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.
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.
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Important information: You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.
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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?
Complete the online application form with your personal, employment and financial details.
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.
Quidie will give you an initial decision in seconds.
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.
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.
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.
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
The first thing to do is to let Quidie know as soon as you think this may be the case. The lender may be able to agree a new repayment plan that is more manageable for you. The most important thing is not to ignore the situation, or to ignore any attempts by Quidie to get in touch with you. If you are experiencing financial difficulties there are a number of organisations you can contact for independent and confidential advice, including the Money Advice Service.
You have specific rights to withdraw from the agreement by giving notice to Quidie within 14 days. This is starting from the day after the agreement is made or of you receiving the money, whichever is later.
No, Quidie does not allow customers to extend their loans. If you are experiencing financial difficulties or just want to talk about your options, contact Quidie as soon as possible.
Chris Lilly is a publisher at finder.com. He's a specialist in credit-based products including business and personal loans, mortgages and credit cards, and is passionate about helping UK consumers make informed decisions about their borrowing. In his spare time Chris likes forcing his kids to exercise more.
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