If you’re in temporary financial trouble, and a poor credit rating stops you from borrowing from mainstream lenders, a QuidMarket payday loan is worth considering.
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.
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.
QuidMarket short term loans
- Fast and flexible loans of £300-£1,000 (max. £600 for new customers) over 3-6 months
- No application or late repayment fees
- Applicants must be 23 or over and earning £1,000 or more each month
Representative example: Borrow £500 for 5 months at a rate of 292% p.a. (fixed). Representative APR 1,297% and total payable: £867.05 in 5 instalments of £173.41.
Is high-cost, short-term credit a good idea?
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?
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:
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?
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