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How Much Are Provident Shopping Vouchers? Interest Rates

Updated on April 11, 2012

On this page we are going to take a look at how much Provident shopping vouchers cost. We will check out the interest rates on vouchers and tell you how much money you will have to pay back if you get some Provident vouchers. Plus we will tell you a little bit more about the company Provident and how to apply for shopping vouchers from them.

Provident are one of the UK’s biggest doorstep lenders. They specialise in short term cash loans that are easy to obtain and then simple to pay back. As well as cash loans though they also sell shopping vouchers. These are known as Love2shop vouchers and can be spent in many different high street shops. These can be a good alternative to getting a cash loan as they do work out cheaper, plus it means you are not carrying cash around with you when heading to the shops. But how much do they cost? Well lets take a look.

Love2shop Vouchers

Provident Vouchers Interest Rates

Although Provident are a very large well established company, they do sometimes come in for some criticism due to the high interest rates they charge for cash loans. So what about the Love2shop vouchers? Are these as expensive or are they a cheaper alternative. Well in a word, yes, they are cheaper, but not by as much as they once were. Going back a few years you used to be able to get shopping vouchers from Provident and the interest would be half of what is was on a cash loan. Now though the rates have shot up and they are not as good value as they once were. Despite that though they do work our cheaper.

So as an example, if you were to get £100 worth of shopping vouchers and pay the money back over 25 weeks, the total amount you would have to pay would be £150. So you are being charged £50 for the vouchers, the repayment works out at £6 a week over 25 weeks. If you were to borrow £100 cash over 31 weeks, the total repayment would be £155, so you would be paying £55 interest. So there is only £5 difference between the two but you do make a slight saving. As you borrow more or get more in vouchers then the gap between the two payments increases and you can actually save a bit of money if you opt for the vouchers.

Below we have drawn up a table of charges for both vouchers and loans from Provident. This will give you an idea of which service you might be better taking. You do have the option of paying back over either 25 weeks or 48 weeks, the shorter term is the cheaper option but if you want smaller weekly payments then you might be better going for the 48 week option.

Vouchers Over 25 Weeks

Value Of Vouchers
Interest Charge
Total Payable
Weekly Payment
£100
£50
£150
£6
£200
£100
£300
£12
£300
£150
£450
£18
£400
£200
£600
£24
£500
£250
£700
£30

Vouchers Over 48 Weeks

Value Of Vouchers
Interest Charge
Total Payable
Weekly Payment
£100
£68
£168
£3.50
£200
£136
£336
£7
£300
£204
£504
£10.50
£400
£272
£672
£14
£500
£340
£840
£17.50

Now compare the two rates above for vouchers with the interest rates below for a cash loan over 52 weeks.

Cash Loan Over 52 Weeks

Cash Borrowed
Interest Charge
Total Payable
Weekly Payment
£100
£82
£182
£3.50
£200
£164
£364
£7
£300
£246
£546
£10.50
£400
£328
£728
£14
£500
£410
£910
£17.50

So as you can see, if you wanted £500, if you went for vouchers and paid them back over just 25 weeks, you would make a massive saving of £210 on the cash loan paying that back over 52 weeks. So in some instances it can be well worth going for vouchers instead of a cash loan.

Why Get Love2shop Vouchers?

The idea behind these vouchers is that they are simple to use and are a good alternative to carrying money. Over the Christmas period they tend to be very popular as people are usually borrowing money to go out and spend it on the high street. The fact is that most major shops do accept Provident vouchers so you will find that they are very handy to use. Although the savings on vouchers is not massive like it used to be, they are slightly cheaper. So if you are planning on heading out and spending the money then you might as well go for the slightly cheaper option.

If you are wondering where exactly you can spend these then you need not fear. The list is massive, you can spend them in well known shops such as HMV, JJB sports, Iceland, Comet, Argos, Boots, Debenhams and River Island just to names a few. There are going on for one hundred shops you can spend these vouchers in. As well as high street shops you can also spend them on leisure pursuits such as Alton Towers, Blackpool Pleasure Beach, Thorpe Park, Marriot Hotels, Lightwater Valley and many more. So you are not stuck to simply spending your Provident vouchers down on the high street, there are lots of other places you can use them as well.

Another thing that these can be used for is to give as gifts. They come in handy little books and are split up into ten pound vouchers. Plus you don’t need to worry about how they look, they are very discreet and just look like regular shopping vouchers. So if you want to split these up and give them as gifts this is also a great idea.

Applying For Shopping Vouchers

Applying for vouchers from Provident is very simple indeed. The process is just the same as if you were after a cash loan. You can head over to their website and from here fill in an application form and then someone will call round to visit you at your home. One of the best things about this company is how easy it can be to borrow from them, they do a few checks, but even if you have a poor credit rating you still have a good chance of borrowing from them. All you need to give them is some basic details and provide them with proof of who you are and your address. You usually find in most cases that within a week of applying for the loan you have the whole thing sorted out.

If you are after a little bit of extra help over the holiday period or any other time of year then Provident can be a very good option. Sometimes there interest rates can be very high but for the service they provide customers with they really are a good option for a lot of people. The shopping vouchers they provide are a cheaper alternative to cash loans and if you are planning on heading down to the shops anyway then it is worth getting yourself some of the Love2shop vouchers from Provident.

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