Sub prime credit cards pros and cons
People with poor credit histories are still able to get hold of credit cards – but at a price.
Provident Financial specialises in what are being called "sub prime credit cards", aimed at people whose bad credit histories make mainstream lenders unwilling to deal with them.
The firm is receiving 2,700 applications per day for its Vanquis credit card, according to the Daily Mail.
And while the Vanquis credit card charges considerably less interest than most payday loans companies, with APRs from around 40 per cent to 60 per cent, sub prime credit cards can still be extremely expensive.
Currently, credit card customers in the UK are paying £30 million in interest per day.