For a majority of customers applying for short term loans, the borrowing process will be smooth.
In the best situations, QuickQuid applications are approved within 30 minutes. Cash quickly reaches a customer’s account. Repayments are taken as expected and everything goes to plan.
Sometimes, things don’t quite work out. Transactions aren’t perfect every time.
Whilst loan reviews are mainly positive, there are some QuickQuid complaints to be addressed. You can complain by posting reviews, though these are unlikely to receive a response.
For a complaint to be dealt with properly, it must be processed in the right way. This means there are certain steps to follow.
All providers of instalment loans must respond in a timely manner to complaints.
If you have a negative experience as a QuickQuid customer, you should go through the lender’s complaints process.
How QuickQuid complaints are made
Any customer that wishes to complain should start by contacting QuickQuid directly.
The Complaints Resolution Process allows for verbal or written complaints. You can complain by email or phone.
You should receive an acknowledgement within 5 days.
QuickQuid aims to resolve every complaint with a ‘mutually agreeable solution’. This can take up to 8 weeks.
If you do not receive a response within 8 weeks then you can contact the Financial Ombudsman. You can also do this if you are unhappy with the response you’ve received.
Complaining to the Financial Ombudsman
You have up to 6 months to complain to the Financial Ombudsman.
The Financial Ombudsman provides an impartial service, helping to resolve any issues.
You should not make a complaint to the Ombudsman until you have been in contact with QuickQuid. You need to give them a chance to provide a satisfactory resolution.
Types of complaints about QuickQuid
There are a number of reasons why customers might have complained to QuickQuid in the past.
Negative loan reviews sometimes mention:
· affordability assessments are not as stringent as they could be. Some customers feel they have been approved for loans they could not actually afford.
· QuickQuid has a call centre based in the US, which means some messages might not reach the relevant people.
· the loan application process isn’t always as quick as people hope, with some loans taking more than 30 minutes to be approved.
Some QuickQuid complaints are relatively minor. The lender may respond with an apology, which could be satisfactory in certain circumstances.
There is little the lender can do to speed up the approval process if any further evidence is required.
Short term loans are intended for emergency use. They are usually approved and delivered quickly. But, there are occasions when a fast service simply isn’t possible. Lenders like QuickQuid must deal with each customer individually. They may need more details before an application can be processed.
In other cases, complaints may need to be referred to the Financial Ombudsman. Here, they can be investigated more thoroughly. Usually, this category covers concerns that QuickQuid has approved a loan the applicant could not afford.
The following QuickQuid reviews address some of the complaints that previous customers have had:
“They will charge you £15 if you missed your payment by one day. My card was stolen and missed my payment by one day while I was waiting on a replacement card. And they charged me £15 even though I called and informed them about the situation.”
“They required copies of bank statements to back up what I had claimed. I applied Saturday evening and did not get a decision until Tuesday lunch time, when I called because I hadn’t heard from them. QuickQuid is not so quick!”
“My Debt Management Plan finished on Monday. By Wednesday I had been contacted 10 times trying to get me to take out a new loan.”
QuickQuid refunds and compensation
Most complaints about QuickQuid’s short term loans are not serious. They can usually be resolved by the lender, within a few weeks, without the need for external involvement.
This is not always the case.
QuickQuid is a trading name of CashEuroNet UK, who also own the Pounds to Pocket brand.
In 2015, CashEuroNet was required to pay £1.7 million in compensation to customers.
The compensation was for customers that may have been given loans they were unable to afford. QuickQuid loans may have been given too easily. Some customers were unable to keep up with their repayments.
Redress was required following a review by the Financial Conduct Authority.
The FCA introduced regulations in 2015 and checked all lenders to ensure they had been acting fairly and responsibly.
Payments were made to roughly 4,000 customers at this time. More than half of these customers had their debts wiped, whilst others were refunded their interest payments.
Once the Financial Conduct Authority felt satisfied QuickQuid’s mistakes had been corrected, they were able to continue trading under the FCA’s new regulations.
Today, providers of short-term and instalment loans must have FCA authorisation. Stringent affordability checks are carried out. No further redress has been required of QuickQuid.
The lender has been approved to provide loans. QuickQuid features on the Financial Services Register. QuickQuid continues to be one of the most well-known providers of short-term and instalment loans.
Any customers that feel they might be entitled to financial compensation should first contact the lender directly. If matters aren’t resolved, the Financial Ombudsman should be the next port of call.