Provident Selling Loans In Woolworths

unholyangel

sg01red wrote: »

i have a small furniture shop, and dont offer any finance at all at the moment, but would like to! most folk in our area wouldnt get finance from regular companies, and although i dont agree with pushing people further down i do believe people should make up their own mind and if i could get accepting provident vouchers it would help folk out hugely here! reason being i am currently selling a leather corner sofa for £700 which is advertised by a large retailer for £1200- the difference in the cost is because they build all the finance in and probably have huge overheads in comparison to us! but if our customers paid £100 deposit with £500 vouchers and £100 nbalance in cash six weeks after ordering the sofa on delivery i feel in our case they would be paying no or little more for the sofa than they would if they went to the big retailer and it would be paid in a year rather than three! problem is i cant find how to go about being approved to accept the vouchers.

a £500 provvy loan? They'd probably end up repaying £1200 for that £500 alone :X

Curiosity got the better of me. From their site for £500 in gift vouchers:
Borrowing £500 at 272.2% APR* =Weekly repayment of £17.50
Total to repay £910.00

Can you say rip off?

qetu1357

unholyangel wrote: »

a £500 provvy loan? They'd probably end up repaying £1200 for that £500 alone :X

Curiosity got the better of me. From their site for £500 in gift vouchers:
Borrowing £500 at 272.2% APR* =Weekly repayment of £17.50
Total to repay £910.00

Can you say rip off?

Suppose you can say rip off.

Or you can say this in the level of interest they have to charge (to make a profit) when the include the cost of collecting payments plus the level of non-payers.

And also, on the whole, people are not buying essentials with these loans but the usual cr*p; xmas pressies, game consoles and flat screen TvS.............

giraffe69

I know it is traditional to rant at anyone reviving an old thread but in this case where the business has ceased to exist (Woolworth's I mean) it is hard to work out why anyone wants to have a go at flogging this particular dead horse.