| Product: |
Provident Personal Credit |
| Date: |
04/03/09 (162 review reads) |
| Rating: |
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Advantages: Small loans for low income families.
Disadvantages: Mega high interest rates
Provident Personal Credit is a company that offers people small, unsecured loans from as little as £50 up to £500.
After you have received the loan, they issue you with a payment card and you pay it back on a weekly basis, where by you have a collector come to your home.
Generally people with bad credit, unemployed and low income families use this company, basically people who can not get credit else where.
You can choose to take vouchers instead of money, and you can use the vouchers in many well known high street stores, if you accept the vouchers then you pay slightly less interest.
It may all seem above board, although the interest rates are astonishingly high. Currently their interest rates are at a typical rate of 189.2 %. Which is way above many other lenders. I think really and truly you'd have to be desperate to use this company.
I have my own personal experience with this credit company and ultimately it made my financial situation so much worse, I think if you dont understand about interest rates, which I know theres some people who dont, as I was one of them! then you should leave them well alone, or at least seek advice first.
On the other hand if you dont mind paying back around £500 for a £300 loan, and you cant get credit else where then perhaps it would have its use.
In my opinion I would rather go without...
Summary: Avoid at all costs!
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Last comments:
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- 15/08/09 I have just got one of these loans, and yes interest rates are very very high, but as Wigglylittleworm saiid, they are upfront about it, and they do tell you what you will repay each week, and if they didn't do that with you, then you need to tell the company that their agent isn't ding their job :) They're a company to lend to those who might not be able to get credit anywhere else to stop them going to loan sharks which is very dangerous. No late payment charges, no fee to get the loan, and if you can pay more than the minimum amount each week, you lower the interest on the loan. If you can pay it back within 10-12 weeks, which is possible if you want a payday loan more than anything, you end up paying much much less interest on it :) I think it's a great company, but you do need to understand that the interest means your paying back pretty much 3/4 again what you borrowed, but as its spread out over 23,31 or 50 weeks, its not too bad. A £200 loan over 50 weeks is £7 a week minimum payment. :) |
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- 05/03/09 189% interest is scandelous! |
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- 04/03/09 Yes their interest rates are ridiculous but they are up front about it so its not like you dont know what you are going to be paying back. Also the fact they dont charge any fees for missed payments etc mean they are not the worst company out there. |
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