Satsuma aka provident

[awesomejudy]

Just wondered if anyone had seen provident had now joined the payday loan bandwagon as satsuma

they claim to be a new type of loan hahah

[mikeymack2002]

Yep was looking into this when I questioned a Provident Agent. This is done all online, they will do a credit check and everything else. Why are they getting involved in this sort of area? Unless it is to trap even more unsuspecting clients? I wonder whether or not it will take off? Will they use this to find other customers that have done a bunk from the doorstep side of things and will use it as a debt collecting/finding tool?

 

 

It's just another gimmick to get even more poor people into the money lending trap, Provident want even more customers falling into the loan trap, this way they can support their already full coffers? An APR of 136.2% is bad so why target the very people that are desperate fro a good Xmas for their family!!!

 

 

They are meant to be responsible lenders, in your dreams. Even the agent does not know the full ins and outs of it. So how much will be taken from the customer should they fail to keep up repayments once Xmas is over? This will cause so much hardship in a very short time, then provident will use DCA's to try to enforce collections? Any other thoughts anyone?

 

 

MM

[renegadeimp]

Why are they getting into it? You do know what provident are right?

[mikeymack2002]

Why are they getting into it? You do know what provident are right?

 

 

Of course I know lol, was caught out by them under a different name, wasn't till it turned toes up that I found this out. Provident are said to be responsible lenders, what a joke just read the forums here to know the truth, its out there. Its just yet another way for them to take us for fools, or those that are not so clued up on this subject.

 

 

Money is tight for me but will not consider this type of loan, but those that cannot see the forest because of the trees they will take it up and come on here for help, maybe once they have fallen into arrears? well we will see how the new capping will affect this type of company in the future.

 

 

MM