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 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.
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.
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 £300 for 3 months at a rate of 292% p.a. (fixed). Representative APR 1,301% and total payable: £454.37 in 3 instalments of £151.46.
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:
We compare payday/short-term loans from
Is high-cost, short-term credit a good idea?
Short-term or “payday” loans from companies such as QuidMarket 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
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:
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.
Changing you loan: Additional borrowing options and early repayment
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
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