How Much Does A Provident Loan Cost? - Loan Interest Rates

 

If you are wondering how much a Provident loan costs then here we will give you all the details you need on loan interest rates and prices. Provident Personal Credit offer small loans and have been doing so for many years. They do have a reputation for charging high prices for their loans, so how much do they actually charge? Well here we will review Provident loan rates, see how much interest they charge and see how much a loan from Provident will actually cost you.

If you are struggling to find a loan then Provident are a company who you should be able to get a loan from. They specialise is small short term loans and you don’t need to have a good credit rating to get one. Provident have come under fire in recent years due to the high interest charges on their loans. However, for some people Provident Personal Credit represent a very good reliable company that provide a very good service.

Provident Loan Interest Rates

 

So how much do Provident actually charge for their loans? Well there are a few factors to take into consideration which effect how much you will pay. The most obvious factor is how much you initially borrow. The more you borrow the more interest you will be required to pay. The other factor that influences the amount you pay is how long you take a loan out over. The shortest term you can take a loan out over is 23 weeks, the most common term is 31 weeks and you also have the option of taking a 52 week loan. There are also options for larger loans where you can pay the money back over 81 or 106 weeks.

So first of all let’s look at the standard 31 week loans that provident offer. The APR on these loans is 365.1. You can borrow up to £500 pounds on a 31 week loan, so below is a table of the interest charges for loans taken over 31 weeks from Provident Personal Credit.

31 Week Loans

Cash Borrowed 
Interest Charged 
Total Payable  
Weekly Payment
£100 
£55 
£155 
 £5
£200 
£110 
£310 
£10 
£300 
£165 
£465 
£15 
£400
£220
£620
£20
£500
£275
£775
£25

 

If you want a slightly lower payment plan then you can take a loan out over 52 weeks. For a 52 week loan Provident customers can take out loans of up to £1000. The APR on the 52 week loans is 272.2. So again, below is a table of charges and interest rates on a 52 week loan.

52 Week Loans

Cash Borrowed 
Interest Charged  
Total Payable  
Weekly Payments
£100 
£82 
£182 
£3.50
£200 
£164 
£364 
£7
£300 
£246 
£546 
£10.50
£500
£410
£910
£17.50
£700
£574
£1274
£24.50
£1000
£820
£1820
£35

If you have been a Provident customer for a while and have a good payment history, then you will have the option of taking out a larger loan. Provident offer loans of up to £2500 and these can run over 106 weeks which is basically just over 2 years. The payments on these are less than the 52 week loans as they are stretched out over longer, but you will end up paying more back. 106 week loans are really only for large loans, in fact the minimum you can borrow at 106 weeks is £500, but to give you an idea of payments and interest here is a table of charges.

106 Week Loans

Cash Borrowed 
Interest Charged 
Total Payable 
Weekly Payments
£100 
£112 
£212 
£2
£500 
£560 
£1060 
£10
£1000 
£1120 
£2120 
£20
£1500
£1680
£3180
£30
£2500
£2800
£5300
£50

New Loan Terms For 2012

Starting in 2012 Provident now offer a loan over a shorter period. This is no doubt to compete with some of the short term lenders that have sprung up in recent times, companies such as Wonga who do very well offering pay day loans. This new loan term from Provident is over just 14 weeks, so about 3 months. Obviously the weekly rates are far higher but the interest charges are quite a bit lower as is the total amount payable. So this is what you pay if taking out one of these short term loans.

14 Weeks Loans

Cash Borrowed
Interest Charged
Total Payable
Weekly Payments
£50
£20
£70
£5
£100
£40
£140
£10
£200
£80
£280
£20
£300
£120
£420
£30

Paying Provident Loans Up Early

When you take out a loan with Provident Personal Credit the interest is set. Therefore you can not be charged any more than the amount you agree to. So if you pay your loan up on time you will be charged the same amount of interest as if you pay the loan up late. However, if you pay your Provident loan up early you will save some money. Depending upon how early you pay the loan back you will not have to pay the full amount that you originally agreed to. The sooner you pay back the loan the less interest you will have to pay. If you decide you want to pay your loan up early you can ask your Provident agent and they will tell you how much you need to pay to settle the account. This is known as an ESB or early settlement balance.

Provident Personal Credit are a very good reliable company that offer good short term loans. If you are struggling to find a loan elsewhere then it’s well worth giving Provident a try. Although the loan interest rates can be a little high, Provident do provide an invaluable service to customers. There are no hidden charges or nasty suprises if you don't pay the money back on time. So hopefully this simply guide will have told you just how much it does cost to get a Provident loan.

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