Launched in 2012, Quidie offers short-term loans that can be applied for and funded entirely online without the need to speak to an advisor. If you would like to ask Quidie a question about a loan, it offers a live chat service on its website. You can sign for your loan electronically and, once approved, the money will be in your bank account in just 15 minutes. Quidie funds its loans around the clock so you don’t need to apply in working hours. You have to live in England or Wales to be eligible.
Quidie offers a competitive interest rate at substantially less than the maximum allowed by the Financial Conduct Authority in this market. However, it is still higher than you would be offered by a mainstream bank, so this remains an expensive way to borrow money.
Quidie is authorised and regulated by the Financial Conduct Authority.
Warning: Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk.
Please note: High-cost short-term credit is unsuitable for sustained borrowing over long periods and would be expensive as a means of longer-term borrowing.
Short-term or “payday” loans offer a fast solution when you get into unexpected difficulties with your finances, but they are a very expensive method of borrowing. Therefore, you should only consider this option as a last resort. Short-term loans are unlikely to solve your money problems in the long term, and are not suitable for borrowing over longer periods, or if you have serious debt problems.
Before you apply for a short-term loan, make sure you have considered all other options carefully. Is the expenditure that you’re planning unavoidable? If you can defer a purchase then you could save yourself money in the long run. If you are struggling to pay a bill, then try talking 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.
Like most short-term loan providers, Quidie uses a Continuous Payment Authority (CPA) to collect the repayments from your bank account on your chosen dates.
CPA differs from direct debit 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 CPA to collect your repayments, however you can cancel this at any point by either consulting with your provider or your bank.
You should only apply for a Quidie loan if you are certain you can meet the repayment terms. You must also:
It also 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.
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