|
Provident Financial provide their customers with small unsecured loans with affordable repayments. Sometimes
provident customers will have poor credit ratings, perhaps with CCJs against their names. Many of their customers simply like
the lack of additional charges in their home credit products andthe face-to-face service provident do offer.• The average loan to customers is around £300. The typical APR on a £300 loan
is 272.2%• They have over 11,500 agents nationwide who deliver a friendly door-to-door service to provident financial customers
every week.They offer
loans up to £500 for new customers, and up to £2,500 for existing customers. Typically their customers
are from ordinary families, have moderate incomes and need to manage their finances carefully. What they really want to do
is borrow small amounts with fixed repayments they can afford.Provident Financial pride themselves on building a strong relationship based on trust with
their customers. Becauseagents visit their customers each week, they know their circumstances and can assess their ability to take on a loan
and make the repayments. Agents receive commission based on how much they collect, not how much they lend. This means that
there is no incentive for provident agents to offer more than customers can afford to repay.A typical provident financial customer is• 70% are female• 31% are aged 18-34• 46% work either full or part-time• 40% use the Internet at home• 24% spend
the money they receive from Provident on household items• 37% spend the money they receive on gifts for Christmas and birthdays• 15% spend the money they receive on home improvements• 11% spend the money they receive on clothes• 7% spend the money they receive on car items• 6% spend the money they receive on furniture• 4% spend the money they receive on electrical goods
 |
