NatWest provides subprime car finance facility for Provident's Moneybarn
Provident Financial Group, the UK specialist lender, has agreed a bilateral securitization facility with NatWest Markets to fund up to £100m of vehicle finance receivables from its Moneybarn subprime brand. The facility is expected to grow to £275m over the next 18 months.
The facility is made up of loans to UK customers paying higher interest rates than normal. Moneybarn, founded in 1992, advertises itself as providing "bad credit car, van and motorbike finance loans".NatWest began working with it in 2019. Sources say it is planning a potential debut ...
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