Provident update & rise of the Loan Shark

[new-me2010]

As of today Provident Loans will be harder to get.

 

The agent now has to come to the house, unless applied for online, and then do a 20 minute application on smartphone to assess the affordabilty.

 

They have to see proof of income too.

 

It is then sent off for yes or no or with reduced amount.

 

There is also a credit check to Experian.

 

People with crap credit will get a no, even if they have been a Provident customer with no payment problems for years.

 

The Agent I know is quite distressed to say the least.

[GrumpyToSayTheLeast]

Why is the agent you know distressed?

[new-me2010]

For some knowing that if they have a problem Provident is there.

 

Have you lived on a tight budget where something happens, your credit limit is shot and you need £100 as yesterday

but you can afford £10 a week over so many weeks.

 

Its a lifeline to some

[GrumpyToSayTheLeast]

I'm confused by your wording. You talk about the agent as the seller and the customer?

[new-me2010]

read each as a seperate statement and dont join them

[leigh04]

As far as I'm aware even if you apply on line Provident sends an agent to your house and you have to show the agent your income etc and proof of address before they say yes or no any way.

It's been like that for as long as I can remember so really its nothing new.

And they report on your credit files.

[polesworth]

We have been customers of Provident for awhile now and have bad credit after the company I worked for went bust and it took me nearly 2 years to get back into a job. Although high interest rates we have found it very convenient to take out their loans when urgently required but if they are to stop giving loans to previous bad credit customers they will soon have no customers. It will not be long for the word to get out that further loans may not be possible and payments will stop on any current loans and then Provident will wonder why.

[citizenB]

I don't understand why people don't seek out their local credit unions.

 

If they save even a few £'s a week/month, they will be able to take out loans at decent interest rates.

 

It will not be long for the word to get out that further loans may not be possible and payments will stop on any current loans and then Provident will wonder why.

 

If payments were to cease on current loans, then it would be fairly obvious that people were borrowing to repay previous borrowing. That cycle is what needs to be broken.