Provident Review | www.providentpersonalcredit.com

Provident

Last Update: June 28th, 2016

About…
Address: 1 Godwin Street, Bradford, BD1 2SU.
Branding: Provident. AKA: Provident Personal Credit.
FCA Licence: 002529.
From: Provident Financial Plc.
Launched: 1917 (1880 as Provident Clothing & Supply Co).
Memberships: CCA.
Related: GLO, Moneybarn, Satsuma Loans, Vanquis.
Website: www.providentpersonalcredit.com.

Loan Details…
Bad Credit Provident Loans Available?: Yes.
Manage: No Provident login at www.providentpersonalcredit.com.
Offers: Doorstep loans.
Opening Hours: Monday to Friday (8am/8pm), Saturday (8.30am/5pm).
Sums: £100 to £1000 (new) | £2500 max (returning).
Terms: 14, 23, 32 or 52 weeks (110 when returning).

The Pricing…
£180 /£300 (32).
£820 /£1000 (52).

Notes: An agent will visit your home to complete the process within a few days. There are 5500 agents and so there is plenty of coverage across the UK. Reps are called out from around 270 local centres (these can’t be visited in person). They also cater those over in Ireland through www.providentpersonalcredit.ie.

Noteworthy…
– Amounts: New applicants can now receive £1000 that is a recent change from £500. The big attraction is the potential £2500 that you can access as a loyal user. This is stretched out as far as 110 weeks to help to create an affordable weekly repayment.
– Eligibility: The lure of high acceptance doorstep loans has helped this company to grow to the extent that they have. If you have had defaults or even CCJs then you may still be considered. They even promote helping out people with no bank account or those self-employed etc. You just need to demonstrate that you can afford the proposed repayment schedules. One point to raise is that whilst they have historically targeted bad credit and those on low incomes, if you visit their newly revamped website they no longer attach the high acceptance, low score etc headlines and so they may well be changing direction.
– Experience: Joshua Waddilove founded this company in 1880. The concept employed today hasn’t changed much since back then when vouchers were issued that could be exchanged for coal, clothing and food. Repayments were collected in weekly instalments as they are today. One company that started before them was Greenwood that they would later acquire. Unfortunately, the Greenwood name has gone after they closed and merged that firm into this one.
– Niche: Provident loans are dominant in the doorstep sector that they kick-started (it is not clear if Greenwood was home collecting in their early years). Anyway, the valued experience attained has helped them to build a large loyal following and many customers use them on continual long contracts and so they are still making good money in this space. There are various other reasons why they have been the dominant force. They for instance have a much large agent network than anyone else and so they can help out much more people in less populated areas. They have also been an attractive proposition in accepting those with poor credit and then there is that possible £2500 return sum. Some of their rivals have price matched them and so they aren’t necessarily leading the way on price. Their closest competitor has always been Shopacheck who have now merged with Morses Club.
– Operations: The extended Saturday time of 8.30am until 5pm is impressive and throughout the week they operate 12 hour days. Payout times are of course slowed down since an agent must visit you that would typically take place within several days.
– Ownership: This is the central arm, but the owner has various other projects on the go. This includes GLO in the guarantor space and also Satsuma that is the online equivalent of this featured doorstep loan service. Then there is of course Vanquis who have been battling out for dominance with Capital One in the subprime credit card space for many years now. Not too long back the group also acquired Moneybarn who provides car finance and so it is clear that they are progressing well in the UK. On the international stage, they also operate in Europe although the details are lacking on which specific territories they are actively trading in.
– Profile: Since the group is one of the premier names in financial services, they do have the resources to maintain this brand’s historic dominance. TV advertising has been a key channel in maintaining the edge. No other lender in this market does this. They have also revamped their website that shows that there is still a big focus on this niche that over the years has been losing traction through the rise of the payday lenders. There was 11,000 agents used that has now been split to 5500. This could be due to a business decision to save costs or it could be a fall in doorstep demand. Their active customer base is sizeable though at 900,000.

Updates…
– You could previously select £500 max as a new customer. This has now increased to £1000.
– Website has been upgraded in its stylish purple and white theme. Historically, they have used red.

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