Definitely one of the older companies in short-term loans, Provident Financial was founded in 1880 with the aim of helping working families provide for themselves. It’s also the parent company of a number of popular credit-providing brands, like Vanquis Bank, Satsuma and Moneybarn. Here’s our review of Provident’s best-known service – its doorstep loans.
Please note: high-cost short-term credit is unsuitable for sustained borrowing over long periods and would be expensive as a means of longer-term borrowing.
Key features of Provident doorstep loans
Borrow £100-£1000 for 13, 26 or 52 weeks. Larger sums may not be available over 13-week terms.
All situations considered. Provident will consider applications even if you are self-employed, on benefits or have poor credit.
Finish your application with a home visit. A member of Provident’s team will visit you in person to ensure your loan is a manageable and sustainable option.
Fixed, high interest rates. Because the interest rate is fixed for the duration of the loan, you’ll know in advance exactly what the loan will cost you. However with high rates, this is a very expensive way of borrowing.
Cash delivered to your door. If approved, your loan will be delivered directly to your door.
Repayments collected from your home. Provident’s CEM’s will collect your repayments from your home each week. It is still possible to pay online and via phone.
Personal support. Throughout your loan Provident’s CEM’s will provide personal, face to face support and advice.
Am I eligible?
To apply for a Provident loan you must:
Be a UK resident, aged between 18 and 74
Have a contact telephone number and your address details for the past 3 years
Agree to home visits and affordability assessment
Are there alternative options to a Provident doorstep loan?
Yes. First ask yourself if the expenditure you’re planning is urgent and essential. If you’re struggling to pay a bill for example, you could try talking to your utility provider about a payment plan. There’s a wealth of free information on alternatives at the government’s moneyadviceservice.org.uk, plus sound advice on managing debt generally.
You can use the tool below to estimate the cost of the loan that you have in mind from some popular online short-term loan providers.
How much money do you need to borrow?
How long do you need to borrow over?
Important information: You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.
We compare payday/short-term loans from
What is a doorstep loan?
A doorstep loan is an unsecured personal loan where funds are both issued and collected in person, at your home.
Doorstep loans have come under attack recently as they are not subject to the same restrictions as payday loans. After payday loans received a huge amount of bad publicity, the Financial Conduct Authority (FCA) put limits in place to protect borrowers who used high-cost, short-term credit, but these restrictions did not cover the provision of “home credit” (doorstep loans).
Borrowers can begin their loan application online and receive a provisional loan agreement. Next, a face-to-face affordability assessment will be conducted by an agent, which Provident calls the Customer Experience Manager (CEM), at the borrower’s residence. The agent can also answer any questions the borrower might have. The agent will then return at prearranged times each week to collect repayments until the loan is paid off.
If you already have a Provident loan, Provident is willing to offer additional borrowing options. Be advised however, that at the time of writing, home credit is not covered by the same restrictions as many other forms of high-cost, short-term credit as defined by the Financial Conduct Authority (FCA) – meaning that if you roll an existing loan over into a new loan, you could end up paying more back in interest than you initially borrowed. If the loan is not affordable, or you fail to keep up repayments, you could end up with mounting debts in this way.
If you’re experiencing difficulty paying back your loan or would like to take out a bigger loan then you should call Provident’s customer service team or chat to your Customer Experience Manager (CEM) in person. Your CEM is the member of Provident’s team that visits your home. They are there to answer any questions you have.
Frequently Asked Questions
During the home visit, you will be asked to show:
Proof of ID (driving license, passport, government issued documents)
3 years of address history
Proof of income (payslips, statements of earnings, benefits)
Although Provident collect repayments in person, it is still possible to pay your loan back online or over the phone. These services are available 24/7 so it’s possible to make payments at a time that suits you.
It is possible to cancel your loan within the first 30 days of your loan being received. You will be required to repay back the full amount plus any interested acquired. If you wish to cancel your loan give Provident a call on 0800 096 6064.
If your application is declined you may try again at any time, but the outcome will not change unless your circumstances have.
Yes, Provident performs credit checks on all customers during the initial online application. If your credit score is too low you will be unsuccessful in your loan application.
Provident will consider applications from you even if you have a poor credit score, however if it is too low your application may be declined. It depends on individual circumstances. It is important to ensure you can manage your loan repayments to improve your credit score.
If you are experiencing any issues, do not hesitate to contact Provident either by using their online complaints form, or phone on 0800 121 8034. Alternatively, if you are still dissatisfied, you can contact the Financial Ombudsman Service (FOS) to deal with your case.
Harry Dacres-Dixon is a writer at finder UK. He studied Geography and International Development at the University of Sussex and loves to travel, so if you need some travel-money advice he's the guy.
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