anyone tried PROVIDENT?

adea

yellow100 wrote: »

provident will be featured in an expose in a new channanel 4 documentary early next year, which will expose how they rip customers off!stay well clear of this company, why people even use them is anyones guess, considering the rip you off with sky high interest rates and giving loans to pensioners!

At least they don't charge you a fee to find you a loan and carry on adding interest and other charges like some other sub-prime lenders do!
All their charges are up front and the customer is told this when they take the loan out.
Don't banks give loans to pensioners if thier credit rating is good enough?

yellow100

adea wrote: »

At least they don't charge you a fee to find you a loan and carry on adding interest and other charges like some other sub-prime lenders do!
All their charges are up front and the customer is told this when they take the loan out.
Don't banks give loans to pensioners if thier credit rating is good enough?

provident gives loans to pensioners with bad credting ratings - banks have more sense and don't behave like provident in this respect!You think it really make sense taking £500 loan with provident and end up paying over £900 back, at least banks don't con you like provident

yellow100

Barnardo’s, the children’s charity, accused Provident of driving poor families into “worrying levels of debt” and called for an inquiry into doorstep lending practices.It said that Provident, one of the biggest home credit providers in the UK and Ireland, charged “extortionate” annual percentage rates of up to 545 per cent to hard-up borrowersThey are also now offering loans to people to pay off existing debts at a discount - makes sense, get deeper and deeper in debt!a little rumour that provident have bought out Wescott. So they are now a DCA too running a scheme called freshstart

adea

yellow100 wrote: »

provident gives loans to pensioners with bad credting ratings - banks have more sense and don't behave like provident in this respect!You think it really make sense taking £500 loan with provident and end up paying over £900 back, at least banks don't con you like provident

No it doesn't make sense but where else could a person go if they needed money if they needed it in a hurry?
Provident don't con people.
Those who take out loans know exactly what they are paying and how much the total amout repayable is from the moment they accept the loan.
That amount never goes up, even if you miss payments and take longer to pay it back than the original term of the loan.
How many other loan companies will do this plus send someone round to collect the money?

mikeandrach_2

yellow 100 whats your vendetta? to the best of my knowledge, provident haven't yet forced anyone to sign an agreement, if you want to go after someone for charging £££'s look at every high street banks charges

adea

mikeandrach wrote: »

yellow 100 whats your vendetta? to the best of my knowledge, provident haven't yet forced anyone to sign an agreement, if you want to go after someone for charging £££'s look at every high street banks charges

He has another thread here that is even more intense
http://forums.moneysavingexpert.com/showthread.html?p=25671305#post25671305

Ames

There are other options though. If you're on benefits there are social fund loans, or crisis loans, or community care grants. If you're working, then you can get a credit card. Even if it's a sub prime one the interest will be less, especially if it's short term.

Treadmill

Yes Ames but those options are not available to everyone, and sadly without the door step lenders like The Provident people might end up going to proper loan sharks.

rachfriar78

I know slightly off subject here but rather than taking out a provvie loan or similar, why don't you start saving with a credit union and take out a loan via them when you need some cash?

adea

rachfriar78 wrote: »

I know slightly off subject here but rather than taking out a provvie loan or similar, why don't you start saving with a credit union and take out a loan via them when you need some cash?

It is a good idea but unfortunately there are times when people need to get money ASAP and they can't wait for a loan from a credit union.
It's when an unexpected emergency crops up that Provident are useful.
An example is when I was an agent, I had a customer who was almost paid up and happy to be free from provident but then the washing machine broke down and the customer needed one in a hurry, so the loan was renewed so the machine could be purchased.