Lender in Focus 4.5: QuickQuid FAQ

QuickQuid FAQ

QuickQuid FAQ

Before applying for short term loans, you might have one or two questions. There are things most borrowers want to know.

The questions in this FAQ cover some of the most important details. You may want to read them through before you borrow money from QuickQuid.

Who is behind QuickQuid?

QuickQuid is a trading name of CashEuroNet UK.

CashEuroNet UK also trades using the Pounds to Pocket brand. Both of these brands provide short term loans.

QuickQuid was the first brand for CashEuroNet. It was launched in 2007.

The registered office is:

Fergusson House
124-128 City Road
London
EC1V 2NJ

QuickQuid is authorised and regulated by the Financial Conduct Authority. Also, they can be found on the Financial Services Register using the reference number 673738.

What kind of loans does QuickQuid offer?

With QuickQuid, you can apply for short-term loans.

Each QuickQuid loan is borrowed over 1, 2 or 3 repayment periods. The repayment dates will coincide with your payday.

QuickQuid loans are provided over a minimum term of 27 days.

New customers can borrow a maximum of £1,000. Existing customers can borrow up to £1,500.

Longer loans will accrue more interest but will give you longer to save the money you need to make repayment in full. Over one payment period, a £1,000 loan would accrue £240 of interest. Over three payment periods, the total interest would be £720.

Unlike many other providers of instalment loans, QuickQuid does not split your repayments equally. Instead, you repay your full loan on your final payment date. Any earlier instalments just cover the interest accrued so far.

This means a longer loan term will give you more time to make repayments, but will not make your payments more manageable.

If you repay a £1,000 loan in one month, you’ll pay back £1,240 in one go. If you spread it over three months, you’ll pay £1,240 in the final month and will make two additional payments of £240 each. You will pay more to have the loan over a longer period of time.

What is the APR of a QuickQuid loan?

QuickQuid’s short-term loans have a representative APR of 1295%.

At least 51% of customers will achieve this APR or better.

If you do not make payments on time, you may be subject to a Late Fee of up to £15.

How can I apply for a QuickQuid loan?

You can apply for your loan online.

Rates vary based on individual circumstances. However, QuickQuid’s online loan calculator can be a useful place to start. You can use the calculator to get an idea of how much you’ll need to pay back, taking interest rates into account.

QuickQuid’s three-page online application form will ask for some personal and financial details. You will need to provide information about your residential and employment status.

The lender aims to make a lending decision within 30 minutes of your application. As long as the loan is approved by 2.30pm, money can be sent the same day.

Are there minimum requirements to meet?

To be eligible for a QuickQuid loan you must:

·       be employed

·       have a UK bank account

·       be at least 18 years old

·       be a UK resident

QuickQuid does not publish a minimum income requirement. This means you don’t need to be earning a certain amount each month, to apply for one of their short term loans. However, the lender must carry out an affordability assessment. You should not be approved for a loan that you cannot afford to repay.

Will QuickQuid run a credit check?

Responsible lenders will check credit files. This is to make sure their customers can manage their financial commitments. QuickQuid is no exception.

You will need to give permission for your credit report to be accessed, as part of the application process. You may still be approved, even if your credit score is less than perfect.

Is QuickQuid a trustworthy lender?

QuickQuid is a well-known provider of short-term loans in the UK. Loan reviews are generally mixed.

This lender has been operating since 2007.

QuickQuid is registered with the Financial Conduct Authority.

How are loan repayments taken?

How are repayments taken by QuickQuid?

With QuickQuid, you can choose to make 1, 2 or 3 repayments.

The repayments are not split equally.

Interest is split over all repayments, but the full loan is only covered by the final one.

If you are borrowing from QuickQuid, be prepared for a much larger final payment.

The lender can collect funds using Continuous Payment Authority. This provides ongoing access to your bank account, so each payment can be taken without QuickQuid asking for permission.

Alternatively, you can choose to pay using Direct Debit Authorisation. If you use this option, you authorise the lender to request funds on the agreed dates.

You have a right to cancel QuickQuid’s Continuous Payment Authority. Yet you will still be responsible for clearing your debts. You should have an alternative payment plan in place.

What happens if I cannot repay my loan?

If you are in financial difficulty, you should first contact QuickQuid directly. This can be difficult but may help you to manage your debt. Lenders have a responsibility to be fair. QuickQuid will help you to find a reasonable solution.

You can ask for a Due Date Adjustment. With this, you will have up to 3 more days to make your loan repayment. This option may be suitable if your wages have been slightly delayed, or you’re waiting for a cheque to clear.

You may also be offered an Extension. You will pay accrued interest on the original repayment date, but your final repayment date will be pushed back. You’ll continue to accrue interest until your loan is paid in full. Extensions are available up to two times, for each loan.

A Fixed Repayment Plan is a third option, for people in severe financial difficulty. QuickQuid may be able to offer the option of lower monthly payments until your debt is completely cleared.

If you are struggling to manage your debt, you may wish to contact a debt charity for free debt advice.

How do I contact QuickQuid?

You can contact QuickQuid by phone. Call 0800 056 1515.

You can also email. The email address is support@quickquid.co.uk.

Customer service representatives are available seven days a week.

If you visit QuickQuid’s website, you can also make use of their live chat service. Many loan reviews suggest this is a convenient alternative to a call. Also, it offers more privacy for discussions about debt and money management.

Did you find these QuickQuid FAQ helpful? Be sure to check out the next post in the series.