Provident...? (merged)

Holeypockets

I stumbled across this site (by mistake - honest) and thought it must be a spoof or a joke. Just look at the rates of interest!!!!

http://www.providentpersonalcredit.com :eek:

jackieb

Wow.

I work with adults with special needs. One of them got a letter in last week offering them a credit card with 39% APR and I thought that was bad.

jackieb

I just put in £2500 (a cash loan) into their calculator, paid over 102 weeks.

Loan amount
£ 2500.00 Weekly repayment
£ 45.00 Total amount payable
£ 4725.00 Typical APR
102.7%

amazon_spice

not a joke

http://www.bbc.co.uk/pressoffice/pressreleases/stories/2005/03_march/14/finance.shtml

jackieb

With convenient home collections too. That's good of them.

Bargain_Annie

There has been loads of negative publicity about Provident - as per the reply above. They are what is known as a 'sub-prime' lender and particularly aim to lend money to people with poor credit ratings who cannot borrow money from mainstream banks and loan providers. That's how they get away with offering such high APR's.

singlehouseholder

The good old "provi" that takes me back!! My mam and dad and my nana all had them, dont know why they didnt go to banks, the interest was shocking, I remember when no-one would touch me, when I was on the sick for depression, I got a Provi, took forever to pay off!! Now I'm a (not so) civil servant, I get potential debt chucked at me left right and centre. Provi's should be banned, along with CrazyGeorge Brighthouse or whatever name it is now, they pray on those with virtually no money and rip them right off. Saying that, people should be able to live without the latest plasma tv, or the latest in gaming technology. When I was a kid you knew who was poor. Yes I was a scruff!!

ukbill69

Wow I might get a loan lol

Cumbrian_Male

amazon_spice wrote:

not a joke

http://www.bbc.co.uk/pressoffice/pressreleases/stories/2005/03_march/14/finance.shtml

Provident tried to fix Yes car credit but the management of some centres was truly terrible and even after replaing said management the brand was irrepairably damaged by the whistleblower program. Provident closed Yes car credit in late 2005

skbuncks

Has anyone got this beat for an offer:
Received a letter in the post today from Provident Personal Credit offering me a cash loan from £50 to £500.
The example quoted is £300 with 55 weekly installmnts of £9. Total payable £495. Typical APR 177% . Yes thats 177 %. :eek: Bargain if ever i sore one.

What really annoys me about this is that the only people who would take out this loan would be the poor with very bad credit ratings, definetly a case of the poor getting poorer and the lenders being ethically irresponsible. W**kers

skb.

Catch_A_Fire

Not the worst loan offer:

the same company offer loans with APRs up to 497.4%!

http://www.providentpersonalcredit.com/products/LoanCalculator.aspx