Launched in 2011, QuidMarket specialises in offering loans to people who are in short-term financial difficulty and are struggling to get credit from mainstream lenders or banks. QuidMarket doesn’t make its loan decisions based on credit history alone. It will also take into account your individual financial circumstances and ability to meet the repayments.
You can apply online and will get an instant decision, even if you have a poor credit rating. Once approved, you can expect the money in your bank account on the same day. If you make your repayments in full and on time, you can rebuild your credit history. This could give you more options for a loan in the future.
QuidMarket is a direct lender, authorised and regulated by the Financial Conduct Authority.
Short-term or “payday” loans offer a quick 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 for people with 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 absolutely essential? 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.
Key features of a QuidMarket loan
Borrow up to £1,000. New customers are restricted to a loan amount of £300 to £600. Returning customers can borrow from £200 to £1,000.
Choose a repayment plan to suit you. New customers can repay a loan in 3-6 month instalments. If you have already successfully paid off a loan, you can spread the cost of a further loan over 1-6 months. Paying off your loan over a longer time may make the repayments more manageable, but bear in mind that you will pay more in interest overall.
Fixed, high interest rates. With interest rates fixed at the maximum allowed by the Financial Conduct Authority, this is realistically an expensive way to borrow money.
Build your credit history. QuidMarket will consider you for a loan even if you have a bad credit rating. You will, however, need to show that you can afford to make the repayments. Paying in full and on time will help to rebuild your credit history, which will give you more options for obtaining credit in the future.
No late payment charges. If you miss a repayment, QuidMarket will not charge you a fee. However, doing this could harm your credit rating and ability to obtain credit in the future.
Early repayment. You can repay your loan in full or in part at any time without being penalised. This is recommended if you can afford to do so as it will save you money in interest.
How do QuidMarket’s loans compare with the competition’s?
Table: promoted deals, sorted by total payable
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. Use the table below to find out how much a comparable loan is likely to cost you from some popular short-term lenders:
How much money do you need to borrow?
How long do you need to borrow over?
Important information: 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 do I apply for a QuidMarket loan?
Use the sliders on the homepage to work out how much you need to borrow, the amount of time you need to pay it back over and what your monthly instalments will be. Once you are happy with the amounts click on the “Apply Now” button to begin your application. It is important that you understand how much you will repay before you finalise your application (the overall interest, repayments and total to repay may be different depending on your repayment dates).
You will be asked for basic information at this stage to allow QuidMarket to work out if you can comfortably afford to repay a loan.
When you have completed the application form, you will be sent a loan agreement, pre-contract information and explanations of the key points of your agreement.
Once you have read and understood these documents, you can electronically sign your loan agreement to finalise your application. These will also be sent to the email address you gave on your application form.
QuidMarket will now perform credit checks as well as anti-money laundering and fraud checks.
If your application is approved, you can usually expect the money to be in your account on the same day. If you apply outside of business hours, your loan will be funded the following day.
Go to the “Existing Customer” area of the site, where some of your basic information is saved. Provided all your information is the same and there have been no changes to your financial circumstances, you may be eligible to borrow a higher amount. Your repayments can also be spread over a longer period of time. As with new loan applications, only apply for what you need and ensure the monthly repayments are easily affordable.
All repeat applications are underwritten manually and are subject to affordability checks, anti-money laundering and anti-fraud checks. Any previous QuidMarket loans must be paid off in full before making a new application.
How do I pay back my loan?
Like most short-term loan providers, QuidMarket 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.
CPAs differ from direct debits because they give the company being paid the ability to withdraw money from your account whenever it wants, 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 eligibility requirements?
You should only apply for a QuidMarket loan if you are certain you can meet the repayment terms. You must also:
Live in the UK
Be over 23 years old, and under 65 years old
Have a mobile phone
Have a UK bank account with a valid debit card – QuidMarket will run a verification check that takes 1p
Have a job and take home at least £1,000 a month
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 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
QuidMarket’s underwriting process places emphasis on affordability and your ability to repay the instalments. So a poor credit history will not necessarily mean you are refused for a loan. All applications are considered based on your individual financial circumstances.
You will receive an instant provisional decision based on the information you enter on your application form. QuidMarket aims to give you a final decision within 2 hours. Busy periods may take a little longer and applications received outside business hours will be processed first thing the next working day. QuidMarket is open Monday to Friday 9am to 6pm and Saturday 9am to 4.30pm.
Don’t be afraid to call the QuidMarket customer service team as the lender may be able to agree an affordable repayment plan with you. There are several agencies that offer free debt advice such as Stepchange, Money Advice Service and National Debtline.
It is important that you pay each loan repayment on the due dates. If you do not make your payments on time, it may be recorded as a late payment or default on your credit file. This could make obtaining credit more difficult and expensive for you in the future. Where an arrangement to pay has not been agreed, QuidMarket may instruct a third-party debt collection agency or take legal action to recover the money you owe. Potential legal action may include a county court judgment (CCJ) or an attachment of earnings order (AOE) whereby your employer will be instructed by the courts to take an agreed amount from your wages at source. Failure to comply with an AOE may result in you attending court in person. Always ensure you are confident in your ability to repay a loan before you apply.
QuidMarket is authorised and regulated by the Financial Conduct Authority (FCA), so it’s bound by the same rules and regulations as pretty much all reputable lenders in the UK. You should never borrow from a company that isn’t FCA-regulated and authorised. If ever in doubt, you can search the FCA register to check whether a lender is authorised.
If you are experiencing any issues, do not hesitate to contact QuidMarket either by email at firstname.lastname@example.org, or phone on 0115 8456434 between the hours of 8.00am to 6pm, Monday to Friday. Alternatively, if you are still dissatisfied, you can contact the Financial Ombudsman to deal with your case.
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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