What is APR ?

APR stands for Annual Percentage Rate of Charge and is used by all banks and lenders as a way of comparing the cost of different types of credit over the period of one year. It is not the same as the rate of interest you will pay on the money borrowed which will also be shown on your agreement.

The APR of a loan will give you an idea of how much it’ll cost you to borrow money from different lenders. It assumes the amount borrowed is for one year, even if your loan period is shorter.

APRs must include upfront fees charged by lenders, but can exclude fees charged when repayments are late or you miss them altogether. Provident does not add any additional fees or other charges to its borrowing costs.

What is the Representative APR?

'Representative APR' is the APR that the majority of customers (i.e at least 51%) will receive, but some customers may receive a different APR, depending on their credit rating and individual circumstances.

What is Provident’s APR?

The APR on your loan will depend on how many weeks you choose to repay your loan over. Your Agent will be able to give you more information when discussing the term of your loan with you.
You can use our loan calculator to find out how much a Provident loan could cost and what the APR would be.

Why is Provident’s APR higher than some other lenders?

The APR of credit products is intended to show the true cost of borrowing and can be used by customers to compare different types of credit (for example loans) but the calculation used assumes the loan is over a year.

For short term borrowing the APR is calculated over a shorter term this creates a much higher APR. Therefore short term loans like ours may look less favourable compared to other lenders credit products when just using the APR as a comparison. But remember, the APR is not the same as the interest rate.

The Provident Promise

  • We never charge you fees
  • The interest rate will never change during the course of your loan so you always know where you stand
  • There are no hidden extras. Your weekly payment is the only payment you’ll ever be required to pay.

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.

Call us 0800 096 6064

A home credit loan from Provident will require an Agent to discuss your financial income, outgoings and other financial commitments. Available to Republic of Ireland residents aged 18 and over.

Provident Personal Credit Limited (trading as “Provident”) is regulated by the Central Bank of Ireland

Copyright © Provident Personal Credit Limited, a private limited company, Rosslare Road, Rochestown, Drinagh, Wexford, Co. Wexford. Branch number 904339.

Registered Office: No. 1 Godwin Street, Bradford, West Yorkshire, BD1 2SU. Registered number 146091 England. Authorised and regulated by the Financial Conduct Authority.