Provident Loans | www.providentpersonalcredit.com Reviews

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Provident Loans

About Provident Loans (Closed)

Provident Personal Credit Ltd has ceased trading that brings with it Provident and Satsuma Loans. GLO (guarantor) and Greenwood were past operations that had already closed down. Confirmation of closure was set on the 10th May 2021 and the legal process of a scheme of arrangement was underway at this final update. Provident’s demise has, as we have seen elsewhere, resulted from affordability complaints en masse pushed by claims management companies who seem intent on wiping out an industry. In the instance of toppling this major lender, all that has been achieved is to fracture doorstep lending with business simply shifting to rivals and small firms. Unfortunately, others to illegal loan sharks. More than 2000 jobs are also gone.

It feels quite sad to have seen the end of an era for such a historic brand in subprime lending. They had been in operation since 1880, but could be tied back to 1877 through Greenwood loans that they acquired, but later closed in 2014. In those early days they issued vouchers that could be exchanged for coal and food through weekly collections. Provident’s dominance in the doorstep space hadn’t been troubled although they had lost a fair share of their user base. We can recall them having close to 800,000 customers. The final tally was reported at 311,000. They also used 11,000 agents, that dropped below 2500. The online equivalent service (Satsuma Loans) had 120,000+ customers.

The larger group collectively had 2.3 million customers. Most of which through Vanquis (1.7 million) and a small portion of 62,000 use Moneybarn for finance. Both of these brands will live on for Provident Financial Plc. Provident’s doorstep product had excellent coverage across the UK and Ireland (that had a dedicated site). They delivered sizeable sums of £1000 (new) and £2500 (reloaning). A wider set of repay selections than usual were in place of 13, 26 and 52 weeks, whilst 78 and 104 weeks were available on reloans. They did process applications on Saturdays and charged no late fees. You could also pay online, although this didn’t replace visits. Pricing was by no means standout at £43 /£100 (13w), £56 /£100 (26w) and £872 /£1000 (52w).

Rivals & Similar Lenders Like Provident

Many people were already searching for doorstep loans like Provident online and so there is expected to be a further spike for this in light of their closure. With the greatest chance of coverage it is usually advised to use the big 2 nationals being Loans At Home and Morses Club. There are a few other firms with wide coverage, but on the whole those competing tend to stick with a specific region. This is the case for instance with Mutual and Street UK who happen to offer the cheapest sector prices. If you were an existing customer and wish to stick within the Group then you could apply for a Vanquis credit card.

Final Check @ www.providentpersonalcredit.com: July 12th, 2021