Provident Personal Credit... OMG!

**Amy**

Im not sure if this type of post is allowed, but it can be removed if not!

I got a circular letter through from the above company offering me a loan etc.

Just out of curiosity i looked at the APR...

183.2%

:eek: :eek: :eek:

I have never seen such a massive APR amount before in my life!

How can they get away with that??? Surely thats against some sort of rules?

x

dotstar24

yep.....i was desperate when i signed up for my £500 loan. bailiffs were on our cases. my apr is over 300%.

so depressing sometimes

GeorgeUK

Don't suppose you can get a 0% CC to transfer that to? Or do a super balance transfer so you have alot less interest?

fermi

Could be worse. :rolleyes:

Payday loans = Typical 1355% APR (30 day loan). :eek::eek::eek:

That is not a typo......

Ames

When I saw someone at CAB he said he went into the job expecting to hate DCA's but found it was companies like the prov that he ended up hating the most.

RAS

Have certainly seen a number of cases where people have posted Provident loans in that range. If they can possibly get a "freedom" loan from a credit union, it can help a lot. These are often about 26%, but that is a lot better as they do not need to have a credit history with the CU. Standard CU loan for savers are a lot lower.

Dotstar's comment rather blows the notion so often posted by bailiffs that people just do not want to pay, but find it on the day. At what cost?

And the pay day loans are outrageous, but I see several companies on every high street. Makes some of the old fashioned money lenders look savoury.

Anyone see Angela's Ashes by the way?

Janjel

surely the FSA should be doing something about these interest rates!!!

JET34

It must be around the time that they try drumming up business as I got one of there letters in the post on Monday! Wish I had sent it back to them at there own cost rather than putting it in the bin......... oh well there is always next time!!!!

Grade_A_Reject

fermi wrote: »

Could be worse. :rolleyes:

Payday loans = Typical 1355% APR (30 day loan). :eek::eek::eek:

That is not a typo......

I can beat that ...... I've just borrowed from them at .....drum roll......7194% :T

Why? They're offering £45 cashback through Cashback Kings for an accepted loan. The lowest you can borrow is £80 and pay back £100 which I'm doing after 19 days. So I lose £20 and gain £45.

slippalong

dotstar24 wrote: »

yep.....i was desperate when i signed up for my £500 loan. bailiffs were on our cases. my apr is over 300%.

so depressing sometimes

Soooooooo scary:eek::eek::eek:.

I'm certain I read a thread somewhere else on the forums regarding this company?