Comparing loans can be tricky; with different types of payment, different amounts and different lengths of repayment it can all get very confusing. The finance industry is required to use the APR (Annual Percentage Rate of charge) to make comparing loans simpler.
While this can work for longer term loans like those from a bank because they are based on a 12 month term or longer, the use of APR can make shorter term weekly payment loans like ours look less favourable in comparison. This is because more traditional lenders don’t include things like fees and late payment charges in their APRs which make them appear much lower than ours. Also, unlike our cash loans, credit on cards can be subject to interest rate changes while you’re still paying back the balance.
So while the Provident APR may look higher than other lenders you have to remember the Provident Promise:
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We don’t charge you fees – not admin fees or late fees
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The interest rate will never change during the course of your loan so you always know where you stand
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There are no hidden extras, your weekly payment is the only payment and it includes the service charge for your weekly agent visit.
The best way to work out whether a Provident Loan would suit you is to use our Loan calculator to work out what your weekly repayments could be.
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