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How Much Is A Loan From Greenwoods? Loan Interest Rates

Updated on February 9, 2012

Today we are going to take a look at how much it costs to get a loan from Greenwoods Personal Credit. We will compare interest rates with other similar companies, check out the APR on Greenwoods loans and basically see if taking out a loan with Greenwoods is a good idea. This page will basically tell you everything you need to know about Greenwoods Personal Credit.

Greenwoods are a finance company that operate in the UK. They offer small cash loans over a relatively short period of time. Greenwoods have been operating for many years now and are seen as one of the most popular doorstep lenders in the UK. But how competitive our their loans rates? How much interest do they charge you? Most importantly, is getting a loan from Greenwoods Personal Credit a wise decision?

Greenwoods

How Much Can You Borrow?

So first of all who can borrow money from Greenwoods and how much money can you actually apply for? Well the fact is that the application process for a loan is very simple and pretty much anyone can apply. All you have to do is ring up the company or apply online and within a few days you should get a Greenwoods agent calling at your door. They will run through a list of questions about your background and your income and expenses and they will also want to see some proof of identification and proof of address. They also run a background check on you which basically checks whether or not you have had a loan from the company before.

One of the best things about Greenwoods Personal Credit is that almost anyone can get a loan. It doesn’t matter if you have a bad credit rating, it doesn’t matter if you are unemployed, you don’t even need to have a bank account. As long as the agent is happy you can make the repayments you should be able to get a loan. Pay that up on time and you will be offered more credit.

When it comes to the amount you can borrow this does depend on your circumstances. Greenwoods can offer up to £500 as an initial loan but you do need to be working and you do need to prove that you can make the repayments on time. Most new customers get smaller loans of either £100 or £200. If you pay that off fine then you have the option of taking out a larger loan in future.

Greenwoods Interest Rates

The company often come under fire for the amount they charge when it comes to interest on loans. It depends on how much you borrow and over what term, but generally the APR is very high on Greenwoods loans. However, the fact is that the company do offer a valuable service, you will get your own agent who will call round to pick up payments from your house, you can easily apply for another loan with no fuss and the money could be yours very quickly if they are happy to give you a loan.

So how much can you expect to pay for this service? Well as a new customer, let’s say you borrow £100 over 33 weeks. This is a pretty standard loan. You will pay a total of £165 back on that at it would be £5 a week for the repayments. The APR on this is a scary 433.4%. If you have been a customer a while and want a larger loan, you can borrow up to £2500, plus you can have more than one loan running at once.

Let’s say for example though that you borrow £1000 over 55 weeks, again quite a standard loan. Total payable on this loan would be £1760 at £32 a week. The APR comes in at 220.9%. As you can see the loans are not all that cheap.

One thing of note though is that if you pay your loan back early, you will receive a discount. It depends how many weeks it takes to pay off your loan, but say you pay your £1000 loan back 10 weeks sooner than agreed, you could well look at getting £100 back on the interest you were originally charged, the sooner you pay it the more of a rebate you can expect. Another important feature of Greenwoods Personal Credit is the fact that if you don’t pay your loans back on time you don’t get charged any extra, short term lenders such as Wonga add extra charges if you don’t pay on time, Greenwoods do not. What you initially agree to is the maximum you will pay. Remember though that if you don’t pay your loan off in the agreed time you may not be able to get another loan in future.

Comparing Greenwoods With Other Door Step Lenders

So now you know how it all works and how much a loan from Greenwoods actually costs, how do they compare with other companies? Well interestingly Greenwoods Personal Credit are actually run by the same company who run Provident Personal Credit. Yet the fact is that Provident are actually just that little bit cheaper. They offer pretty much the same service and yet the interest they charge on their loans is slightly less than what Greenwoods charge.

Another well known doorstep lender is Shopacheck. Again though Shopacheck seem to be slightly cheaper than Greenwoods and again they offer a very similar service. So to be honest I am afraid to say that Greenwoods fall short when measured up against the competition. So if you do decide to borrow money from a door step lender then probably best avoid Greenwoods and use a different company instead. From our experience we would say Provident seem to be the best of the doorstep lenders.

There are of course other lenders out there, recently payday loans have been all the rage. Companies like Wonga offer short term loans that are easy to pay back. The companines are good if you are borrowing small amounts over a short period, but they really offer a different kind of service when compared with Greenwoods. 

The fact is that although Greenwoods do not always have the best reputation they are a good reliable company that offer loans to people who may not be able to get them from anywhere else. The interest they charge can be slightly high but they do offer a very valuable service and more often than not the agents are friendly and willing to help you with any problems you may have. If you are looking for a loan and are struggling to find a company that will lend you money, then Greenwoods Personal Credit is certainly worth a look.

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