QuickQuid provides short-term loans designed to help you manage unexpected expenses between paydays.
Flexible short-term loans from QuickQuid can get you quick access to up to £1,500, with clear terms and a straightforward online application process. QuickQuid tells you the total cost of your loan upfront, so that you know exactly what you’ll need to pay and when.
QuickQuid loans are paid back in either one, two or three payments, depending on the term of the loan. If you opt for a longer loan, where you pay the loan back in two or three payments, then your first payment(s) will purely cover the interest accrued. With the final payment you’ll pay back interest plus the original amount borrowed. This might seem like a good idea, because all but the final instalment will be smaller than if you were steadily chipping away at the capital, however the reality is that you’ll pay more interest overall with an interest-only loan (compared to an interest and capital repayment loan at the same rate).
Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk.
Please note: High cost short term credit is unsuitable to support sustained borrowing over long periods and would be expensive as a means of longer term borrowing.
Is high-cost, short-term borrowing a good idea?
Payday loans, and high-cost, short-term credit are a very expensive method of borrowing and should only be considered as a last resort. They may not solve your money problems, and are not a good idea for borrowing over longer periods, or for sustained borrowing.
Before you apply for a payday or short-term loan, make sure you’ve considered other options. Is the expenditure that you’re planning absolutely essential? If you can defer a purchase then you could save yourself money in the long run. If you’re struggling to pay a bill, then why not talk to your electricity, gas, phone or water provider to see if you can work out a payment plan? Read more about alternatives to payday loans at moneyadviceservice.org.uk.
Key features of a QuickQuid loan:
- Loans up to £1500. The amount you’re able to borrow will depend on your personal circumstances.
- 1, 2 or 3 month terms available.
- Simple application. Fill in your personal, contact, employment and financial details online.
- Access funds quickly. If approved, get cash sent within 10 minutes of approval
- Repay early at any time. This could save you money in interest.
- Late repayment fee of £15.
How do QuickQuid’s loans hold up against the competition?
As well as comparing short-term loans with other types of credit, before you apply for a loan, it’s a good idea to shop around and compare a range of lenders. You can use the tool below to get an idea of how much the loan that you have in mind might cost.
You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.
We compare payday/short-term loans from
How does a short term loan from QuickQuid work?
If you’re looking to get a loan over more than one month, then unlike most of their competitors, QuickQuid won’t ask you to pay back the original amount borrowed until the end of the term (your first payment(s) will consist of interest only). So your first payment(s) will be smaller, while your final payment will be significantly larger. This might seem fantastic, but bear in mind that this means you’ll pay more interest overall than if you were chipping away each month at the capital borrowed.
You can apply online for a loan amount and repayment period. You can either link a debit card for your repayments or authorise direct debit from your bank account. Repayment(s) will then be collected from your preferred repayment method on the date(s) listed on your contract. Your loan won’t be funded until you have authorised a valid repayment method.
What is a continuous payment authority (CPA)?A CPA is a recurring payment in which you give a company permission to withdraw money from your account on a regular basis.
CPAs differ from direct debits because they give the company being paid the ability to withdraw money from your account whenever they wish, and to take payments of different amounts without consulting you. Most payday loan companies will use CPAs to collect your repayments, although you can cancel this at any point by either consulting with your provider or your bank.
What are the different repayment periods?
- 1 period. Your loan amount and accrued interest are due on your repayment date
- 2 periods. Your accrued interest is due on your first repayment date. On your second repayment date, you’ll pay your loan amount plus additional accrued interest.
- 3 periods. Your accrued interest is due on your first two repayment dates. On your third repayment date, you’ll pay your loan amount plus additional accrued interest.
No matter which repayment period you choose, you’re able to repay part, or all of your loan early at no additional cost. This can help you save money by reducing the amount you pay in interest.
What are the eligibility requirements?
You should only apply for a QuickQuid loan if you’re certain you can meet the repayment schedule, and you also meet the following criteria:
- You have a valid UK bank account
- You are employed and receiving a regular paycheque
- You’re a UK resident
- You’re at least 18 years old
How do I apply for a loan from QuickQuid?
- Estimate the cost of your loan using their online tool
- Start your online application by filing in your personal details
- Fill in your employment and financial details
- Select the loan you want
- Your application will be approved, under review or declined
- If accepted, receive your cash within 10 minutes of application approval
Additional borrowing options
Top-Ups. If you have an active loan in good standing, you may be eligible for a QuickQuid top-up on your loan if you have principal remaining on your approval limit. If you apply and are approved for a top-up, you will repay your original loan amount, plus top-up, interest and any fees, either according to your current repayment schedule or in conjunction with an extension.
Extensions. If you need more time to pay back your loan, you may be able to request an extension by logging in to your online account. If approved for an extension, you’ll be able to extend repayment of your loan’s principal by either one or two additional pay periods. You will be assessed daily interest for this additional time. You can apply for a maximum of two extensions per loan, for a maximum total loan duration of three periods.
Did you know?In 2015 the Financial Conduct authority (FCA) capped interest and fees on all high-cost short-term credit loans at 0.8% per day.
They additionally capped all default charges at £15 and the total cost (interest, fees) of loans at 100% of the original sum. This means you’ll never have to pay more than double the amount borrowed.
Frequently asked questions