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Provident Financial to shut doorstep lending business

Specialist sub-prime lender Provident Financial has announced that it will close its doorstep lending business, after 141 years.

Provident is the UK’s largest sub-prime lender and it has provided doorstep credit through a network of agents to more than 380,000 customers.

 

Since 2017, its efforts to modernise its business has gone wrong and it issued a series of profit warnings which caused its shares to plunge.

 

The FTSE 250 firm also plans to close its online lending business called Satsuma, and focus on its credit card business Vanquis Bank and its car finance operation Moneybarn, but the company would not confirm any further details.

 

The company along with other UK sub-prime lenders, have faced a media backlash and accusations of pushing people further into debt, after failing to check whether they can afford to pay back the money.

 

Provident is due to report its annual results on May 10th.

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