Helping hand or an arm and a leg?


There was the usual ‘thud’ on my doormat this morning (Tuesday) as the post hit the floor, the usual bills, notifications and ‘special offers’ which usually end up in my recycling bin along with the ever increasing number of flyers offering all sorts of deals, many of which are too good to be true.

One flyer caught my attention (see image), a glossy, easy to read leaflet entitled Need a helping hand? It wasn’t the title which made me read further, or the offer to lend me money from between £100 and £1,000 but in the bottom left hand corner the representative interest was stated as being 535.3% APR – yes you read it correctly but I’ll type it again, 535.3% APR.

Thinking this must surely have been a misprint I looked into it further but no, what was printed was correct and when you go onto the company website they have made things easier to comprehend by giving the following example of how much a loan from them would cost if you took up their kind offer.

The terms are clear for all to see.

Representative example: £260 loan over 26 weeks. 26 payments of £15.60 per week. Rate of interest 112% p.a. fixed. Representative 535.3% APR. Total amount payable £405.60.

Financial hardship is a real issue for many and the numbers suffering really serious problems are highly likely to increase as the ramifications of the current pandemic take their toll, financial help isn’t always available when you need it most and there’s always a quick route available to those who need cash urgently. Surely, why would anyone be tempted to enter into a contract with any lender at rates this extortionate, there really are better alternatives out there and help for those who need sound financial advice.

In fairness, the company offering the financial help, Provident Personal Credit Limited have made no bones about their interest rates, in fact they couldn’t be clearer but if you too get a leaflet like this through your door, unless you have no other choice I suggest you recycle it too.

Image Credits: Nick Forman .

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  1. I guess that these days some people are left with little choice. They will see no further than the problem solved for £15.60 a week. Appalling when you think that the investment return you might currently earn from the main players is around 0.001% (Natwest instant saver quoted – that’s a penny for every £100 invested a year).


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