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No extra fees, no interest
Transparent and fixed pricing
Representative example: Total amount of credit £600 repayable over 13 months. 12 monthly membership payments of £10. Rate of interest 0% p.a. (fixed). Representative 83.1% APR. The first repayment for each advance is £50.00, due 45 days after drawing, followed by 5 monthly repayments of £50.00. Total amount payable £720.
Looking for a similar credit option to Provident Loans? Or perhaps you’ve been searching for a Provident loan online, or even wanting to apply for a Provident loan?
While Provident Loans and its parent company Provident Personal Credit (PPC) are now no longer trading (the firm closed on 31 December 2021), many borrowers have been left pondering about which lenders could fill the gap it’s left.
Whether you were a customer with a Provident loan, are familiar with its also-ceased sister brands Satsuma and Glo, or know of PPC doorstep lending, the short-term loan provider that was once a household name has now been replaced by a swathe of more ethically-driven competitors with their customers’ affordability firmly in mind – Creditspring included.
Provident Personal Credit, also known as PPC or Provident Loans, closed its 140-year-old high-cost, short-term loan arm of the business at the end of 2021 owing to “changing industry and regulatory dynamics” and “shifting customer preferences”.
As one of the oldest doorstep loan providers in the UK (an often-considered controversial form of lending based on payments being delivered and collected by lenders on people’s doorsteps), it enabled those with a poor credit history to borrow small amounts of money with high interest rates, sometimes over 1500% APR.
However, after the company announced a decline in demand for its loans and an increase in customer complaints, it shut down its lending business for good. What’s more, Provident stopped collecting money from tens of thousands of its existing loan customers and wiped their loans altogether.
The controversy didn’t stop there. Many borrowers complained to Provident claiming they were granted loans despite not being able to afford them (i.e., they were mis-sold), so Provident set up a payout scheme for customers who took out a loan between 6 April 2007 and 17 December 2020, to provide them with compensation. It was, however, capped at £50 million and the deadline was at the end of February 2022.
This means that, if you are one of the many Provident customers that was mis-sold a Provident loan and are wondering ‘when will Provident pay out?’, or you’ve thought that Provident refunds are still possible, it's now too late to file your claim.
With loans like Provident that come with huge interest rates and complex repayment terms – and indeed any loan – it's vital that you do your research and compare each lender’s terms and conditions first. This is so you can get a clear idea of what options could suit your needs best and a good understanding of what you can (or can’t) afford.
If you’re looking for an alternative to any Provident product, from Provident home loans to loans without a guarantor, or instalment loans for bad credit, we offer a refreshing solution here at Creditspring.
We provide loans of up to £2400 to suit your circumstances, from emergency car repairs to unexpected big bills and home improvements.
Worried about having bad credit? Even if you think your credit score might be affected negatively by things like ‘buy now, pay later’ schemes such as Clearpay, or missing a payment in the past, we’ll look at your overall financial situation and your ability to pay the loan back when assessing your application.
Creditspring is a finance subscription service, which means all our loans are unsecured (i.e., you won’t need an asset, like a house or car, to secure against the money you borrow) and come with no interest (APR Rep 83.1%). All you pay with your repayments is a low monthly membership fee.
Most lenders issue the full loan amount up front, but we do things differently. Instead, our loans are split into two equal and manageable parts – you can request the first part after a 14-day change-of-heart period and then request the second instalment after you’ve paid off the first part in full.
As a responsible lender, we believe this gives our members more clarity and flexibility, so you won’t risk feeling overwhelmed by a larger lump sum that may be more than you need. This can be a reassuring factor, if you’re worried about having bad credit.
The quickest way to see if you qualify for a Creditspring loan is by using our easy eligibility checker. If you are approved and choose to become a Creditspring member, we’ll let you know within a few minutes. To be eligible, you must:
Be a UK resident aged 18 or over
Have a stable, regular income
Have no recent CCJs, IVAs or bankruptcies
Satisfy our affordability and credit checks*
After 14 days, you can request the money to be paid into your bank account. Payments are made seven days a week, except for bank holidays. We can also help with ways to build your financial stability until you are eligible for one of our loans. When you sign up as a free member, you’ll gain access to our members-only space packed with smart credit-boosting tips, exclusive partner offers and personalised scores. *this list is not extensive
These questions don’t really apply as the Provident information is incorrect and any related information is included in the main body of the article.
I suggest these two as possible questions and answers instead:
No, Provident Loans and its parent company Provident Personal Credit are now closed. All customer claims for compensation regarding mis-sold loans that were submitted by February 2022 have now been disbursed (settled) and no further claims for compensation can be made.
In the finance world, the term ‘bad credit’ typically means having a less than average credit score. If you have a history of missed or late payments, you’ve defaulted on previous loans, or have filed for bankruptcy, these factors can contribute to a lower credit score. Traditional lenders use this information to assess the risk associated with applicants so, if you have a poor credit history, it may take a while to find the right loan for you, because conventional lenders may see you as a high-risk borrower.