Short term loans are a type of loan that you pay back over a short time period. Loan amounts are low, and they need to be paid back within a year. Payments are fixed. This means you pay your lender the same amount each week or month. You do this until the loan is repaid.
This type of loan is "unsecured." This means you don’t need to secure your loan against something you own, such as your house or car.
A short term loan from Provident can be between £100 and £1000. If you're approved, you must pay the loan back in full including interest. You can pay the loan back over a period of 13, 26 or 52 weeks. When you take out a loan with us you’ll know exactly how much you need to pay each week. There are no hidden fees, you only pay back what you've agreed upfront.
We look at a few different things to check that a loan is right for you. Firstly, we check your credit score. We also look at your income and outgoings. This is just to make sure that you can afford the weekly payments. Before you apply, make sure you check the full cost of the loan. This should include the interest you'll pay.
Use our loan calculator to work out which terms are best for you.
if your online application is successful, your rep will then do an affordability assessment with you. They will need to see your proof of ID, address and income. This is so they check that you can afford the loan. If you're approved for the loan, you can choose how you would like to get your money. We could deliver the cash loan to your home, or we can send the money straight to your bank account.
You can also choose how to make your payments. This can be done straight from your bank account or by home collection by one of our Reps. If you choose to make payments from your bank account, this must be set up using your debit card using a Continuous Payment Authority (CPA). If you choose home collection, you could pay at your doorstep, if this isn't possible then you can also make payments over the phone, online, or through our payment line.
Provident offer short term doorstep loans in the UK without a guarantor. This means that we won’t ask you to choose someone to pay your loan if you can’t make your payments. If you can’t make your payments, our Reps are there to support you.
Our loans are also unsecured. This means you don’t need to secure your loan against something you own, such as your house or car.
To apply for a short term loan from Provident you'll need to:
You'll also need to agree to an affordability assessment. This is where we check that you can afford the loan.
You can apply for a loan with us, even if you have no credit history.
At Provident we look at more than just your credit history. When you apply online we will provide an initial decision. This application will leave a record on your credit file. Your Rep will then check your income and outgoings. This is to make sure that you can afford the loan and complete the application.
You can pay straight from your bank account subject to being able to set up a CPA, or your Rep could take your payment each week. They could do this over the phone or at your doorstep. If this isn't possible then you can also make payments over the phone, online, or through our payment line.
No matter how you pay, your Rep is there to help you. They'll be able to answer any questions you have.
To apply for a Provident short term loan, start with our loan calculator. Here, you can enter how much you want to borrow and then check that you can afford it. If you’re sure you can make the loan payments, click ‘Apply now’.
To finish the next part of the application you'll need to fill in a form. You'll need to enter details such as:
We’ll give you a first decision online. This will let you know if you can move on to the next part of the application. If you’re approved in principle, it's not a promise that we’ll lend to you.
From here, your Rep will get in touch with you so they can check your proof of ID, address and income.
You’ll need to have proof of ID, address and income. If you don't, we won't be able to offer you a loan. To find out what you’ll need, go to our proof of income and ID page.
To help you decide if a short term loan is the right option, read our FAQs below.
The difference between a short term loan and a payday loan is big. A payday loan allows you to borrow money until your next pay day. They are very short term but are useful if you need money fast. These can be expensive to repay though, as they come with higher interest rates.
In contrast, short term loans have longer repayment periods than payday loans. You can take a loan out up to 12 months and split the payments by month. This allows you to spread the costs so it suits you. There are no hidden fees and you only pay what you agree upfront. The interest stays the same for the time you have the loan.
Yes, Provident short term loans are unsecured. This means we won't ask you to put your house or the things you own up as a bond. There are also no hidden fees or late payment charges.