User:Bowday/sandbox

Home Credit is a clearly defined finance sector which involves the lending of relatively small sums over the short term (less than a year) typically below £1,000 and more usually much less than this, which are normally collected from the borrowers home. Unlike other forms of lending, borrowers in this sector tend to be of low income and are often on social benefits. Repayments tend to be on a weekly basis and are collected by an agent. The rate of interest offered by providers of credit in this sector is high, often at £40 or £50 per £100 meaning that operators in this sector often face controversy.

History Home Credit has been around since the nineteenth century - but in a form much different to today. The current form of Home Credit predominantly involves cash loans, whereas in past times drapery and home products were the norm.

Companies who Provide Home Credit The biggest provider of Home Credit in the UK is Provident Financial which has over 50% of the market providing credit to 2.4 million customers. The biggest four companies have a 70% market share.