Lender in Focus 4.1: QuickQuid Overview and History

About QuickQuid

Today, CashLady takes a look at the history of QuickQuid and what they offer to their customers.

QuickQuid is a provider of short-term loans. These type of loans, also known as payday loans, are to help borrowers manage unexpected expenses between paydays.

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

QuickQuid offers the traditional payday loan where you are able to pay back your loan and interest in one instalment on your payday. They also offer instalment loans, where you may be able to choose to repay your loan in either 2 or 3 instalments.

Making repayments

If you choose to make repayments in 2 instalments, you will pay your accrued interest on your first repayment date and your loan amount. Along with, additional accrued interest, on your second repayment date.

Choosing to repay over 3 instalments, can result in you paying your accused interest on your first 2 repayment dates and then your loan amount. That is with, extra accrued interest, on your third repayment date.

Repayment dates are always set to your pay dates. QuickQuid will send borrowers an email at least 3 days before each repayment date.

Some customers may not be eligible for a loan with only one instalment – also known as a 1-period loan. Whether you will be eligible will depend on your pay frequency and the time of your application. QuickQuid loan durations can be no less than 27 days.

QuickQuid allows you to repay your loan early at no extra cost. This could result in you saving money by not paying as much interest on your loan.

QuickQuid customers are also able to apply for a ‘top-up’ or extension of their loan.

Once you are approved for a loan, QuickQuid says they will send the money to your bank account within 10 minutes. However, if your bank does not support faster payments, your loan may take longer to reach your bank account.

Your contract and loan details will be available for you to view online once you have completed your application.

Loan repayments can be made to QuickQuid either via your debit card or a direct debit from your bank account. Your repayment dates will be visible on your loan contract.

Eligibility Criteria to apply for a QuickQuid loan

In order to apply for a QuickQuid loan, you must have a valid UK bank account, be a UK resident, be employed and be at least 18 years old.

When you apply, you will need to provide your bank account details, your employment details, your income and outgoings. Along with your other personal information.

Bad Credit applications to QuickQuid

QuickQuid accepts applications from people who have a less-than-perfect credit history. They understand credit scores can take some time to repair, even if you have been diligently working to erase past credit mistakes.

QuickQuid uses a variety of criteria to evaluate each customer’s application. This includes a borrower’s recent borrowing history and their credit score.

What if you have had trouble acquiring credit in the past? If you have worked towards improving your score, QuickQuid may be able to approve your loan application.

Company information

QuickQuid is actually the trading name of CashEuroNet UK, LLC. They are an online lender and are part of Enova International. Enova International’s other brands include Pounds to Pocket, On Stride Financial and CashNetUSA.

QuickQuid’s Head Office address is: Fergusson House, 124-128 City Road, London, EC1V 2NJ

Their correspondence address is: 483 Green Lanes, London, N13 4BS

Their website address is: www.quickquid.co.uk

Financial Conduct Authority registration

QuickQuid is fully authorised and regulated by the Financial Conduct Authority. Their firm registration number is 673738. Authorisation can be checked on the Financial Service Register at www.fca.org.uk.

Data Protection

QuickQuid is registered with the Information Commissioner’s Office with registration number Z9919587. They say that they comply with the Data Protection Act 1998.

QuickQuid also ensures your information is protected. They do this by making sure your sensitive data is transmitted via Secure Socket Layer (SSL) encryption.

Right to cancel your loan agreement

You have the legal right to cancel your loan agreement within 14 days of signing. If you choose to do this, you must return any money you have received, together with any accrued interest. You are able to cancel your loan agreement by calling QuickQuid on 0800 056 1515 or by emailing them at support@quickquid.co.uk.

Credit checks

QuickQuid runs credit checks with credit reference agencies during the application process. They do this to verify your application information and help them decide whether they are able to approve your application.

The credit checks they carry out will also help to determine how much they are able to lend you.

It is important to understand that when a credit check is undertaken by QuickQuid, a footprint will be left on your credit record. These footprints are not in themselves a bad thing. Although, if your credit report shows many of them over a short period of time, it could be seen by loan providers as a sign of great financial need.

Promotional activities

Do QuidQuid have a television advert?

QuickQuid has had television adverts in the past. Their ads included a busy mum using a QuickQuid loan to restore order and a man whose car has broken down using a QuickQuid loan to fund the repairs.

Do they advertise on Google?

No, they do not have a Google ad at present.

Does QuickQuid charge fees?

If you miss a repayment, they can charge a late fee of up to £15.

There are no charges for repaying your loan early.

Have they ever been fined?

In November 2015, CashEuroNet UK LLC, who trade as QuickQuid and Pounds to Pocket, agreed with the FCA to provide redress. This totalled £1.7 million to nearly 4,000 customers.

This was as a result of CashEuroNet UK LLC reassessing all loans that were in arrears for 30 or more days, that they had granted since 1 April 2014. (when new FCA rules were introduced.) They found that 3,940 customers were lent more than they could afford to repay.

QuickQuid then made changes to its lending criteria.

Anything I need to be aware of?

In January 2016, CashEuroNet UK was one of the first short-term loan providers who won a full licence to lend to British consumers.

When taking out a loan with QuickQuid, it is important to make sure that you are able to make repayments out of your normal disposable income.

If you apply and are approved for a loan that can be paid back in 2 or 3 instalments, you should be aware your final repayment will be larger than before. This means you could need to save money from your disposable income from the previous month to make sure you can make the final repayment.

Social Media

QuickQuid on Social Media

Facebook

In January 2017, QuickQuid had a Facebook page with 22,566 followers and 24.313 likes.

Their last post on Facebook was 2 days previously and they were typically replying to messages within an hour.

Posts include links to ‘QuidCorner’. A series where they give tips on everything from tricks online stores use to make you spend more, to quick breakfasts and prep hacks.

QuickQuid also posts promo codes on their Facebook page for customers to use when taking out a loan with them.

Twitter

The brand joined Twitter in December 2009. In January 2017, they had 1,481 followers and were following 1,623 people. They had posted a total of 2,324 tweets.

At the time of writing, they had tweeted only 6 minutes previously.

They seem very active on Twitter and mostly post links back to ‘QuidCorner’. This is where they publish useful articles, as well as promo codes for anyone wanting to take out a loan with them.

Instagram

QuickQuid does not have an Instagram account.

Do they have an App?

CashLady could not find an app for QuickQuid on the Apple store or via the Google Play store.

Want to learn more about this lender? Read the next article in the series!

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