Just been REFUSED a Provident £500 loan!!!!

Alias_Omega

When the wife was the gf, she took a £300 provident loan when we first met so she could keep up with me, well it was paying back at £10 pw which is just stupid.

Think I / we had to pay back near £580..

Rip off..

nick-alas

You were refused because these days a first loan can only be around £100 with a promise of a further loan in a few weeks. So dont panic its because you asked for too much.

marshallka

I would say in a few months time you will be thanking them for refusing it.

http://www.thisismoney.co.uk/credit-and-loans/article.html?in_article_id=401707&in_page_id=9

cantosis

marshallka wrote: »

I would say in a few months time you will be thanking them for refusing it.

http://www.thisismoney.co.uk/credit-and-loans/article.html?in_article_id=401707&in_page_id=9

That article is 5years old... wonder what happened nothing judging by their website, still charging huge amounts.

They are a rip of but If you pay of the loan early you get a large percentage taken of. I took out £800 once and think I owed about 1300 in total with interest after a few weeks I was able to clear the loan and only ended up paying back £840 for a £800 loan(so was just charged £40. Also you are able to cancel within 7 days and just pay back what you borrowed.


So take out a £300 loan bung it on a even money horse to double up then pay back the £300 within the first week and keep your 300 profit .just kidding LLol!!


But I am thankfull they are around as someone with a bad credit history they have helped me out at times when I was struggling for money and although you pay back a lot you dont really miss £10 per week or whatever for a £300 loan..its quick and easy and the agents tend to be nice not your usual door stop type lender bald fat bailiff type from the more dodgy lenders

kev.s

you've damaged your file by to many applications over a short period, you will now appear desperate to any company doing a check

PNPSUKNET

you also have a couple of new accounts within the last couple of months

revolu

Why would the financial sector lend to you at say 15-30%apr when they can lend via payday loans and similar ilk at 1000/2000/3000%apr.

Would not be suprised if the big four are't behind this current sham.

mrblain

curious as to how you removed/changed the status of those defaults. can you enlighten me please.

gilligansyle

Provident are high interest rates, because they lend to people who can't get credit elsewhere. For a first loan, you would never get more than 200; also the agent/manager can use their discretion. If they think you are over committed they can refuse. High rates are paying the agents wages, non payers affect this.

wannatelluastory

gilligansyle wrote: »

Provident are high interest rates, because they lend to people who can't get credit elsewhere. For a first loan, you would never get more than 200; also the agent/manager can use their discretion. If they think you are over committed they can refuse. High rates are paying the agents wages, non payers affect this.

Thats not true. Its the agents who drive a 200 loan first time! they want to make sure the potential customer will pay that before giving out a bigger loan. In our office we can issue a loan of upto £800 without any managers authorisation. They do credit check you but only on their own system to check you aint been a customer before and it would normally come back as issue £999. Dont know why you were refused but you will be better off in the end not touching them with a bargepole. A very disgruntled agent.