Provident Loans Review

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2.3 stars
Average rating for this product is: 2.3 out of 5

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kat74uk's Review of Provident Loans

13th Nov 2006

Overall Rating

0 stars
  • Value for money
    0 stars
  • Loan Rate
    177% APR or higher
Good Points

They will help people with bad credit, unemployed, and its unsecured, so tenants can apply.


Bad Points

They can't explain anything technical
They don't stick to arrangements


General Comments

I contacted provident Loans for a loan, and they asked if I would like someone to call BEFORE coming round to fill out forms (they say this is a reason for the 177% APR, that someone comes to your home to answer any questions, and they come weekly to collect payments. I said yes, and gave a mobile and home number. A man called me once to discuss it, but I was in a shop. He said he'd call back in an hour. Two days later he'd not called, so I called them. They said they'd get someone to call me, but the next day an elderly woman just turned up at about 7pm, whilst I was cooking dinner. Among other things she did, she showed me someones completed form/application. She couldn't tell me how an APR of 177% on a loan for £400 works out to only £260 interest over a year. She said "you are asking the wrong person, I know nothing about mathematics". I had already asked someone on their phone line, so no-one knows apparently.

She was unhelpful, and was trying to rush me, saying she didn't have much time. We started to fill out a form, and she asked for a relative that lives nearby, so I gave my mum's name, address and phone number. She didn't tell me why, and just rushed me. She took my national insurance number and other details, and then tried to force me to sign something, as she wanted to leave to go to '16' other houses! I tried to read what I was signing, as she'd already said she can't apply for the loan, as I didn't know if I wanted vouchers or cash (due to her not waiting 30 seconds for me to see if the store sold what I wanted to buy via the net). She kept talking very loud to distract me from reading the form, so I took the form and tore it up and said forget it. I kept the torn up form and shredded it.

I called the call centre to tell them about her, and they 'acted' very annoyed, strange thing is, I didn't give my name, but they knew it anyway?! I know there is caller ID, but how many names can their phones hold?! A manager was supposed to call me, but no one called, but today I got a letter saying my loan had been refused and I have 21 days to appeal! I didn't apply for it though!

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NameCredit RatingAPRTypical APRMin Loan AmountMax Loan AmountHome Owner  
Alliance & LeicesterGood7.80%7.80%£7,500.00£14,950.00No
Nationwide LoansBad7.60%7.60%£7,500.00£14,999.00No
Sainsbury's LoansGood7.90%7.90%£7,500.00£15,000.00No