Lender in Focus 4.2: QuickQuid Advantages

QuickQuid advantages

QuickQuid advantages

QuickQuid provides borrowers with short term loans that are flexible and simple to apply for. To carry on with our exploration, CashLady takes a look at QuickQuid advantages.

QuickQuid advantages include flexible short term loans

QuickQuid offers you the option to apply for loans that you can opt to pay back in either 1, 2 or 3 instalments.

Not everyone will be eligible to apply for each instalment option. This will depend on factors such as your pay date frequency and QuickQuid’s requirement that loan durations can be no less than 27 days.

Flexible loan amount

New customers can apply for a loan of up to £1,000. Returning customers are able to apply for up to £1,500.

Ability to apply for a Top-Up

Anyone with an active loan in good standing may be eligible to apply for a Top-Up on their loan. That is if they have principal remaining on their approval limit.

If you apply and are then approved for a Top-Up, you will repay your original loan amount, together with the Top-Up, interest and any fees. Either according to your current repayment schedule or in conjunction with an extension.

Ability to apply for an extension

Sometimes you may need more time to pay back your loan. QuickQuid advantages include the fact you may be able to request an extension by logging in to your online account. If your extension application is approved, you should be able to extend the repayment of your loan’s principal. Possibly by one or two additional pay periods. Interest will be assessed daily for this extra time period.

QuickQuid enables you to apply for a maximum of two extensions per loan, for a total loan duration of no more than 3 periods.

Borrowing costs

QuickQuid charges a daily interest rate of 0.8%.

This means you should pay 80p per day for every £100 borrowed from QuickQuid.

QuickQuid advantages include the ability to receive your loan only 10 minutes after approval

QuickQuid says they will send your loan amount to your bank account within 10 minutes of approval.

If your bank does not support faster payments, it may take longer for the money to reach your account.

Application form

You can apply for a loan from QuickQuid’s homepage.

The first part of the application process involves selecting how much money you would like to borrow from QuickQuid.

After this, you will be taken to an application form.

You will then need to set-up your QuickQuid account. This requires information from you including your email, password, title, name and date of birth.

The next section on the application form will need to be populated with your contact information. Also, this should include your residential status.

Following on from this, you will need to tick a box to agree that you have read QuickQuid’s privacy policy. You will then be able to continue to ‘step 2’ of the application form.

Here, you will need to fill in information about your employment, including your job title, your employer’s name and how you are paid. You will also need to reveal the amount you are paid, together with how often you receive your pay cheque.

The next part of the form involves answering questions about your financial information. This includes your bank account number and what you will use the loan for. You will also need to inform QuickQuid of your monthly expenses. Remember to include transport costs, food and any monthly credit commitments.

By clicking continue, you are making an agreement. An agreement that your information will be used to perform credit and identity checks with fraud prevention agencies. Along with credit reference agencies. You are also informed that for returning customers these checks may be repeated before each additional loan.

You should then be able to select your loan amount and preferred loan duration.

QuickQuid says that the application form should only take a few minutes to complete.

Who can apply?

In order to be eligible to apply for a QuickQuid loan, you will need to:

•   Have a valid UK bank account.

•   Be employed

•   Be at least 18 years old

•   Live and reside in the UK.

Credit searching

QuickQuid customer support

QuickQuid carries out credit checks on potential borrowers to decide whether to approve their loan. As well as to determine how much they are able to lend them.

It is important to remember that too many ‘footprints’ of searches on your credit record in a short period of time can have a negative result. Anyone who looks at your credit record coming to the conclusion you are in desperate need of finance.

Cancellation policy

You have the legal right to withdraw from your loan agreement within 14 days of signing it. If you choose to do this, you must pay back any money you have received, together with any accrued interest. You should call or email QuickQuid if you wish to withdraw from your loan agreement.

QuickQuid also says that if you change your mind about borrowing, you can withdraw from your loan agreement within 24 hours at no cost.

Customer support

QuickQuid’s customer support is available 7 days a week. They also publish reviews from their customers on their website.

No upfront fees or payments

QuickQuid will never ask for any upfront fees or payments.

Promotions

QuickQuid sometimes offers borrowers promotional codes to enable them to reduce their daily interest rate by a certain percentage for the duration of the loan.

These codes are normally available on their Facebook and Twitter pages.

You are also able to sign up for discount and promotional communications by logging into your QuickQuid account and updating your contact preferences. This way, you can receive discounts by SMS, email and/or post.