This page contains all FAQ information found on the Provident Financial web site. Please click on the tabs below to read our General, Investor, Research and debate and Customer FAQs.
Our customers frequently asked questions (FAQ) are organised into two categories: Consumer Credit Division and Vanquis Bank.
Consumer Credit Division
Consumer Credit Division
What is home credit?
Provident home credit offers small, unsecured loans with affordable, flexible repayments. Loans are granted and repayments are collected each week in the customer's home by an agent. Most agents are women, often living in the communities they serve. Many are also former customers. Home credit provides customers with a simple, convenient, and transparent service. There are no hidden charges or late payment fees and the amount to be repaid will never increase.
How much can I borrow?
For first-time customers we offer unsecured loans of between £50 and £500, dependent upon your personal circumstances. Existing customers can apply for up to £2,500.
What is the APR for my loan?
Once the loan amount and the amount that you can afford to repay each week has been agreed with your agent, they will be able to advise you of the Annual Percentage Rate (APR) that applies to your loan.
The service we offer is different because an agent calls at your home every week to collect the repayments.
The amount we quote and the amount that your credit states is what you repay – there are no nasty surprises.
For further information about the cost of a loan, please visit:
Are there any extra charges?
Unlike some high street banks and credit card companies who charge for missed payments or overdraft facilities, our home credit businesses do not – and they pride themselves on being transparent and having no extra charges. When you borrow money from us, you know from the start exactly how much your repayments are. So you can borrow money from us knowing that there will never be any unexpected extras.
How does Provident Financial differ from other loan providers?
In most cases, people never meet an agent from their lender in person. With home credit, repayments are collected in person face to face every week by one of our agents. This level of personal contact is at the heart of our service and sets us apart from other personal loan lenders. Many of our agents were Provident Personal Credit customers themselves before they became agents; it is unusual for lenders to have agents with such high levels of personal experience of their products.
Our service also differs from that of most other lenders as we are not concerned solely about our customers' past credit history – instead we are also interested in our customers' current circumstances and their ability to repay a loan. This allows us to consider applications from people who have a bad credit history, including County Court Judgements.
Finally, we give you the option of borrowing small amounts – we offer loans starting from just £50.
How do I apply for a home credit loan?
Applying is easy, simply visit Provident Personal Credit, complete an online application form and get a decision in principle straight away. Alternatively, call us by telephone. We are open Monday to Friday 8am to 8pm and Saturday 8.30am to 5pm.
What products other than cash loans do you offer?
Love2Shop vouchers – these work in exactly the same way as our cash loans and can be redeemed in many leading high street stores, allowing the cost of goods to be spread over convenient weekly instalments.
What is the Vanquis Bank credit card?
Our Vanquis Visa Card is designed for people with no credit history or those who previously have had debt problems and therefore have a poor credit history.
We provide our customers with support, education and help in controlling their spending. We do this by being transparent about our products and pricing and providing high levels of customer service.
What will my credit limit be?
When we review your application we’ll take into consideration your circumstances and provide you with a credit limit we think you can manage. If we set your limit higher than you would like we’ll lower it for you. Over time we will review your account and may offer you a credit limit increase if your account is well managed.
I’ve been refused credit in the past. Will that affect your decision?
Not necessarily. Your credit history needn’t mean you get turned down. Applications are considered on merit and we’ll still consider you if you’ve been turned down in the past.
How do I monitor my spending?
We’ll send you a Monthly Statement listing the date and place of each purchase you’ve made, cash you’ve withdrawn and the repayments we’ve received from you. You can also phone Vanquis QuickCall on 0870 850 7755 to check your account 24 hours a day, seven days a week.
We have recently introduced a new SMS alert service that allows you to receive weekly text alerts every Friday on your mobile.
Once you have subscribed to the text message service you will be able to receive:
- Your current outstanding balance
- Credit available on your card
- Due date for your next payment
- Amount for your next payment
It costs just 12 pence for every text alert that you receive, and the SMS text charges will appear on your mobile phone statement.
How do I apply for a Vanquis Bank credit card?
To apply online, simply visit Vanquis Bank. If you prefer, you can call our contact centre on 0870 850 7755. Lines are open between 8am and 8pm Monday to Friday and 9am to 5.30pm on Saturday. Please note that calls are charged at national rate.