Provident Price Change

[Ketan_T]

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Hi everyone,

From Wednesday 29th April the price of Provident Personal Credit loans will be changing. The typical APR rate will be increasing from 189.2% to 254.5%.
Below is an example of how the change in price will affect loan repayments: -

Old APR – 189.2%

Example loan amount £300
57 weekly repayments of £9
Total Amount Payable £513
Typical 189.2% APR

New APR - 254.5%

Example loan amount £300
50 weekly repayments of £10.50
Total Amount Payable £525
Typical 254.5% APR

All banner and e-mail creative will be refreshed to reflect the change in APR. These will be available from Wednesday 29th April. All we ask is that you update site copy to show the new APR rate before 10am on that date.

Also, if you are displaying any trigger statements within your site copy which suggest credit, is available to those with adverse credit ratings, makes comparisons or offers incentives then you will need to display the APR rate as well as the Lenders Compared statement. For more information about trigger statements, please see the terms and conditions of the programme.

As we’re still continuing to see uncertainty within the economy, Provident Personal Credit is growing from strength to strength. With £251.2m headroom in its borrowing facilities (as of 31st December 2008), Provident is looking to grow, whilst lending responsibly to its customer base.

Remember – Provident provide loans between £50 and £500 normally to people that other lenders could not or will not help. With a personalised home collected service, Provident is able to identify and meet the needs of borrowers that many other mainstream providers could not service.

We have a tiered commission structure in place so you can earn between £4 and £10 with each accepted lead. As we value the quality of applications that are received, we’ll pay an additional £15 for each new customer.

We hope you agree that right now is a great time to be a part of the Provident Personal Credit programme. If you have any questions about the programme, please feel free to e-mail provident@lbi.com.

We look forward to working with you on the programme!

Many thanks,

The Provident Personal Credit Affiliate Team @ LBi

[gerard]

Nice to see them following the downward trend in interest rates:sneaky

[Rich79]

The 'typical' rate is calculated based on what the lender is lending at over a period of time rather than one they actually set.

I know a lot of people get shocked at the APRs for adverse credit products such as this and payday loans, but it's interesting to see the small difference in repayments and total payable after the APR change in the example provided.

[gerard]

The 'typical' rate is calculated based on what the lender is lending at over a period of time rather than one they actually set.

I know a lot of people get shocked at the APRs for adverse credit products such as this and payday loans, but it's interesting to see the small difference in repayments and total payable after the APR change in the example provided.

i was being cheeky :laugh, i was in fact an area manager for provident for 8 yrs and ran the biggest branch in hampshire so i am well aware of how it works

[Ketan_T]

Hi everyone,

In addition to the post above, we wanted to remind you that the price change of

Provident loans will be coming into place at on Wednesday 29th April from 8am. The typical APR will be increasing from 189.2% to 254.5%.

Below is a typical example of how the change in APR will impact loan repayment: -

Old APR – 189.2%

Example loan amount £300

57 weekly repayments of £9

Total Amount Payable £513

Typical189.2% APR

New APR - 254.5%

Example loan amount £300

50 weekly repayments of £10.50

Total Amount Payable £525

Typical 254.5% APR

All banner and e-mail creative will be updated by Tuesday 28 April at 8pm which can be used to promote the programme. All we ask is that the display banners and any site copy is changed to reflect the new changes from 29th April 8am onwards but not before 8pm on the 28 April 2009.

Please feel free to contact us at – provident@lbi.com if you have any questions about upcoming price change.

Many thanks,

The Provident Personal Credit Affiliate Team @ LBi