Provident loan

Damien McCool

What happens if you don't pay it back in the agreed time ?

foxy06

U stop posting on boards







broken fingers and all that

foxy06

U stop posting on boards







broken fingers and all that

Maphisto

Initially you'll be charged extra interest and penalties.

shopaholic01

You shall be thereafter known as McBruised.

Larianne

shopaholic01 wrote: »

You shall be thereafter known as McBruised.

Or McBustedLip

cloud493

From what I've heard, avoid them like the plague.

The Backwards Man

Glorified loan sharks.

Actually scratch that, nothing glorified about them.

Hootanany

Are they still going heard stories in the 50's a out them free money it was called then.

My name is URL

Damien McCool wrote: »

What happens if you don't pay it back in the agreed time ?

Unless you're taking the piss altogether they'll come to some arrangement with you. Just keep them abreast of your situation and when you intend to pay it back.

For all the talk that's done on here about such companies, Provident don't seem to be the worst of them at all. I know a guy that worked as an agent for them and they sound properly professional and decent compared to some of the stuff you hear about from people who have absolutely no experience of dealing with them.

Never mind all the fear-mongering from others. Get on the phone to them and work it out amicably.

Maphisto

Agree with the above. As I understand it if you are a couple of payments in arrears the rep will encourage you to take out a further loan and then roll the two in together.

I'd advise speaking to a professional before you go down that blackhole.

The Backwards Man

My name is URL wrote: »

Unless you're taking the piss altogether they'll come to some arrangement with you. Just keep them abreast of your situation and when you intend to pay it back.

For all the talk that's done on here about such companies, Provident don't seem to be the worst of them at all. I know a guy that worked as an agent for them and they sound properly professional and decent compared to some of the stuff you hear about from people who have absolutely no experience of dealing with them.

Never mind all the fear-mongering from others. Get on the phone to them and work it out amicably.

There's fcuk all decent about 157.3% APR

Maphisto

The Backwards Man wrote: »

There's fcuk all decent about 157.3% APR

Well I wouldn't mind getting it even on my €1850

FreshKnickers

The Backwards Man wrote: »

There's fcuk all decent about 157.3% APR

157.3% APR isn't too bad considering these loans are generally short-term loans.

My name is URL

The Backwards Man wrote: »

There's fcuk all decent about 157.3% APR

If it's the only option that someone has at any given time then it may seem very decent to them. It's easy to be preachy about this stuff when you're not in a position where you'll ever need to consider.

For talks sake, if I needed €200 to have my car repaired, had no cash available until the end of the month, and could not borrow it from elsewhere, then the the idea of paying a 'charge' of €60 over the space of 6 months wouldn't seem as bad as the alternative of having no car for a number of weeks or paying for public transport for that time. It may even be the cheapest option.

It'd work out at €2.30 in interest per week over the 6 months (or however long it takes to clear the loan).. which isn't really all that terrible.

Obviously some people get themselves into a hole by abusing what's been made available to them, but the same can be said about anything else really.

The Backwards Man

FreshKnickers wrote: »

157.3% APR isn't too bad considering these loans are generally short-term loans.

Suppose it's better than the 4214% a certain UK lender charges.

My name is URL wrote: »

If it's the only option that someone has at any given time then it may seem very decent to them. It's easy to be preachy about this stuff when you're not in a position where you'll ever need to consider.

For talks sake, if I needed €200 to have my car repaired, had no cash available until the end of the month, and could not borrow it from elsewhere, then the the idea of paying a 'charge' of €60 over the space of 6 months wouldn't seem as bad as the alternative of having no car for a number of weeks or paying for public transport for that time. It may even be the cheapest option.

It'd work out at €2.30 in interest per week over the 6 months (or however long it takes to clear the loan).. which isn't really all that terrible.

Obviously some people get themselves into a hole by abusing what's been made available to them, but the same can be said about anything else really.

You don't need a short term loan in that example. You need to get rid of a car you can't afford.

cloud493

Well he can afford the car long term. He just needs something to keep it going till he has more cash at the end of the month.

harry Bailey esq

I've got loans off them in the past,only in emergencies and this is how it works.if you miss a week,the agent will ask you to make a double payment following week,but people should be aware that they are not actually obliged to do this,the agent gets a percentage of the weekly payment so if you are short one week they don't get paid so by trying to ensure double payment the following week they recoup what they lost.penalties only start to accrue after the time of the loan agreement has expired.They are not loansharks in the traditional sense,violence is NEVER used,but one thing i have seen them do is embarrass people in front of their neighbours.This tactic works well and the agents know it,also if you try and clear a loan early,they Will refuse to take it as one payment,And the agent gets you to make three final payments instead of one,this way they still get paid. However if the agent has been a dickhead,just ring up head office,pay them one payment and the remaining agents fee gets rebated to you in cheque form.

My name is URL

The Backwards Man wrote: »

You don't need a short term loan in that example. You need to get rid of a car you can't afford.

Do you charge for that advice? I'd say you make a killing

foxy06

The Backwards Man wrote: »

Suppose it's better than the 4214% a certain UK lender charges.


You don't need a short term loan in that example. You need to get rid of a car you can't afford.

Maybe he needs the car for work