Provident Financial picking up high risk customers

Since the start of the global credit squeeze, banks and lenders are tightening their lending criteria meaning borrowers are struggling to get credit.

These borrowers are turning to sub-prime lender, Provident Financial, who specialise in short-term, unsecured cash loans, generally between £50 and £500. Local agents deliver the money to their customers’ homes and call on a weekly basis to collect repayments. The company has witnessed customer numbers increase by 3.8% this year.

The company has this week announced strong profits growth and said that ‘business is booming’.

Peter Crook, Chief Executive of Provident Financial said the group is very well funded and able to take full advantage of current market conditions at a time when an increasing number of consumers in the UK are experiencing difficulty obtaining credit from high street lenders.

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