Quidie short-term loans review

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Quidie has now lending as Fernovo, you can read our review here.

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.

Key features of a Quidie loan:

  • Borrow £100 to £1,000. Choose an amount to suit you, up to £1,000.
  • Choose how you repay your loan. You can take out your loan as a payday loan, where you pay it off in one lump sum after you next get paid. Or you can spread the cost over instalments of between 2 and 6 months. This option may make the repayments more manageable, but it is worth noting that the quicker you pay off your loan the less you will pay in interest overall.
  • Fast payment. Once approved, the money can be in your bank account in just 15 minutes. Quidie funds its loans 24/7.
  • Fixed, high interest rates. Although Quidie’s interest rates are lower than many of its competitors in this market, this is realistically still an expensive way to borrow money.
  • No late fees. Quidie will not charge you if you miss a repayment. However, doing so will harm your credit rating and will cost you more in interest.
  • Early repayment. Once the loan is in effect, you can choose to repay it at any time prior to the agreed date. There are no early payment penalties for doing this. You pay interest only for the days that the loan is outstanding.

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.

Table: promoted deals, sorted by total payable
How much do you need to borrow?

How long do you need to borrow for?

1 - 5 of 5
Name Product Available Amounts Monthly repayment Total payable Link
Lending Stream Instalment Loan
£50 to £1,500
Go to site
More Info
Representative example: Borrow £200 for 6 months at a rate of 292% p.a. (fixed). Representative 1,333% APR and total payable £386.61 in 6 monthly payments of £64.44.
The Money Platform Short Term Loan
£250 to £1,000
Check eligibility
More Info
Representative example: Borrow £500 for 6 weeks at a rate of 255.5% p.a. Representative APR 839.20% and total payable: £647 in 1 payment.
QuidMarket Short Term Loan
£300 to £1,500
Go to site
More Info
Representative example: Borrow £300 for 3 months at a rate of 292% p.a. (fixed). Representative APR 1297.6% and total payable: £454.37 in 3 instalments of £151.46.
Moneyboat Short Term Loan
£200 to £1,500
Go to site
More Info
Representative example: Borrow £400 for 4 months at a rate of 255.5% p.a. (fixed). Representative APR 939.5% and total payable: £597.48 in 4 payments of £149.37.
Fund Ourselves (Welendus) Short Term Loan
£100 to £1,500
Go to site
More Info
Representative example: Borrow £200 for 122 days at a rate of 208% p.a. (fixed). Representative 504.7% APR and total payable £286.62 in 4 monthly payments of £71.71.
Please note: 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

Lending Stream Instalment Loan
The Money Platform Short Term Loan
QuidMarket Short Term Loan
Moneyboat Short Term Loan
Fund Ourselves (Welendus) Short Term Loan

Is high-cost, short-term borrowing a good idea?

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.

How does a Quidie loan work?

  1. Complete the online application form with your personal, employment and financial details.
  2. Quidie will use the details you provided as well as information from credit reference agencies to assess your creditworthiness and ability to repay a loan.
  3. Quidie will give you an initial decision in seconds.
  4. If you pass these automated checks, you will be sent some documents over email which contain important information about your loan. It is essential that you read these carefully. If you have any questions at this point you can call a Quidie advisor or use live chat on the website to talk them through.
  5. Once you have read and agreed to the loan terms and conditions, you can electronically sign the document. This is a legally binding signature and has the same effect as if you had signed with your own handwriting.
  6. Depending on your personal circumstances, Quidie may perform a final, manual affordability assessment before agreeing to provide you with a loan. You will be given a final decision over email. Quidie aims to do this as quickly as possible and it will never take more than 24 hours.
  7. If you are approved, the money will be in your bank account within just 15 minutes.

How do I pay back my loan?

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.

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.

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.

What are the eligibility requirements?

You should only apply for a Quidie loan if you are certain you can meet the repayment terms. You must also:

  • Be at least 21 years old.
  • Be a resident of England or Wales.
  • Be in regular, paid employment.

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.

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.

Frequently asked questions

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We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.

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