Jargon Buster: Doorstep Loans
Don’t get tripped up by complicated words when it comes to home credit. Read our clear explanations of the main terms.
We don’t believe in confusing or overwhelming people when it comes to taking out one of our loans. So think of this mini-dictionary and our full Doorstep Loans guide, as our way of making life that little bit simpler.
In terms of a Provident loan, an Agent is the person who a borrower completes their loan application with, receives their money from, and pays it back to. They’re also the first port of call if a customer has any issues, questions, or concerns about their loan.
It’s a type of borrowing where the money you want is brought to your house instead of being put in a bank account. You then pay it off in small amounts, usually in cash every week, to a representative of the lender – in the case of Provident, they’re called an Agent.
Fixed Sum Loan Agreement
This is where you agree to repay a set amount, usually your loan and the interest, over a fixed term.
Home credit is another term for a doorstep loan, where the money you want is brought to your house and you pay it off in small amounts usually in cash every week.
A loan agreement is the arrangement between you and your loan provider that details how much you agree to borrow, what your repayments are and what interest you will pay on your loan.
This is the amount of money owed or due.
Request to Call
In order for Provident to legally discuss your loan in your home, you must request for this to happen in writing on your application form. This is what’s known as a ‘request to call’ and simply means you’ve agreed that an Agent can come to your home and talk to you about your loan.
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