QuidMarket short-term loans review

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.

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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 icon Warning: late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk.

warning icon 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.

QuidMarket Short Term Loan

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?

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?

Name Product Available Amounts Monthly repayment Total payable
£50 to £800
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.
£300 to £800
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.
£100 to £1,000
Representative example: Borrow £400 for 6 months at a rate of 229.95% p.a. (fixed). Representative APR 720% and total payable: £707.01 in 6 monthly payments of £117.83.
£50 to £1,000
Representative example: Borrow £250 for 74 days at a rate of 292% p.a. (fixed). Representative APR 1300.5% and total payable: £398.00, in 1 payment of £74.00 and 1 payment of £324.00.
£300 to £1,000
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.
£100 to £1,000
Representative example: Borrow £480 for 9 months at a rate of 133.1% p.a. (fixed). Representative 535% APR and total payable £959.04 in 9 monthly payments of £106.56.
£100 to £2,500
Borrow £100 for 8 months at a rate of 204% p.a. (fixed). Representative APR 567% and total payable £199.33 in 8 monthly payments of £19.93. You can repay this loan early.
£250 to £1,000
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.

Compare up to 4 providers

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

Lending Stream Instalment Loan
Moneyboat Short Term Loan
Peachy Loan
QuickQuid Short Term Loan
QuidMarket Short Term Loan
Satsuma Short Term Loan
Sunny Loan
The Money Platform Short Term Loan

How do I apply for a QuidMarket loan?

  1. 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).
  2. 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.
  3. 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.
  4. 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.
  5. QuidMarket will now perform credit checks as well as anti-money laundering and fraud checks.
  6. 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.

Repeat customers:

  1. 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.
  2. 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

We exist to help you find better. The offers we've compared on this page are from a range of products whose details we can track; we don't cover every product on the market...yet. Unless we've indicated otherwise, products are shown in no particular order or ranking. The terms "best", "top", "cheap" (and variations of these) aren't product ratings, although 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, it's wise to consider getting independent financial advice. Always consider your own financial circumstances when you compare products so you get what's right for you.

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