Over recent years the lender Provident Financial has become a well known name in the world of doorstep lending, and the firm has also now acquired a credit card division, Vanquis, which is know to cater for those with damaged credit who are looking for credit card facilities. Since the onset of the global credit crunch many lenders, including credit card companies, have been suffering financial losses, as they have had to really cut back on their lending and tighten up on credit conditions, but this does not seem to have affected this lender.

According to officials from Provident Financial there was a rise of around 34% in the first six months of this year in its loan business, as an increasing number of consumers turn to alternative lenders as a means to get finance because they cannot get finance via more traditional routes such as High Street banks.

The lender has also reported an increase in its credit card division, Vanquis, with more and more people that cannot get a standard credit card applying for a credit card that caters for those that are struggling and have poor credit.

One official from the company said: “I am pleased to report a strong set of half-year results. We have continued to expand customer numbers in both businesses and our responsible approach to lending means this growth is both sound and profitable. Whilst market conditions continue to be favourable, we have been responding to the pressure on household incomes from price inflation and a weakening economy.”

He went on to state: “Our decision to be increasingly cautious in our approach to granting new credit over the last 12 months has resulted in the group’s businesses delivering high-quality customer and profit growth. The group’s strong funding position leaves it well placed to continue doing so through the second half of 2008.”