Having over 2.5 million people across the UK and Ireland use our home credit and credit card products means that being a responsible lender is our most important corporate responsibility.
Provident Financial is a financial services group specialising in the provision of personal credit products for consumers in the UK non-standard lending market.
We believe that by providing our customers with simple financial products that are tailor-made to meet their needs and have transparent terms and conditions via a friendly service that treats them with honesty and integrity, we can earn their trust and loyalty.
We provide tailored credit products to 2.6 million non-standard borrowers in the UK and Ireland. Typically, Provident customers are hard-working people living on modest incomes so our commitment to being responsible starts with putting their particular needs at the centre of what we do. They borrow relatively small amounts, but they need it to be easy to make repayments and they like the flexibility to adjust those payments if their circumstances change.
What our customers are looking for:
- Reliability – We provide credit when others won’t and we establish a routine with our customers, be it a weekly home visit or a telephone call, and help them to manage their finances.
- Affordability – We offer our customers sensible levels of credit with small, affordable repayments aiming to never overburden their limited incomes, but to be there at their time of need.
- Flexibility – We know that the circumstances of our customers can change – be it reduced hours at work or a change in a relationship. Our customers value the fact that their repayments can be flexible at such times.
- Certainty – In our home credit, Satsuma loans and Tandem loans businesses, the amount to be repaid is fixed, so the amount our customers agree to repay never rises, even if they miss some payments. There are no extra charges whatsoever.
For us, responsible lending is about developing and delivering products that meet the needs of our customers. Our Vanquis Bank credit cards, home credit loans, and Satsuma and Tandem loan products, all share the same responsible lending characteristics:
- they are simple and transparent financial products delivered through a friendly and personal service; and
- they have higher levels of forbearance and flexibility than products offered by other lenders.
We have four main products in the non-standard credit market:
- Vanquis Bank: credit cards with smaller credit limits allowing customers to build their credit profile with additional flexibility options. For more information go to www.vanquis.co.uk/
- Provident Personal Credit: small home credit loans, serviced by a local self-employed agent in the customer’s home, with weekly repayments and no extra charges whatsoever. For more information go to www.providentpersonalcredit.com/
- Satsuma loans: online loans, with weekly repayments over the term of the loan, a UK-based contact centre for customers to discuss any issues they may have, and no extra charges whatsoever. For more information go to www.satsumaloans.co.uk/
- Tandem loans: guarantor loans of £1,000 to £7,000 over five years where the customer is supported by someone who is prepared to guarantee the loan if their circumstances change with no extra fees whatsoever. For more information go to www.tandemloans.co.uk/
The relationships we develop with our customers, and the outstanding service we provide, are central to our success and help make our business sustainable.