OMG is this for real???

freebird65

I constantly offers of loans and credit cards through the door, all of which go straight into the recycling bin after I've laughed at their 8% APR or whatever, but I just had something through which had me sitting here in open-mouthed disbelief and now has me furious and needing to vent.....

It's an offer from Provident of a cash loan with a typical APR of 177%!!!!!!! :eek: :eek: I actually read it twice because I thought I was seeing things.

To me it's absolutely unbelievable - this is just blatant loan sharking (they say unemployed welcome) and designed to prey on the most needy and vulnerable of our society. Surely there should be a law against such people??:mad: :mad: :mad:

I'm absolutely furious - can't Martin start a campaign against such people? Maybe there already is one - if so - point me to it.

Sorry - had to let off steam!

Goldielocks

I just had a look on their website. You are correct - APR is 177%

Disgusting and disgraceful. :mad: :mad: :mad:

oakdale_minx

sadly it is correct. It is terrible.

Chriswil

I looked at their calculator. A loan of £100 over 23 weeks has an APR of 497.4%!!!! This is an evil company.

wannabedebtfree_2

WHAT?????????


NO WAY!!!!!!!!!!


Thats just disgusting.

freebird65

I'm actually sitting here wanting to ring their generous freephone number and tell them what I think. Trouble is, I'm so angry I wouldn't be able to get the words out properly and would probably sound completely stupid.....apart from the fact that some call-centre op isn't the right person to speak to. A strong letter to the chairman may have to be drafted!!!

MrsTinks

Sorry I'm still picking myself off the floor...

Iriahm

Hi, I got this through the post too and i'm disappointed that I gave it 5 seconds of my time to read (I should know better!).

grrr, surely that interest rate is not legal??

rog2

Had this offer myself, about two weeks ago - I binned it, but there are some very worrying issues:
Provident, for reasons that evade me, actually enjoy a status of respectability in this market. This obviously says a lot for the other players, but have a look in the high street at just how many shops accept provident cheques. They are also involved in a Credit Card, which I was also offered, with apr of 66+%.
Provident, and others, are actually profiting from other people's misery. Of course most of us would like to have £500 cash and know that we can not get it from the bank. Certainly £500.00 would keep a few of my creditors off of my back for a month or so, but what would happen then? My impression is that Provident would then step in with the offer of more finance, at possibly even higher rates. How would we ever be debt free.
These people are the s**m of the earth - I hope that one day they experience some of the problems we have.
Watch out for Capital 1 offer of £100,000.

file_wizzard

Whilst not advocating what this company do in any way shape or form. I think you need to keep in perspective the fact that APR’s are a little misleading for loans which are in fact intended to run over a few weeks.

However, this company can, and will actively encourage their clients to take out another loan to pay of the 1st loan, and then a few weeks later offer more again!, very dubious lending practices indeed

mummyyummy_2

hi there, what you need to remember with companies like that is what you see is what you get, they have no hidden charges, no missed payment charges, no returned direct debit charges etc etc. Remember that someone comes to your own door every how often you decide, and if you cant pay your full amount e.g. then you can pay it next week, with still no added charges, what bank would do that for you? I know this i have been their customer for years. All i have to do is call them, they do the rest at my home...for those who dont like paperwork or even going out!!!! its great. There are also a lot of people who are classed in brackets that cant get loans/credit for one reason or other "high-risk", no one else will help them but i know that provident will. I borrowed £100 in vouchers (use at hundreds of stores) and in total i paid back £125. It was meant to be over 25 weeks at £5 per week but i couldnt pay some weeks and that was no problem at all, it took me 39 weeks to pay it back, but they didnt charge me an extra penny!! again what banks would????

So come on, get your nose out of the air and stop asking Martin to close ppl like that down. A lot of ppl. like myself, dont get credit anywhere else.(for a variety of different reasons-ppl are all different with different abilities etc so stop judging) So what, you want us to not get any credit fool-stop?

I know your initial reaction to the interest rate, but maybe now you've heard from someone they help ( that no bank will) maybe you should think again...they've really helped me out of a few tight spots