Quick Quid

Warning: Late repayment can cause you serious money problems

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Representative APR

This article is not intended to contain information about, or advertise, products offered by us but is intended to contain information, give opinions or discuss generally available products/services.

Author: Internal 

Editor: We asked some of our staff to research other lenders and write an article about them. The information in this article came from publically available sources as was available at the time the article was researched. Readers should be aware that this article does not contain 'insider knowledge' of the company researched and that they policies and processes may have since changed.

Payday Loan Company Overview: Quick Quid

If you are in a financial bind and need money quickly, you may be considering applying for a short-term payday loan. Before you do so, you will want to check up on each company and compare the advantages and disadvantages of going with individual companies.

There are many other options you may be able to try instead of taking a payday loan. Here are some alternatives to look into before committing to a payday loan.

 

Existing Credit Card

You may be able to use an existing credit card if you are sure you can clear the whole card in the next month. This is the cheapest option if you can ensure that you can clear it. If you cannot and it begins to build interest, you are better off not using it.

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Local Credit Union

Credit unions are independently-run and will usually help people who are not able to access financial products and services. They are usually much cheaper than payday loans, but will allow for the short-term, quick money that you may need.

If none of these options work for you, then you should move on to trying to find a payday loan company that has your best interest in mind.

 

Payday Loan Lender Example: QuickQuid

QuickQuid is an example of a payday loan lender in the UK that may be a good choice to borrow money from. They follow the three elements to the cost cap that the Government has recently enforced on payday lenders. QuickQuid only charges 80p interest per £100. For example, if you borrowed £100 for 30 days, you would not have to pay more than £24 in interest. The second element is that QuickQuid will not charge more than £15 in total for late fees. The final component is that you will never have to pay back more than double of the initial amount you borrowed. This includes all interest, taxes, and charges.

Another positive aspect of QuickQuid is that you can withdraw from your loan within 24 hours of being funded at no additional cost. This means if, after taking the loan you decide that it was not the best option, you can simply return it.

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QuickQuid also allows early repayment without any charges. They run full consumer credit history checks and a proprietary credit scoring model to ensure that you have the ability to repay your loan. QuickQuid also has no hidden fees so you will always know your estimated cost of the loan. They also have a blog that works as a financial resource to help the borrower with tips such as grocery savings, saving money, and career advancement.

QuickQuid shows that even though a payday loan may not be the best direction to go, in a desperate situation there are still companies to help you get through so you can live a better financial life. 

 

Payday Loan Lender Profile: Quick Quid

Payday loan lenders can be difficult to research because there is no such thing as a ‘perfect’ payday loan. However, in the scale of things, there are companies that are better than others.

 Some tips to follow when researching for payday loans include looking at their Representative APR: The higher APR, the worse it is. The Representative APR is taking into account all charges, including the interest rate. You should also focus on cost when looking at this. Other factors you should consider is the total repayment including the original borrowing and rollovers. Rollovers are not financially safe for you and should be avoided. Companies that allow for early repayment without a fee are often a better choice, and some loans will even reduce in cost if you repay early which is a plus.

QuickQuid is a payday lender that offers short-term loans. They are a responsible lender that means they do follow all the regulatory requirements.  They also allow you to repay early, and even though you can rollover, the cost cap and rollover cap will limit how often you can do this.

 

Of course, before you decide to take out a payday loan with any company, you may want to consider if any alternatives will work for you. Sometimes you may be so caught up in the moment of the emergency that you do not realize there are other ways you may be able to get the money without the high-interest rates associated with it.

 

Some options include:

Apply for a 0% Credit Card

You may still be able to borrow money interest-free with 0% credit cards. Even if you have a poor credit score, there may be some deals that will be available for you. Of course, if you do go with this option, you need to make sure you will be able to pay back the card. Otherwise, interest will rise up to above 30% that would defeat the purpose of using it in the first place.

Asking Family and Friends

This can be hard sometimes if you do not want to ruin a friendship or family connection with money. However, if you can keep your word and return the money in a given time, you will be able to avoid the high-interest rates of payday loans.