ArtsAutosBooksBusinessEducationEntertainmentFamilyFashionFoodGamesGenderHealthHolidaysHomeHubPagesPersonal FinancePetsPoliticsReligionSportsTechnologyTravel

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

Updated on March 1, 2012

 

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.

Comments

    0 of 8192 characters used
    Post Comment

    No comments yet.

    working

    This website uses cookies

    As a user in the EEA, your approval is needed on a few things. To provide a better website experience, hubpages.com uses cookies (and other similar technologies) and may collect, process, and share personal data. Please choose which areas of our service you consent to our doing so.

    For more information on managing or withdrawing consents and how we handle data, visit our Privacy Policy at: https://hubpages.com/privacy-policy#gdpr

    Show Details
    Necessary
    HubPages Device IDThis is used to identify particular browsers or devices when the access the service, and is used for security reasons.
    LoginThis is necessary to sign in to the HubPages Service.
    Google RecaptchaThis is used to prevent bots and spam. (Privacy Policy)
    AkismetThis is used to detect comment spam. (Privacy Policy)
    HubPages Google AnalyticsThis is used to provide data on traffic to our website, all personally identifyable data is anonymized. (Privacy Policy)
    HubPages Traffic PixelThis is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.
    Amazon Web ServicesThis is a cloud services platform that we used to host our service. (Privacy Policy)
    CloudflareThis is a cloud CDN service that we use to efficiently deliver files required for our service to operate such as javascript, cascading style sheets, images, and videos. (Privacy Policy)
    Google Hosted LibrariesJavascript software libraries such as jQuery are loaded at endpoints on the googleapis.com or gstatic.com domains, for performance and efficiency reasons. (Privacy Policy)
    Features
    Google Custom SearchThis is feature allows you to search the site. (Privacy Policy)
    Google MapsSome articles have Google Maps embedded in them. (Privacy Policy)
    Google ChartsThis is used to display charts and graphs on articles and the author center. (Privacy Policy)
    Google AdSense Host APIThis service allows you to sign up for or associate a Google AdSense account with HubPages, so that you can earn money from ads on your articles. No data is shared unless you engage with this feature. (Privacy Policy)
    Google YouTubeSome articles have YouTube videos embedded in them. (Privacy Policy)
    VimeoSome articles have Vimeo videos embedded in them. (Privacy Policy)
    PaypalThis is used for a registered author who enrolls in the HubPages Earnings program and requests to be paid via PayPal. No data is shared with Paypal unless you engage with this feature. (Privacy Policy)
    Facebook LoginYou can use this to streamline signing up for, or signing in to your Hubpages account. No data is shared with Facebook unless you engage with this feature. (Privacy Policy)
    MavenThis supports the Maven widget and search functionality. (Privacy Policy)
    Marketing
    Google AdSenseThis is an ad network. (Privacy Policy)
    Google DoubleClickGoogle provides ad serving technology and runs an ad network. (Privacy Policy)
    Index ExchangeThis is an ad network. (Privacy Policy)
    SovrnThis is an ad network. (Privacy Policy)
    Facebook AdsThis is an ad network. (Privacy Policy)
    Amazon Unified Ad MarketplaceThis is an ad network. (Privacy Policy)
    AppNexusThis is an ad network. (Privacy Policy)
    OpenxThis is an ad network. (Privacy Policy)
    Rubicon ProjectThis is an ad network. (Privacy Policy)
    TripleLiftThis is an ad network. (Privacy Policy)
    Say MediaWe partner with Say Media to deliver ad campaigns on our sites. (Privacy Policy)
    Remarketing PixelsWe may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.
    Conversion Tracking PixelsWe may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.
    Statistics
    Author Google AnalyticsThis is used to provide traffic data and reports to the authors of articles on the HubPages Service. (Privacy Policy)
    ComscoreComScore is a media measurement and analytics company providing marketing data and analytics to enterprises, media and advertising agencies, and publishers. Non-consent will result in ComScore only processing obfuscated personal data. (Privacy Policy)
    Amazon Tracking PixelSome articles display amazon products as part of the Amazon Affiliate program, this pixel provides traffic statistics for those products (Privacy Policy)