Provident Loans (Other Personal Loans)

Name: wigglylittleworm

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Product:	Other Personal Loans
Date:	28.01.08 (189 review reads)
Rating:

Advantages: Easy to arrange

Disadvantages: Massive Interest Rate

Provident Loans

I took out a lon last year for £250, over 12 months with an interest rate of 177% apr and 55 weekly payments of £7.50. I am on a low income and struggled to get accepted for credit elsewhere, a quick search of loan comparison sites showed that provident was my best option. I'd always vowed to stay away from the high interest loans as I'd seen many people struggle with repayments but following a tough patch financially it seemed the only way to replace my washing machine.
The application process was really easy. I filled in a form online and was later phoned by an agent who arranged to come round the next day. I had to sign a few forms and show two forms of proof of my identity, I showed a bank statement and utility bill. The same agent came round the next day with the money.
The agent is a friendly lady who comes round the same time each week, I have missed a couple of payments due to not being in when the agent calls but she has been happy to accept double the next week. I've started to pay £10 a week instead of £7.50 to pay a bit faster and can miss a couple of payments if I'm not in etc without worrying. Payments are recorded in a book the customer keeps so you can easily see how much you have left to pay.
The interest rate is obviously really high, but provided you dont take out more than you can afford, it can get you out of a hole. I have no intention on taking on further credit from the company in the future and getting myself into a loan trap, but they are honest so you know what you are getting into when you take out the loan. I'm saving more this year so that if future appliances break down I can dip into savings and not need to borrow!

Summary: Use Wisely