GRAHAM HISCOTT WITH TRICIA PHILLIPS

Provident Financial says it's launching an alternative to payday loans for those who need smaller sums.

Satsuma loans will be available from next week for amounts up to PS300, with repayments over 13 or 26 weeks.

The amount repaid is fixed when loans are taken out and the firm says it will carry out credit checks and assess affordability - and it won't charge late fees or other additional charges if a customer is unable to make a repayment.

Interest rates are fairly high at PS40 on a PS100 loan over 13 weeks or PS68 over 26 weeks - but Wonga charges PS35 over just four weeks.

Be wary of taking out credit if you're struggling with your finances. Ensure you know exactly what you are signing up to and can afford repayments so you don't end up in debt.

A Credit Union may be an option, with low-cost loans, affordable repayments and help to manage money. Interest on a PS500 loan would typically be PS34. Visit abcul.org for more or call 0161 832 3694.
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Title Annotation:Business; Opinion, Columns
Publication:The Mirror (London, England)
Date:Oct 29, 2013
Words:182
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