A cash loan is a lump sum of money which is paid either straight into your bank account or given to you in cash. The money is borrowed from a loan provider, so you have to repay the amount you borrowed plus interest by a set date.
Cash loans are available from banks and lenders. If you're interested in a loan, make sure you borrow the money from a lender who is registered with the Financial Conduct Authority. To apply for a loan from Provident, click here.
The amount you need to pay and the dates on which you must make your repayments are set out in an agreement with the lender. You must check these terms and conditions carefully to ensure you understand if any additional charges will occur and when. Each lender is different and we never increase charges, ever, so you always know what you have to repay and when.
How Do Provident Loans Work?
Provident have been around since 1880, when Joshua Waddilove provided vouchers to families so they could buy items such as furniture, clothing and shoes. Since then, our business has grown to provide loans to customers who may otherwise struggle to get credit. We believe in a transparent service so you always know how much you've paid and what you have to repay.
We could lend where others won’t, our personal service means we treat everyone as an individual so we’ll base your loan on your circumstances, not just your credit history. It’s all part of the Provident commitment to help our customers by being open, honest and up-front so we’ll always make sure that any loan from us will be for an amount that you can afford to repay.
You can apply for Provident loans simply by speaking to your Agent or completing an application form. Once you have completed your application form, you’ll know within minutes whether you have been accepted in principle or not. What happens next depends on whether you’ve opted for a home credit loan (Agent collected) or a loan online.
Agent Collected Cash Loans
An Agent collected loan is where a friendly Agent comes to your home in order to talk you through the application process, complete an affordability assessment and agree the loan amount, deliver your loan and then collect repayments. It’s this face to face service which we believe sets us apart from other lenders. Agents are often members of the communities they work within so they understand you and your situation. They are also on hand to discuss any further questions you have or discuss any other products you’re eligible for or interested in.
Your Agent is your first port of call for any concerns relating to your cash loan from Provident. If you are late with or unable to make a repayment, you should contact your Agent, who will be able to discuss your options.
With a cash loan from Provident, there are never any hidden fees, so you always know what you’ve paid and what is left to repay.
How Much Interest Will I Pay?
A fixed amount of interest will be added to your cash loan from Provident. How much will depend on how much you want to borrow and how many weeks you choose to repay it over. To get an idea on what the interest will be on your loan from Provident, use the above loan calculator.
If you have any further questions regarding cash loans at Provident, you can speak to your Agent or contact us.