Provident Loans Alternative
Provident Loans is no longer lending but Drafty is. We could offer something better.
Who Were Provident Loans?
Provident Loans, also known as PPC or Provident Personal Credit, were a short term lender that used to offer online cash loans and doorstep loans. Loan amounts ranged from £100 to £1000. Depending on the loan amount, loan repayments varied between 13, 26, and 52 weeks.
On the 31st of Dec 2021, Provident Loans went into administration. This was due to increased customer complaints and declining loan demand. Collections have since stopped, and any outstanding balances have been cleared.
If you need a loan like Provident, we might be able to offer you a better alternative. Try Drafty. We offer a line of credit of up to £3000. If you’re approved, we’ll send the cash to your bank in 90 seconds.
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
Why choose Drafty as a Provident Loans alternative?
Unlike the cash loans offered by Provident Loans, Drafty offers a credit line with a limit of up to £3,000. Here is why you can consider Drafty as an alternative to Provident Loans:
- Speed - You'll get a fast decision. And if approved, we’ll send the cash to your bank in under 90 seconds
- Borrow what you need – Apply for up to £3000 and withdraw up to your approved credit limit when needed
- Reuse - Once you’ve used Drafty, you can withdraw up to your agreed limit again. No need to reapply
- No fees – We don't charge any extra fees. Also, you only pay interest on what you use. It doesn't cost you a penny if you don’t use any of your credit
We’re an FCA-authorised and regulated direct lender. Our authorisation number is 689378. We only offer our credit line to those we think can afford it.
At Drafty, we’re proud of our customer service. See why we’re rated great on Trustpilot.
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
Has Provident Loans gone into administration?
Yes, Provident Loans went into administration in 2021 after 141 years in business. Following other direct lenders like Peachy Loans, Wonga, and Tappily, Provident also faced financial troubles. They stopped lending due to “increasing affordability complaints, changing industry and regulatory dynamics.”
Although Provident is no longer lending, Drafty is. We offer a better alternative. We could offer you a line of credit up to £3000. Plus, if you're approved, we'll send the cash to your bank within 90 seconds.
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
What is happening with Provident now?
While Provident Loans no longer offer cash loans or doorstep loans, there may be other lenders in the UK who can provide similar loans. However, at Drafty, you can apply for a line of credit online and get a decision in seconds.
With a Drafty line of credit, there is no set minimum or maximum repayment term so long as the minimum monthly repayment sum is met. However, you can repay early without hidden fees and save on interest.
Is Provident refunding customers?
Provident is no longer refunding customers. When the company went into administration, Provident said redress payments for mis-sold loans would be capped at 4.25p for every £1 owed, meaning customers who took out loans between April 2007 and 17 December 2020 (the date Provident decided to set up a legal redress programme for mis-sold borrowers known as a 'scheme of arrangement') would get back less than 10% of what they were owed.
Does Drafty offer loans Like Provident?
No, Drafty is different. We offer a line of credit. As long as you pay the monthly minimum payment (which covers your interest and amount of credit used), you can choose to repay early with no early repayment charges.
With a short term loan (like a payday loan) or a long term loan (like a mortgage), your loan term is completed once you’ve paid it back. Whereas with Drafty, as long as you are up to date with your payments and your account is in good standing, you can borrow up to your credit limit as often as you want.
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
How is Drafty different from (or better than) Provident Loans?
| Drafty | Provident Loans |
| Drafty offers a line of credit up to £3,000. | Provident Loans offered loans of up to £1000. |
| Drafty is completely online, which means you can apply for a line of credit and get an almost instant decision. If approved, we’ll send the cash to your bank within 90 seconds. | Provident used to offer doorstep loans. This means that instead of online applications, a representative of Provident used to visit the applicant's home for verification. |
| Forget fixed monthly instalments and weekly payments. At Drafty, there is no set minimum or maximum repayment term, so long as the minimum monthly repayment sum is met, however, you may repay back early without any fees and save on interest. | The repayment terms offered by Provident Loans used to vary between 13, 26, or a 52-week time period, depending on the loan amount. |
| Drafty is still lending. | Provident Loans isn’t lending anymore. |
How do I check my eligibility for a line of credit with Drafty?
You can apply online for a line of credit with Drafty if you are:
- Aged 18 or over and employed
- Earning at least £1,250 a month
- A UK resident with an active UK bank account and debit card
After you’ve provided the required details, we’ll do some credit and affordability checks. If approved, we'll agree on a credit limit and send the cash to your bank within 90 seconds. You can even consider us as an alternative to loans for bad credit as we might consider you for our line of credit even if you have a bad credit rating.
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
How can I apply online with Drafty?
Here's how you can apply:
- Apply - Visit our website and click on the apply now button. Fill out our online application form by entering a few personal details to help us understand who you are.
- Get a credit limit - If approved, you’ll be given a credit limit of up to £3,000. You can use it as you require, paying interest only on what you use.
- Flexible payments - You’ll need to repay a minimum amount every month. Want to repay early? That’s fine with us! We don’t charge anything extra. Also, it’s easy to make payments through our app.
- Fast cash transfer - Use Drafty whenever you need to, and we’ll send the money to your bank in under 90 seconds.
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
FAQs - Provident Loans
Does Provident Loans still exist?
Provident Loans, once a prominent name in doorstep lending, stopped its lending operations. They are no longer lending to customers who might be looking for short term cash or doorstep loans. In January 2023, it was announced that the company would be rebranded from "Provident Financial" to "Vanquis Banking Group".Who took over Provident Loans?
Nobody took over Provident Loans as they went into administration. But, In January 2023, it was announced that the company would be rebranded from "Provident Financial" to "Vanquis Banking Group".Can I get a Provident loan online?
No. Following the decision to close its doorstep lending business, Provident is no longer offering new loans. Customers can look for alternative lenders for their borrowing needs.Is Provident a payday loan?
No. Provident was not a payday loan lender. They were known for offering doorstep loans, which are different from payday loans.Is Provident Loans still trading?
No. Provident Loans has stopped trading in its doorstep lending sector, moving away from offering these traditional credit solutions.Drafty is an FCA-authorised provider of a Revolving Line of Credit with a credit limit of up to £3000, available to borrow as and when you need it (subject to affordability checks). You only pay interest on what you draw/use.
Representative Example: Assumed credit limit: £1200. Representative 96.2% APR (variable). Annual interest rate 69.4% (variable).
There is no set minimum or maximum repayment term, so long as the minimum monthly repayment sum is met, however, you may repay back early without any fees and save on interest.