Provident Loans Alternative
Looking for Provident Loans? Provident Personal Credit is no longer lending, but Lending Stream is. We are a short term loan direct lender, offering instant decisions. If approved, we’ll send the cash to your bank within 90 seconds*.
Representative Example: Given a Representative APR of 1271%, if you borrow £300 over 6 months at 292% p.a. (fixed), you would owe 6 equal repayments of £96.39. You will repay £578.36 in total.
Warning: Late repayment can cause you serious money problems. For help go to moneyhelper.org.uk.
Why choose Lending Stream as a Provident Loans Alternative?
Trusted
Rated excellent on Trustpilot & 99% recommendation rating on Reviews.co.uk.
Convenient
Secure online application available 24/7. A decision in seconds, not days.
No early repayment fees
Repay in 6 monthly instalments. We don’t charge for early repayment.
Fast
Cash sent to your bank in under 90 seconds, if approved. It may take longer to reach your account depending on your bank’s processes.
About Provident Loans
Provident Personal Credit, also known as PPC or Provident Loans, was a short term lender that offered cash loans online and doorstep loans between £100 and £1000 with weekly payments. Depending on the loan amount, their repayment terms varied between 13, 26, and 52 weeks.
On December 31st, 2021, the company announced that it was shutting down its lending business.
If you need a loans which is an alternative to Provident, you can consider Lending Stream for short term loans.
How is Lending Stream different from Provident Loans?
Lending Stream offers short-term loans, which Provident used to offer. However, there are some key differences.
| Lending Stream | Provident Loans |
|---|---|
| If this is your first time applying for a loan with us, you can apply for £50-£800. If you’ve already had a loan with us and repaid it on time, you can apply for £100-£1,500. | Provident Loans previously offered loans of up to £1,000. |
| Lending Stream is completely online, which means you can apply for our loans online and get an almost instant decision. If approved, we’ll send the cash to your bank within 90 seconds. | Provident were a doorstep lending business. This means that instead of online applications, a representative of Provident may have visited the applicants home to complete loans and collect payments. |
| Our loans are paid on a monthly basis and we give 6 months to our customers to repay their loan. | The repayment schedule offered by Provident Loans used to depend on the loan amount, and based on that customers paid weekly over 13, 26 or 52-weeks. |
| We are still open and lending short term loans in the UK. | Provident Loans stopped their lending on 31st December 2021. |
Also, our loans might suit your needs better. Lending Stream loans are repaid monthly via Continuous Payment Authority (CPA) and not through an agent. We consider loans for bad credit as we understand that everyone should get a fair chance to get credit and should not be judged based on their current credit score.
Representative 1271%APR
How to check my eligibility for a Lending Stream loan?
If you want to check your eligibility to apply for a short term loan with Lending Stream, then you must:
- Be at least 18 years old.
- Be a UK resident.
- Have an active bank account.
- Have a valid debit card.
- Be in regular employment with a monthly income of at least £400.
Rather than just relying on your credit score, we’ll look at all your information. A bad credit score or poor credit history won’t give us a complete view of what your current financial situation is.
Representative 1271%APR
How to apply with Lending Stream?
If you have checked the above points and think that you are eligible for a loan with us, then you should apply online on our website. All you need to do is fill out our online loan application form and provide us with the following information:
- Your personal details.
- The amount which you want to borrow with us.
- Your employment, salary, expenses, and banking details.
Once your application is received, we will do an affordability and credit check to see if you can afford the repayments. If approved, we will send the amount to your bank within 90 seconds*.
Representative 1271%APR
Are Provident still giving out loans?
No, Provident Loans are no longer lending. Provident Personal Credit, which also traded as Provident, Satsuma, and Glo stopped lending in December 2021.
Their exit was driven by increasing customer complaints and operational challenges in the lending industry.
With Provident no longer trading, many users searching for provident loan online now seeks alternatives like Lending Stream, which offers an online loan application process, transparency, and quick access to funds.
What happened with Provident Loans?
Provident loans, known for its cash loans and doorstep lending services, closed their lending business after 141 years on the 31st of December 2021. The reason they stopped their lending business was due to “increasing affordability complaints, changing industry, mismanagement on mis sold loans and handling of loan agreements.
If you used to borrow from Provident, then Lending Stream can help you with your short term borrowing needs with transparent terms and no hidden fees.
FAQs – provident loans
Is Satsuma Loans part of Provident Loans?
Yes. Satsuma Loans was another lender, owned by the Provident Financial Group. It offered short term loans with manageable repayment terms. However, like Provident, Satsuma Loans is no longer available. Satsuma Loans stopped lending in 2021.
Has Provident loans stopped lending?
Yes. Provident Loans stopped lending on the 31st of December 2021. They exited the market due to “increasing affordability complaints and changes to the financial industry”. Borrowers looking for provident loans can now look for a better alternative i.e., Lending Stream.
Can I claim back from Provident Loans?
If you believe you were mis-sold a Provident loan, you would have had until the 28th of February 2022 to claim back from Provident. But you can no longer do this.
Was Provident a payday loan lender?
No, Provident was not a payday loan lender. They used to provide short term cash loans and doorstep loans to their borrowers. They used to refer to themselves as an alternative to payday loans.
Can I still apply for a Provident Loan?
No, it’s no longer possible to apply for a Provident Loan now. Provident Personal Credit is no longer offering new loans. If you’re looking for loans like Provident then you can try Lending Stream. We offer a quick, online short term loans.
Does Lending Stream offer loans like Provident?
Yes, Lending Stream provides an alternative to Provident Loans. We offer online short term loans. If approved, we send the cash to your bank within 90 seconds. We consider people with bad credit too.
Can I still get doorstep loans like Provident?
While Provident Loans are no longer offering doorstep loans, other lenders still may do so. However, Lending Stream offers an alternative. We provide short term loans online, which we process quickly and if you are approved, we will send the amount to your bank within 90 seconds*.