provident personal credit

moo842

file_wizzard wrote:

They obviously liked you, their rates can be far more than that if they really try !

oh my god, why would anyone take any money with these people??

file_wizzard

moo842 wrote:

oh my god, why would anyone take any money with these people??

Because provident prey on the desperate & vulnerable ( allegedly )

E.g

Loan Amount
£250
23 Weekly Repayments of
£16.00
Total Amount Payable
£368.00
Typical APR
497.4%

http://www.providentpersonalcredit.com/loancalculator.php

Give it a go, but make sure you are sitting down and have a strong drink handy ( or a very good sense of humor )

super_mario_4

now im probably going to get tarred and feathered here for saying this, and i must stress i think there rates are outlandish. however, what u have to bare in mind is the apr in relation to the amount they lend. they are doing loans for a few hundred pound. so if they were to charge 7.9% - 29% type rates then they would only be making pennies.

file_wizzard

super_mario wrote:

now im probably going to get tarred and feathered here for saying this, and i must stress i think there rates are outlandish. however, what u have to bare in mind is the apr in relation to the amount they lend. they are doing loans for a few hundred pound. so if they were to charge 7.9% - 29% type rates then they would only be making pennies.

I agree, the APR figure itself is misleading as these loans are invariably over a shorter period, and for "small" amounts.

However regardless of the "service" they purport to provide i think the general consensus of opinion is steer well clear !!

silvercarmel

AAAAH Im in turmoil now, i was going to get a loan for 200 off provident
200.00
Weekly repayment
£ 6.00 Total amount payable
£ 330.00 Typical APR
177.0%
Is there any other companies that would charge less APR but give you that amount and pay a few quid each week?
Any replies much appreciated

benedictadams

These guys had a stall at the local indoor market not too long ago.

One of their sales people asked me three times did i want a loan

Was tempted the third time to say to the bloke f - off you blood sucking leech

But no doubt some people would have said yes

impy78

Immoral doesn't even come into it....

benedictadams

silvercarmel wrote:

AAAAH Im in turmoil now, i was going to get a loan for 200 off provident
200.00
Weekly repayment
£ 6.00 Total amount payable
£ 330.00 Typical APR
177.0%
Is there any other companies that would charge less APR but give you that amount and pay a few quid each week?
Any replies much appreciated

Have you looked into Credit Unions, i'm sure there's people on here who use them, I havn't so wouldn't know where to start

Would you be able to get a Capital One card, they seem to be quite easy to get, and while the interest is high it is nowhere near as high as Provident

beanielou

silvercamel
Can u not try a local credit union?
You can save a very very small amount each week/month then you can 'borrow' against that amount at a very reasonable rate.
Only use Provie if you can really be disciplined and only have this one loan from them.
Do not then borrow more once loan is nearly paid off as this is when folk really get into bother
hope this helps

jesster_2

Definitely try a credit union. You may have to save for between 4 and 13 weeks before you can borrow, but that's a good thing. Some credit unions, one local to me, can actually offer you a small loan immediately if you really need it.

Doorstep lenders' rates of interest are huge, even when you consider they're small loans repaid in small instalments, when you look at the total amount of interest repaid it's pretty shocking. I know of an agent who's earnt up to £800 a week in commission, so if she was making that much you can guarantee the company ain't exactly going short.

They will argue they have to charge that much (their greenwood arm charges around 399% APR!) because they're lending to people who might not get cheaper credit elsewhere and because they come round to pick up the repayments.

In other words: if you really need a loan, get a cheaper one if you can. Home credit should be an absolute last resort, try to pay it off early, and NEVER get sucked into taking another loan on top of the first one.