Warning: Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk.
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.
The UK payday loan market is full of bizarrely-named brands like Sunny, Peachy and Payday Pixie – usually trading names for large corporations with more sober names, and usually offering a very similar service. QuickQuid was perhaps one of the best-known companies operating in this arena, second only to Wonga, but it went into administration in October 2019 – one of a wave of lenders that succumbed to compensation claims from former customers. QuickQuid was part of CashEuroNet UK.
Like may other short-term lenders, it charged the maximum allowable daily interest rate of 0.8%. However, with QuickQuid, if you opted for a three-month loan, you’d pay interest-only for the first two instalments, and then at the end of month three, you’d pay interest plus the original sum borrowed. So you’d have two relatively small payments, followed by one big payment.
Because you were effectively borrowing more, for longer, a QuickQuid loan worked out more expensive than loans from many other short term lenders charging the same rate. To give QuickQuid its dues, this loan structure may have given borrowers more breathing room to get back on their feet.
Our calculator is based on the rates QuickQuid was charging just before it, erm, bit the dust.
If you’re considering a short term loan, you should first consider alternative options (you may have more than you think). You can find lenders like QuickQuid in our guide.
R.I.P QuickQuid – 2007-2019.
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