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A guide to the types of loan repayment schedules

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person at a desk

Every lender is different, but there are some similarities between Provident’s repayment terms and those of other loan providers.

You’ll find there are differences in repayment schedules, not only between the type of loans but in the companies that supply them. Each lender might do things differently, while the same applies to banks. Here we’ll give you an idea of how other money lenders operate and tell you how it works with us at Provident.

There are some things to remember. Paying back any money borrowed over a longer period will generally mean smaller repayments. However, you could be paying back more money because you’ll be charged interest over a longer period of time. Paying back early may not always reduce the total cost, although it could benefit your credit score to show you’re managing your debts. You would however need to check the T&Cs of your loan.

Repayment schedules for different types of loans

Payment plans vary a lot between companies and each type of loan. The following should give you a general idea of how each type of lending works.


The clue is in the name here, they’re designed to be paid back in one go, including interest. Generally, repayments can be between a month and a few days, with the payment date falling after you’ve been paid. Some companies will let you spread repayments out over two, three or a handful of instalments. Generally, you’ll have a month to repay your loan and associated costs.

Online Short-Term Loan

Plans for online short-term loans vary from 14 days to monthly repayment options. Some lenders offer repayment plans over a number of weeks, providing repayments are made every seven days.

This choice means even if a customer has very specific payment preferences, they’ll be able to find a loan for them.


Banks tend to provide larger loans which are repaid monthly over a longer term. They all tend to be long-term loans where it’ll take minimum of a year to give back, while some of them can go as high as seven years.

Credit Union

As Credit Unions are local companies, there’s no national standard for loan length and repayment terms. Generally, they’ll start at a few months and go up to a year or two, but they can be longer. You’d pay one instalment a month, of an amount suitable to you.

Provident’s doorstep loan repayment schedules

Our repayment periods for new customers living in England, Wales and Scotland are 14, 23, 32 and 52 weeks, borrowing up to £1,000. We have slightly different set-ups for people in Northern Ireland.

Existing customers, who have already had a loan with us may be approved by their Agent to get access to loan terms of 63, 84 and 110 weeks, borrowing up to £2,500 – subject to affordability.

What’s more, options are available for customers to get extensions on their loans. If you’re having difficulties repaying your loan, there are also options available to you to extend your loan.

It’s also worth knowing that an Agent can make a decision when it comes to the loan amount and repayment plan. They may decide that you should pay it back over a shorter period or take on a smaller amount, for example. However, the Agent will explain this and the reasons behind it.

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