Fury at Provident's loan rate

[EXC]

Fury at Provident's loan rate.

http://www.eveningtimes.co.uk/news/d...478236.0.0.php

I won't paste the article in order to encourage you to read it from the link and see the lively comments and an interesting one from an ex Provident manager.

[enaid]

Re: Fury at Provident's loan rate

Its advertising illustrates a loan of £300 being repaid at £9 a week over 57 weeks. That would total £513 - an APR of 189%.


This is from their loan calculator

• Loan Amount: £300
• Term: 56 weeks
• Weekly Repayment: £9.00
• Total Payable: £504.00

183.2% APR

If you pay over a shorter period it works out at this

• Loan Amount: £300
• Term: 31 weeks
• Weekly Repayment: £15.00
• Total Payable: £465.00

365.1% APR

[EXC]

Re: Fury at Provident's loan rate

Sounds like a good deal. Got a link?

[enaid]

Re: Fury at Provident's loan rate

Sounds like a good deal. Got a link?

No, I will not give you a link.
You as a prominent member of this site should be learning how to budget your money better. Getting a loan from people like this is not the answer :grinningelf:

[EXC]

Re: Fury at Provident's loan rate

You must be mistaken. As the definition of 'provident' suggests, taking a loan out with them would be a very shrewd move:

provident Aadjective1 provident
providing carefully for the future; "wild squirrels are provident"; "a provident father plans for his children's education" 2 provident
careful in regard to your own interests; "the prudent use and development of resources"; "wild squirrels are provident"

[enaid]

Re: Fury at Provident's loan rate

Oh I am with you now, this squirrel is indeed very provident.





You did mean about a squirrel and his nuts didn't you?

[EXC]

Re: Fury at Provident's loan rate

Honestly Nelly, Provident are a fine & trustworthy organisation.

I just called them up to discuss a loan and spoke to a very nice chap by rhe name of Jimmy 'wide boy' Dixon. He talked me through how to work out the total repayment figure on a £300 loan. Unfortunately the screen on my calculator isn't able to display all the numbers but he assured me that it's very competitive.

Apparently if you default you automatically become eligible for free facial cosmetic surgery! There's no contract to sign and all I have to do is call a Delroy on his mobile and he'll bring the cash round.

It all sounds above board and tickety boo to me.

[enaid]

Re: Fury at Provident's loan rate

Well there you go then, I happened to catch a glimpse of a couple of their collectors as well. They come every Friday regular as cockwork. (oops Clockwork)

[Amethyst]

Re: Fury at Provident's loan rate

One of my neighbours uses 'provvy loans' to get her by. she has a lovely lady come round to visit her every tuesday, and if she can't pay one week they happily let it run over to the next week and so on (kindly adding stacks of interest on in meantime) When I see her next will ask her the period shes paying over, she did tell me but I forget. She borrowed £300 and is repaying £10 a week. Was only way she could pay for christmas.

[EXC]

Re: Fury at Provident's loan rate

Well there you go then, I happened to catch a glimpse of a couple of their collectors as well. They come every Friday regular as cockwork. (oops Clockwork)

Phwoor

[enaid]

Re: Fury at Provident's loan rate

One of my neighbours uses 'provvy loans' to get her by. she has a lovely lady come round to visit her every tuesday, and if she can't pay one week they happily let it run over to the next week and so on (kindly adding stacks of interest on in meantime) When I see her next will ask her the period shes paying over, she did tell me but I forget. She borrowed £300 and is repaying £10 a week. Was only way she could pay for christmas.

It's nothing new people have been borrowing and paying back like this for years. It is indeed a life line for some.
I remember my mum paying I think 10/- a week all year and at the end of it she got £20 to spend in a clothes shop. I remember us going with my auntie and it was like we were millionaires.
The sad thing is that the people are being totally ripped off with the interest rates they are paying and no one seems willing to put a stop to it.

[Amethyst]

Re: Fury at Provident's loan rate

Well thats the kind of loans the government is trying to give alternatives to with their plans for the budgeting loans at 28.6% - which i think i s a good idea, its a shame is got tied up in attacking crisis loans too which are currently interest free, and have had to backtrack on the whole caboodle. Be interesting to see if the do come back on the budgeting loans side and leave crisi loans alone.

[theGobbyOne]

Re: Fury at Provident's loan rate

I have to admit I used provident during my 1st marriage and shopacheck and greenwoods and lo and behold a loan shark and the loan shark was less interest than any of them in fact we even became friends and he stopped charging me interest(think he fancied me!!!!!) They are a bloody rip off though but always willing and bring cash same day thank god I not needed them for many years.

[Amethyst]

Re: Fury at Provident's loan rate

£500 over 56 weeks at £15 a week - total repayment £840 (though am getting the T&C's so will confirm that in a while)

[fuzzybrain]

Re: Fury at Provident's loan rate

Please don't shoot me (although I know I deserve it!!), but i have 2 loans with provident (i'd forgotten about them when I in the income thingy - sorry!! ) Anyhow I have included them with Payplan, so they are being included in the payment schedule.

I owe about £500 on each loan, one should have ended April and the other around October time. Are they likely to become a huge pain in the backside???