I needed a credit card to help with unexpected bills. Unlike other credit card companies I'd looked at, Vanquis Bank were able to look at my circumstances and give me a card with a sensible credit limit. My credit card gives me flexibility, I know it's there when I need it and I can pay it back in regular, manageable instalments.
When my car broke down in the middle of the month, I needed to be back on the road quickly for work. I had previously had help from family when I was out of work last year so I didn't want to ask them for help again. I applied for a Satsuma loan to cover the cost of repairs. The loan was straightforward to arrange and I particularly liked that I could spread the repayments over a six-month period. I spoke to a customer service advisor on a couple of occasions and they were always very friendly and helpful. I was able to carry on working and knew the total repayments in advance. I would definitely use Satsuma again.
I had been trying to get a loan from the bank when I started having trouble with my old car but I wasn't having much luck. I knew it was time to replace my car for work, holidays and family life. I found the car I wanted at a garage and Moneybarn were really straightforward as I had a job and a regular income. I completed the paperwork and my new car was ready to collect after three days. I chose Moneybarn due to their good customer service. I could speak to them directly over the phone and they were very helpful with everything I needed.
I got the keys to my new flat in December. The flat needed a lot of renovations so I wasn't able to move in straight away with my young daughter. As a single dad and with Christmas coming up, there were a lot of expenses all at once. I've always had a good relationship with my Provident agent and he was happy to help me. My loan from Provident helped me to complete the improvements I needed to move in before Christmas. Without Provident, Christmas would certainly have been tougher and I know that my repayments are manageable and that my agent is there to support me.
The group has three divisions, covering five different areas of the non-standard market.
Vanquis Bank is the leading supplier of credit cards in the non-standard credit market. We provide new customers with a low credit limit and only increase it when we have sufficient experience of the customer handling their account responsibly. We maintain a high level of contact with customers, from the initial call welcoming the customer to Vanquis Bank and continuing throughout our relationship.
Provident offers home credit loans, typically of a few hundred pounds, through a network of 5,500 local agents who call each week at 0.9 million customers' homes in the UK and Ireland. Agents are primarily paid commission on what they collect, not what they lend, so it is in their interest not to lend more than customers can repay. The total amount repayable is fixed at the outset, so there are no extra charges whatsoever.
We give new customers a small-sum, short-term loan and collect repayments by continuous payment authority once a week, on a day agreed with the customer. Just like our other businesses we adopt a low and grow approach to lending. Our UK-based call centre is always there to discuss any issues customers may have. Just like our home credit product, the total amount repayable is fixed at the outset, so there are no extra charges whatsoever.
glo is our guarantor loans product serving customers who are unable to access mainstream credit from banks and building societies with larger amounts of affordable credit over longer durations. The loan is guaranteed by a family member or friend with a sound credit record who supports the customer if their circumstances change.
Moneybarn is the market leader in the provision of vehicle finance for people in the non-standard credit market. Moneybarn is able to help those who may have had problems with credit in the past but who are now over them to get to work, take their children to school and live their lives.
We have consistently delivered strong returns and sustainable growth since the demerger of our international business in 2007. Our success can also be measured by our high levels of customer satisfaction and the wider contribution we make to society through our corporate responsibility programme.
2015 has been another excellent year for the group. Our financial performance has been very strong and we have made further progress in developing the group into a broader non-standard credit market lending business.Peter Crook, Chief Executive
How we operate
across our products
Channels to market:
The group has four key strategic objectives which are measured through a number of key performance indicators (KPIs), both financial and non-financial.
Continue to invest in the customer acquisition programme, to progress the business towards its medium-term guidance of up to 1.8m customers with an average balance of £1,000. Further develop channels to market, the product proposition and potential other revenue sources. Maintain a tight stance on underwriting and credit line increases. Deliver a RAM in the range of 31% to 32%, after allowing for the impact of the changes made to the ROP product in the third quarter of 2013 and European legislation reducing interchange fees in 2015. Roll out the glo guarantor loans product, following a successful pilot in 2015. Obtain the change of permission approval from the FCA.