Provident Personal Credit is part of Provident Financial PLC, which also operates Greenwood Personal Credit and Vanquis. Now if you're familiar with any of these companies, the alarm bells have probably already started ringing. Provident specializes in Home Collected Credit and has an estimated ... Read review
Advantages: Quick access to cash without credit checks Disadvantages: Very high interest rates. Can take a long time to pay off.
Provident Personal Credit is part of Provident Financial PLC, which also operates Greenwood Personal Credit and Vanquis. Now if you're familiar with any of these companies, the alarm bells have probably already started ringing. Provident specializes in Home Collected Credit and has an estimated 60% of the HCC market.
According to their website, Provident Personal Credit "specialises in straightforward personal credit that puts ... ...interest rates, you'll see that Provident loans are a last resort for people who struggle to get credit elsewhere.
The example given on the homepage is for a £300 loan, repaid over 56 weeks at £9 a week. This means you'll end up paying back £504 which equates to a whopping 183.2% APR. Despite these phenomenal interest rates, I still found myself in a position with little choice but to take out a loan through Provident.
Provident Personal Credit is part of Provident Financial PLC, which also operates Greenwood Personal Credit and Vanquis. Now if you're familiar with any of these companies, the alarm bells have probably already started ringing. Provident specializes in Home Collected Credit and has an estimated 60% of the HCC market.
According to their website, Provident Personal Credit "specialises in straightforward personal credit that puts you in control. We offer small personal cash loans that can be arranged in minutes and delivered to your door in days." So far, so good. But once you've assessed the interest rates, you'll see that Provident loans are a last resort for people who struggle to get credit elsewhere.
The example given on the homepage is for a £300 loan, repaid over 56 weeks at £9 a week. This means you'll end up paying back £504 which equates to a whopping 183.2% APR. Despite these phenomenal interest rates, I still found myself in a position with little choice but to take out a loan through Provident.
I won't go into great detail but my now ex was an alcoholic and a womanizer who decided to give up work and leave me to pay all the bills. I struggled by as best I could, ultimately getting behind on payments and ending up under a mountain of debt which I'm still struggling to pay now. When I found I didn't have enough to cover the monthly rent, I had little option but to turn to a company like Provident.
Provident does not require you to carry out credit checks in order to take out a loan. Instead, the agent who visits to sign you up will go through a simple income and expenditure with you to work out how much you can afford to pay each week, and therefore how much you can borrow. As long as you're honest, this should mean your weekly repayments are within your budget and affordable. It's also because of this added risk to Provident that you can expect to pay a lot more interest than you would at a high street bank. But let's face it, if you had an impeccable credit history, you wouldn't be borrowing from Provident in the first place.
I first signed up via Rpoints as although I might have been desperate enough to take out a loan with a ludicrous APR, I wasn't stupid enough to miss out on the opportunity to earn some cashback. After filling my details on the website, I had a knock on my door a couple of days later and met the lovely Elaine. She came in and together we sat at my dining room table and filled out the paperwork. Within a few minutes, I was handed a wad of cash and we arranged an evening each week when she would visit to collect payments.
In Provident's defence, although they target their loans at the poorest and most desperate people, the payment terms and interest is clearly explained and there are no hidden catches. Also, Elaine was very friendly and polite and I did enjoy our little chats each Friday evening. She always told me how I was her best customer as it would seem I was one of the few who actually paid her what I owed each week and she was very understanding if I sent her a text to say I was stuck in work and wouldn't be at home for that week's collection.
When I made my first payment, I was given a payment book which was signed off each week to show my balance gradually decreasing. I chose to pay £10 a week as the extra £1 was negligible but it gave me the psychological encouragement I needed to pay my loan in less than 56 weeks.
I eventually took out two loans from provident and have recently paid them both off. Although the interest rates were high, the money got me out of dire straits when I most needed some extra cash. It wasn't spent on anything frivolous, simply household bills and groceries. I have since found a fantastic way of saving money by moving into my own flat and finally getting rid of the ex. Now I've cleared my Provident loans and I'm slowly working through the debts I've amounted over the years. I actually miss seeing Elaine each week and my Provident loans did help to teach me the value of budgeting and only living off what I can afford.
I'm not saying everyone should rush out and get a Provident loan, but if you're struggling financially and have no other resort, then it's a far safer option than going to a loan shark and now home collection loans appear on your credit file, it may go a little way to helping repair your credit rating.
Advantages: none Disadvantages: The interest they charge and the unfriendly staff
Provident is a large company, who provide a credit service, they provide loans amongst other services and they have been around for a good number off years, they boast that they are the "UKs number 1 home credit provider, (yeah right).
When I first joined Provident
WHY DID I JOIN? the answer to this is I really dont know!! but anyway a few years ago ( approx 3 years ago) an agent called to my home, she was really friendly and helpful, she offered ... ...most High street shops, as it was near Christmas I took her offer and accepted the vouchers, the agent filled out the neccassary paper work and I had my vouchers the following week along with my payment book, which had all the agents details on the front of cover.
Payments
The week after I recieved my vouchers I had to start paying the money back, at first everything was fine, the payments were £5.50 per week and I did`nt mind paying this small ...
jenny967 06.01.2008
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Ciao members have rated this review on average: very helpful Review of Provident Financial
Advantages: Part-Time Disadvantages: Plenty and late hours
...have been a customer of Provident and I know. They first give you around £50 of vouchers for you to spend at high street shops. They charge you a weekly payment and put interest on it straight away. You pay the sum each week and after that you can get a loan. You fill in a application and you pay through the roof for it.
What is the interest?
---------------------
Well if you spoke to Provident they would tell you it is high due to having to pay ... ...got £408,000 last year and Provident made 82million pounds profit. Some of the interest is over 177% on loans and are repayable in a year. Could I really work for a company that make money out of people who can not afford it and then go and knock on there door asking for money back. Well if you look at their website, everyone loves them... I decided to ask some friends. She is in a financial mess and got Provident and struggles to pay them back. ...
BUBBLES171 17.11.2003
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Ciao members have rated this review on average: very helpful Review of Provident Financial
Advantages: quick and easy Disadvantages: high interest
...of you may already know provident personal credit are a home lending company who lend to anyone no matter what your credit rating, this can be a good thing when you need a quick cash injection but a bad thing as it allows people already in debt to get further into debt.
To get a loan with them all you do is phone there office, the number is in the phone book, they take a few details then pass them onto an agent, this agent will come to your house ... ...useful at christmas time each year and have a loan that I can pay back over the next year at a very reasionable rate.
Repayments are £3 a week on every £100 you borrow
Provident is a great company if you have poor credit and need cash fast ...
noddytiger 30.11.2008
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Ciao members have rated this review on average: helpful Review of Provident Financial
Knowledge gained
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Quick review of Provident Financial
I would only recommend Provident in an emergency if you plan to take out one loan with them. The problem is when money is short and you are offered a second loan.
Not only is the interest very high its a hassle having someone come round once a week to collect money.
However, I would recommend Provident for smaller loans. I am paying over £40 a week so obviously, my own fault, bad planning. ...
Delonbesson 03.02.2008
Ciao members have rated this review on average: helpful Review of Provident Financial
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