Are modern payday loan providers more ethical and fairer than in the past? QuickQuid would certainly say yes, and they’re one of the highest profile of the current crop of lenders. With an advertising campaign that represents a QuickQuid loan as the perfect way to get yourself out of trouble until payday, they’ve quickly become a big player in the payday loan marketplace.
What’s on offer?
The big selling point for QuickQuid is the speed at which you can apply for and get a loan. It’s an online service, so they offer a fast response with just a few clicks. New customers can get loans of up to £1000, while returning customers (those who have used the services before) can apply for up to £1500, as long as previous repayments have been met in full. If an application is approved, it takes approximately 10 minutes for the money to be transferred into your bank account.
This fast service makes QuickQuid extremely popular as a ‘last resort’ payday loan provider. Communication is done online, so you’ll need internet access via a mobile phone or laptop to access their services.
Three ways to pay
There are different ways to pay back the money you’ve borrowed.
- 1 period: You repay the full amount of your loan and the interest accrued on a set date.
- 2 period: You pay the interest on your first repayment date, and the loan amount plus any extra interest on the second date. This gives you longer to pay the loan, but you will pay more in interest.
- 3 period: This is the same as the 2 period payment plan, but you pay the interest on the first two payment dates, and then the loan plus any additional interest on the third date. This pushes the cost of the loan up considerably, but you do have longer to pay back the money.
If you have an existing loan and have met all the repayments on time, you can top up your loan. Bear in mind that it will increase your interest payments.
If you’re struggling to pay back on time then you can ask for an extension of one or two additional payment periods.
You can also pay back the amount early with no additional cost, which could help to keep the interest payments down.
Where are they based?
QuickQuid are based in London, UK, and is the UK trading name of CashEuroNet UK. They can be contacted by phone on an 0800 number (free from a landline but mobile operators may charge 40p/minute), by email, or by writing to their head office. As their head office address is a PO box number, the quickest and easiest way to get a response is to call them. They are open from 8am to 9pm Monday to Friday, and from 10am to 6.30pm at weekends. You can also use their Live Chat service online at their website.
If you need to report a problem or make a complaint you can use their online Contact Us page, and like other lenders, they will acknowledge your complaint within 5 working days, and respond within 8 weeks. If you’re not happy then you have 6 months from the date of their Final Response letter to take your complaint to the Financial Ombudsman Service.
Because QuickQuid is an online and mobile app-based lender, security is vitally important. When you’re asked to create a password for your interaction with QuickQuid, make sure it’s a strong one and not simply your favourite actor’s name or something that could be easily guessed. Remember, you’re providing them with your banking details, so protecting your data is paramount. Like all companies, QuickQuid is governed by the new GPRD legislation on data protection, but it is still your responsibility to make sure you are inputting your data on a secure page (look for the https at the start of the URL bar, and the locked padlock icon).
Find out more about QuickQuid at www.quickquid.co.uk