Provident offer what are called doorstep loans.
These are just like a regular personal loan, except with a friendly, personal service. Once you've completed your online application, if you're accepted in principle you'll be contacted by a member of the team, who'll arrange to visit you.
On this visit they'll check your proof of ID, proof of address, and check your incomings and outgoings to make sure you can afford the loan.
If you're approved, they'll pop back to give you the cash.
There are two ways to repay a doorstep loan. The traditional way is that your rep comes to your house each week to take your repayment in cash. We've recently introduced Provident Direct, which is a new way to repay.
With Provident Direct, the rep still comes round to take your first repayment in cash. During this visit, they'll set up a Continuous Payment Authority (CPA) for your future repayments.
This means that as long as the cash is in your bank account the repayments will be taken automatically, so you don't have to wait around for your rep to visit.
A Continuous Payment Authority (CPA) gives us permission to collect loan repayments directly from your debit card. We’ll only request payments that we have agreed with you.
If we’re not successfully able to take the repayment, we’ll let you know and arrange a time to visit you at home to discuss. If for any reason we can’t contact you, your payments will continue as agreed for a further week on your preferred date.
This also means that if any of your payments remain outstanding your account will be in arrears. Your payments may be changed to home collection if your CPA fails twice in a row.
If you take out a Provident Direct loan and realise you’d rather repay in cash each week, that’s totally fine. You can switch to weekly home collection at any time. To change, get in touch with your rep, or give us a ring on 0800 096 6064.
Applying for a Provident loan is done in three steps:
• With a Provident loan, you have a dedicated rep who will visit you to organise your loan, as well as set up your repayments
• They'll be around to talk to face-to-face about your loan, should you have any questions or need any help
• With a Provident doorstep loan, there are no hidden fees for late or missed payments
• Interest rates on a home collected loan are often higher than other forms of lending
• Home credit loans are not suitable if you need more than £1,000 for your first loan