What is APR?

Annual percentage Rate of charge (APR) is used by the finance industry to make comparing loans easier for consumers. APR works best for loans that are based on a 12 month term or longer as it shows the rate that you would pay for the loan if you had it for 365 days. However, when APR is added onto short term loans, where the terms are only over a number of weeks, the APRs can look considerably high in comparison.

It can be difficult to compare mainstream lenders like banks with short term lenders like Provident using APR alone. More traditional lenders don't include  admin fees and late payment charges in their APR's, which can make their APR's seem smaller in comparison. 

At Provident, all charges for our services are included up front, therefore, we will never charge you any admin or late payments fees and we can guarantee you that the interest rate will never change during the course of your loan.

The best way to work out whether a Provident Loan would suit you is to use our loan calculator to work out what your weekly repayments could be.