Newest Review: ... arranged didnt suit her so she refused to come eventhough this was what had been arranged when I took out the loan. She wanted to come at... more
Professional Loan Sharks
Provident Personal Credit
Member Name: tinkers22
Provident Personal Credit
Disadvantages: Interest rates, they pester you, unprofessional and irresponsible lenders
I would severely advise anyone against a decision to get a loan with this company, they are extremely irresponsible lenders and the interests rates are shocking.
I originally had a £500 loan with them about 3 years ago, after paying some of it off they then said I could borrow more at the time I was signed off from work and wasn't receiving sick pay so some extra cash would come in handy, so I borrowed another £300 from them, payments were going ok, I knew they were high but thought it was worth it as I had bad credit and no-one else would lend to me.
After a while my partner lost his job and I was in between jobs, I explained to my area rep that due to our personal circumstances we could no longer afford to make the repayments, they reduced them slightly but the repayments were still to high. Now to put it into context a typical loan from a bank for the value of £1000 is averagely around £35-£40 per month, a reasonable and affordable amount, but provident expect double this amount for a £800 loan. The interest rates vary but I was told by another customer that their interest rates were about 200%.
The company are able to charge these prices as you do sign an agreement etc and when you are desperate it can seem like the only way out, and it is for many people who need money quickly but you will be paying back these loans for years. You cannot say that you will be in the same job etc for the whole period and life in general throws things at you that you cannot predict.
I am happy to say that I am useless with money, and that it is my own fault that my credit history is poor, but these kinds of companies exploit that. They are unreasonable, they do not seem to understand that if you do not have the money you cant pay them. It is a professional company although they have thrown their weight around on more than one occasion. I told them that I would contact them as soon as I could make a payment, which would have been within a month of the conversation and they harassed me non stop, I had to change my number and moved.
I am now waiting for them to take legal action against me I would rather this happen so a court can tell them straight that I cannot meet their repayment demands.
If it's a small loan you are looking for then I would say that provident may be worth investigating but make sure exactly what it is you are signing and do not be pulled in by borrowing more money from them.
Summary: Stay well clear