Letter from Provident personal credit-

devonsdreamer

Thought this may raise a smile - The kind :rolleyes: people at provident have offerd me a loan (not that I asked for one) I can have from £50 to £500 and the interest is ONLY 183.2%!!!:eek: Think I will give it a miss this time:p

betterlatethannever

:rotfl: unbelievable....now why haven't i had this amazing, once in a lifetime offer

betterlatethannever

I see what you mean.

Quick as a click - apply online for cash loans from £50 to £500
No surprises - home collection cash loans, no hidden charges ( what none?umm)
A name you can trust - established for 125 years( oh yeah!)

Example: Loan amount: £300, 56 weekly repayments of £9
Total amount payable £504. Typical 183.2% APR


I didn't highlight the apr either, thats how it appears on the website, like its some great offer. Still they can't be accused of hiding info.

FeelingLow

wow what an offer!!!!!!!!!

Praxis99

This is one small step from loan sharking, you'd really have to be on your uppers to take up an 'offer' like this and I feel sorry for anyone who does. A 'morally bankrupt' business.

skylight

We have been there and done that with Provi. Many years ago, but pre LBM, sometimes these "loans" were the difference between eating and not.

I still cannot understand how or why we used them or why I find myself BR now. We were earning bl**dy good money, no mortgage etc. Just never saved and spent far too much.... Its a spiral that takes you down very very fast if you are not careful...

Praxis99

'I still cannot understand how or why we used them or why I find myself BR now'

The past as the saying goes "is another country, they do things differently there"

I doubt anyone on this forum would ever go for a 'deal' like this, most of us have already had or are having a very harsh financial lesson meaning we'd be unlikely to touch such a deal even with a very long bargepole! and indeed find it laughable.

The problem is that there will always be uninformed or desperate people that don't realise what they are signing up to even when its staring them in the face and too whom APR's don't really mean anything. Such financial illiteracy is why co's such as this can continue to ply there wares and why debt misery will continue for people least equipped to deal with it.

betterlatethannever

Exactly, These companies are there for the low paid/poorest people and those in 'our' position.

In all honest i never looked at APRs etc before BR and was the sort of person they would have preyed upon.

On their site it says a 'friendly collector' will call each week. I wonder how friendly they are when you miss a payment or two?:rolleyes:

ian360

No way - this has got to be a mistake, right?

betterlatethannever

No mistake.
My post number 3 is a copy n paste of whats on their website. just do a google for them and that comes up. Horrific

philnicandamy

betterlatethannever wrote: »

Exactly, These companies are there for the low paid/poorest people and those in 'our' position.

In all honest i never looked at APRs etc before BR and was the sort of person they would have preyed upon.

On their site it says a 'friendly collector' will call each week. I wonder how friendly they are when you miss a payment or two?:rolleyes:

any missed payment will incur a visit from the management