Our Social Purpose
International Personal Finance (IPF) provides much-needed access to regulated credit for people who might otherwise be financially excluded. In 2016, total credit issued by IPF across the Group was £1.6BN.
Across 11 countries more than 2.4 million consumers rely upon our straightforward credit products to borrow small sums, and to repay these sums in manageable, affordable amounts. Our typical home credit loan value is £400 and loans terms vary between 12 weeks and 2.5 years.
Our digital business provides instalment loans terms up to three years and £3,500. The offering provides consumers with a trusted and responsible source of credit to pay for those things in life that they might otherwise struggle to afford.
The graphic below explains our role in society and how we are an essential part of a competitive and well-functioning credit market that promotes economic and social development by providing underserved consumers with an entry point to mainstream consumer finance.
Advocating responsible lending
IPF is proud to be an essential part of a competitive and well-functioning credit market that promotes economic and social development by providing underserved consumers with an entry point to mainstream consumer finance. We are an established, regulated and ethical institution that meets our customers’ needs by lending responsibly, transparently and without any hidden charges.
We ensure our loans are granted appropriately through robust application scoring systems supported by credit bureaux and powerful behavioural models that ensure our loans are affordable but also that we serve customers who are predisposed to act responsibly.
Listed on both the London and Warsaw Stock Exchange, we are regulated in the markets where we operate including, but not limited to, the Polish Office of Competition and Consumer Protection (UOKIK), the Romanian Consumer Protection Association (CPA), the Hungarian Central Bank (MNB), the Czech National Bank (CNB) and the Mexican Commercial Consumers Protection Authority (Profeco).
59% (Provident Home Credit)
71% (IPFD) customer retention
Longer-term instalment loans:
- Home credit terms from 12 weeks to around 2.5 years
- IPFD terms up to three years
Transparent contracts with no hidden charges
Regulated entity with high standards of governance
By providing a regulated credit product, we protect our customer segment from illegal lenders and the unregulated excesses of the ‘grey’ market. All of our lending is unsecured and we never ask our customers to pledge assets, such as a car or property, as collateral in the event they default on their repayments.
Of course, supporting people who are not well served by other mainstream credit providers or excluded altogether comes with higher risks: i.e. that some home credit customers will take a little bit longer than contractually obliged or won’t fully repay their loans , and we do price our loans to take this into account. Over a typical term of 65 weeks, our average home credit service charge is 85% on top of the principle amount lent.
Barrier to unregulated lenders
99% employees completed ethics training
85% agents completed ethics training
Provident Poland – Top Employer and Financial Brand of the Year
Provident Hungary – Superbrand and Financial Services Provider of the Year
Provident Czech – Top Responsible Company
Provident Mexico – Award-winning ‘Causas’ CSR programme
Highly ranked in FTSE4Good
Contributing to the wider economy
We are deeply committed to our markets and the customer segment that we serve. We are an active corporate citizen with more than 7,000 employees and 23,000 agents across 11 markets, each of whom contribute to their wider economies through taxes and spending on goods and services. In 2016, we paid approximately £100M in corporate income tax, VAT and social security contributions.
As the leading non-bank financial institution in many of our markets, recognised as a top employer and a respected financial brand, we are focused on serving our customers in order to maintain a sustainable business. We believe our business helps social and economic mobility and that it makes a valuable contribution to the customers and markets we serve.
13M+ customers served
43M+ loans issued since 1997
£400 average home credit loan
7,000 + employees
23,000 + Agents
Approx. £100M tax paid in 2016
39% of employees volunteered for good causes in 2016
Group-wide support for financial literacy