Exactly so. Their customers cannot get loans from banks, they cannot get credit cards or have an overdraft because they are such a big risk.
Provident offset the risk by lending relatively small amounts of money and having a short repayment term with a high APR.
It is not outrageous - they are catering to a section of society that can't get help elsewhere. They give cash loans of �50 to �500 - �9 per week for a loan of �300.
The only alternative their clients have is to borrow money from people who are likely to break your knee caps if you miss a payment.
I have just looked at their website. The company is to be applauded. The very first page in big bold characters clearly states the APR - they are not attempting to deceive and make the charges so clear there can no possible misunderstanding
http://www.providentpersonalcredit.com/