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Does a bad credit score limit the amount of times you can take out a loan with Provident?

man with head in hands looking at phone
man with head in hands looking at phone

We judge each of our customers individually, so there’s not one blanket answer for everyone when it comes to poor credit history and quantity of loans.

Sometimes a customer will need an additional loan if an unexptected expense crops up – such as a car repair or the fridge breaking down.

As a responsible lender we take a number of factors into consideration such as your history with us and your current circumstances. We look at the wider picture to make our decisions. There’s no one-size-fits-all rule.

If we know you’ve been a good customer with us in the past and you’d like to take out another loan, it could be possible. However, you will still need to complete an Affordability Assessment.

In some circumstances your Agent will consider giving someone we trust another loan on top of one they already have. This happens when the Agent is sure you can afford the second loan agreement; the Affordability Assessment shows that you can make repayments on both loans, now and in the future.

It’s worth mentioning that during this process you may get turned down for a loan. This could be because;

• There have been weeks where you haven’t paid anything at all towards your previous loan
• You want to have more than one loan going at the same time and cannot afford the repayments or another loan
• Your circumstances have changed.

If you’re having money problems, see our Debt Management page.

If you run into debt issues in the future, there are places which can help. The Money Advice Service, National Debtline, or Step Change all help people who are struggling to manage their debt.

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