Provident Loans Alternative
Provident Loans are no longer lending but Drafty may be able to help. We offer loans between £1,000 and £3,000 with 12, 18 or 24 months to repay. If you’re looking for a short term loan to help you cover the unexpected, Drafty is a Provident Loans alternative.
Representative 79.9%APR
Representative Example: Given a Representative APR of 79.9%, if you borrow £1000 over 18 months at 59.9% p.a. (fixed), you would owe 18 equal repayments of £85.56. You will repay £1,540.08 in total.
Not all applications will be approved for credit. An offer of credit is subject to status and affordability checks.
Why choose Drafty as a Provident Loans alternative?
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.
Varied repayment periods
Repay in 12, 18 or 24 months.
Convenient
Secure online application available 24/7. An instant decision.
Who are Provident Loans?
Provident Loans, also called Provident Personal Credit (PPC), was a short-term lender that provided doorstep loans and online cash loans. In December of 2021, the company announced the closure of its lending operations.
If you need a loan like Provident, we might be able to offer you an alternative. Try Drafty. We offer loans from £1,000 to £3,000. If you’re approved, we will send the cash to your bank in under 90 seconds. It may take longer to reach your account, depending on your bank’s processes.
Has Provident Loans gone into administration?
Provident Loans has ceased lending. Provident Personal Credit, which operated under the names Provident, Satsuma, and Glo, wound down its operations and closed in December 2021. As a result, the companies no longer operate, and their assets were sold to repay creditors.
Although Provident is no longer lending, Drafty is. We may be able to offer you a short term loan from £1,000 to £3,000.
What is happening with Provident now?
While Provident Loans no longer offer cash loans or doorstep loans, there are lenders in the UK who can provide similar loans. With Drafty, you can apply for a same day loan online and get an instant decision.
At Drafty, we understand that bad credit can happen to anyone. We believe people are more than just their credit score, which is why we consider people with poor credit history.
Does Drafty offer loans like Provident?
If you’re looking for a loan, Drafty offers amounts between £1,000 and £3,000, which is higher than the Provident limit of £1,000. Repayment terms vary between 12, 18, or 24 months to suit your needs. Our secure online application is available 24/7. Once we receive your application, we will give you an instant decision
How is Drafty Loans different to Provident Loans?
| Drafty | Provident Loans |
|---|---|
| Drafty is a short term loan provider. We offer loans between £1,000 to £3,000. | Provident Loans formerly provided loans of up to £1,000. |
You can apply for a loan online. Our secured online application is available 24/7. Plus, we will give you an instant decision. If you’re approved, we will send the cash to your bank in under 90 seconds. It may take longer to reach your account, depending on your bank’s processes. | Provident was a doorstep lender, meaning that instead of applying online, customers may have had a representative visit their home to finalise loans and collect payments |
| Loan terms vary between 12, 18 and 24 months, depending on the loan amount. | Provident Loans structured its repayment schedule based on the loan amount, with customers making weekly payments over 13, 26, or 52 weeks. |
How do I check my eligibility for a loan with Drafty?
If you are looking to apply for a short term loan with Drafty, you need to meet the following requirements:
- Age: You must be at least 18 years old.
- Residency: You must be a UK resident.
- Income: Be in regular employment with a net monthly income (after tax) of at least £1,250.
- Bank account: A valid UK bank account and debit card is required.
Once you apply, we’ll run credit and affordability checks. We do this to make sure that you can afford the monthly repayments.
Representative 79.9%APR
How can I apply online for a Loan with Drafty?
Our loan application process only takes a few minutes to complete. To apply with us, you need to fill in our online application form. We’ll ask you to tell us:
Some personal details.
The amount which you want to borrow with us.
Your employment, salary, expenses, and banking details.
Once we receive your application, we’ll run a credit check and affordability check. This is to make sure you can comfortably afford the repayments. If approved, we’ll send the money to your bank within 90 seconds*.
Representative 79.9%APR
FAQs – Provident Loans
Are Provident loans still available?
No, Provident loans are no longer available. The company stopped providing doorstep and cash loans in 2021 due to regulatory challenges and customer complaints about irresponsible lending.
Can I get a Provident loan online?
No, you cannot get a Provident loan online anymore. The company stopped lending, however, there are still other lenders to consider, such as Drafty.
Was Provident a payday loan lender?
No, Provident was not a payday lender. Instead, they offered short-term cash loans and doorstep loans. They positioned themselves as an alternative to payday loans.
Please think carefully about whether Drafty is the right solution for you. This is even more important if you're in financial difficulty. If we don't think you can afford to repay your credit, we won't be able to approve you. We'll look at your current finances and credit history before we decide whether to give you credit. Failure to repay could impact your credit file.