LOANS

I have just received a "flier" through my door advertising loans by a firm called PROVIDENT.  They advertise loans between £50 and £500.  They make absolutely no attempt to hide the APR of 272.2% It's actually quite blatent.

I know these are bad times but surely there can not be that much of a market for this type of thing.

Without appearing to be snobbish (which obviously means I am about to be snobbish), I live in a reasonable area and not certain area's where the "take up" may well be higher.  This seems outrageous but obviously legal.  :

I think it's saaa-aaad that people find it entertaining to read about men who call themselves things like Stan the Stabber who chop peoples heads off in half, set fire to their eyebrows and knock people's teeth out with a toffee hammer just because they couldn't repay a loan at a very uncompetitive rate of interest.

They lend you a hundred pounds and a week later you owe a million....I'm not exaggerating!!!

But the point is that this is not some "dodgy geezer" knocking on the door and lending someone £50.00 then getting hold of their child allowance/pension book.  This is a legal firm with a website etc that are openly charging 272.2% APR.  There must be a market for them or they wouldn't do it. That's the bit i can't get my head round.  

So, how much you asking to borrow? I only charge 160% APR...

Quoted from Biccys

So, how much you asking to borrow? I only charge 160% APR...

I'll be passing your name onto the "collector" for Provident Personal Credit.  He may want to "chat" about you undercutting them      

Edit: I thought if I just borrowed £10.00 then I could pay it back at £20 a week for the next three years or so ???

I'm well skint ever since a got mugged for a round of beers by some RAF types at a Town home match !!!

the frightening thing is the fact that when i was at the bank last the women i speak to told me that some people have been taking out silly loans, not as extreme as that but still stupid.

also, one or two banks will currently let you organise your own loan etc through their website, flipping stupid, no wonder people are in the excrement...on the flip side, it is their own fault if they take it i suppose

I must admit when i was naive and 18 and didnt know too much about APR and all that, i took a loan out with said company! i borrowed 500quid to go on holiday, and paid back 60quid a month for 15 months.

so i paid 400quid interest in a year!

i soon realised what a twit i was for doing it!! haha

as they say you learn from your mistakes!

Quoted from Civvy at last

I have just received a "flier" through my door advertising loans by a firm called PROVIDENT.  They advertise loans between £50 and £500.  They make absolutely no attempt to hide the APR of 272.2% It's actually quite blatent.

I know these are bad times but surely there can not be that much of a market for this type of thing.

Without appearing to be snobbish (which obviously means I am about to be snobbish), I live in a reasonable area and not certain area's where the "take up" may well be higher.  This seems outrageous but obviously legal.  :

These types of unsecured loads are very popular in some of the more run down towns and city areas of the UK where people may have a negative credit score and can't get a normal loan.

The idea being that people need a few quid very quickly to pay a bill or pay off a debt with the idea that the loan will be repaid come pay-day or giro-day. This means that a few days at 272.2% ends up being quite a small amount of interest.

The trouble starts once you fail to pay on time and start dodging the repayments. As the company is perfectly legal, they can then sell the debt to a debt collection agency who'll send the bailiffs round to take your telly and your Playstation.

Quoted from Civvy at last

I'll be passing your name onto the "collector" for Provident Personal Credit.  He may want to "chat" about you undercutting them      

Edit: I thought if I just borrowed £10.00 then I could pay it back at £20 a week for the next three years or so ???

I'm well skint ever since a got mugged for a round of beers by some RAF types at a Town home match !!!

Bloody hell, not one to bear a grudge are you?! I'll get you one next time you go. Which will be around April....

Quoted from Biccys

Bloody hell, not one to bear a grudge are you?! I'll get you one next time you go. Which will be around April....

May well be next Sat mate.  I'm nights Friday and Saturday, but will probably be able to catch 40 winks during the match if I go in the main stand  

Icey, do i need to bring a pillow or are they provided ?

Quoted from Civvy at last

May well be next Sat mate.  I'm nights Friday and Saturday, but will probably be able to catch 40 winks during the match if I go in the main stand  

Icey, do i need to bring a pillow or are they provided ?

Pillows,duvet and "mugs thunder troops for the use of"  

Quoted from theicenian

Pillows,duvet and "mugs thunder troops for the use of"  

Happy days fella.  I'll put down for a wake up call and a nice cup of cocoa at about 1635. Just in time to see the Town winner. Hope the nurseys in the main stand are nice  

Quoted from Civvy at last

I have just received a "flier" through my door advertising loans by a firm called PROVIDENT.  They advertise loans between £50 and £500.  They make absolutely no attempt to hide the APR of 272.2% It's actually quite blatent.

I know these are bad times but surely there can not be that much of a market for this type of thing.

Without appearing to be snobbish (which obviously means I am about to be snobbish), I live in a reasonable area and not certain area's where the "take up" may well be higher.  This seems outrageous but obviously legal.  :

Provident Financial is actually one of the largest companies in the country. By its' market capitalisation of £1.2bn it is the 151st largest business in the UK which makes it bigger than DSG (that's Dixons and Curry's), Debenhams and De la Rue, the company that prints our banknotes.

As for the APR, so long as you have a consumer credit licence and prominently display your interest rates you can pretty well charge what you like. And yes, with the downturn and the banks' reluctance to lend, firms like Provident are moving into more middle-class areas as it is such areas as these that could once get cheap easy credit that no longer can.