Quid Market loans Short Term Loan Review
QuidMarketloans is a short term loan lender offering loans to those who struggle to secure the loan they need from a traditional bank. They provide Short term cash loans to those with poor credit ratings.
QuidMarket has become an established lender in the UK, offering a number of short term loan options to those that don’t have a good credit rating. They were founded in 2011 and offer loans from £300 to £1,500 with a repayment period of three to six months. They are a FCA authorised lender with an APR OF 1296.5%, which is considered relatively high.
This established UK lender offers a host of loan options to private individuals who have less than a perfect credit rating, these include:
- Direct loans – as a direct lender, they are able to deposit the funds directly into a bank account with an online application process and a twenty four hour service.
- Bad credit loans – the company accepts applications from those with bad credit ratings, who have been rejected by the banks due to their bad credit history.
- Same day loans – these are fast loans, instant loans, fast loans and same day loans of up to £600. The repayment terms are dependent on your affordability check.
- Instalment loans – an alternative to the payday loan. Borrow the money needed and pay pack monthly or in weekly instalments, rather than a lump sum. The instalment loans offer the borrower up to six months to repay.
Operating online, the entire application process is done via the internet. They do run an affordability check, which ensures that anyone using their services is able to repay any monies that they owe. The entire process is quick and easy by filling out the online application form, providing your personal, employment and budget information. A provisional decision is made within minutes and should the application be approved, you will be sent some documentation to sign, which provides information on the interest rates being charged. On signing the documents, the monies are transferred to your bank account, usually on the same day.
There are some eligibility requirements that must be met, which includes being a UK resident, being between the ages of twenty three and sixty five and being part or full time employed. Your monthly salary must be more than £1,300 to qualify and you must have an active phone number and a valid debit card, along with a UK bank account.
QuidMarket uses a CPA (Continuous Payment Authority) to collect repayments, either monthly or weekly, depending on the contract signed.
Contact Details for QuidMarketloans
Date of incorporation: 2011
Company number: 677995
Company type: Private Limited Company
Registered company address: 6 Broadway, Nottingham NG1 1PS, United Kingdom
Official site: https://www.quidmarketloans.com/
Operating hours: Monday – Friday: 8:30am – 4:30pm, Saturday: 10am – 2pm. Online applications 24/7.
Phone number: +44 115 845 6434
QuidMarketloans is a direct lender offering loans from £300 to £600 to new customers. Borrowers who have used their services in the past and repaid their loans on time and in full are eligible for a loan up to £1,500. There are no hidden costs with no application fee payable.
QuidMarketloans offers same day loans with flexible repayments of up to six months for new customers and longer for repeat clients in good standing. The loans on offer are unsecured, so you do not need a guarantor or collateral and they do consider applications from those with poor credit ratings.
The APR is 1296.5% with a daily interest of 0.80%. An advantage to QuidMarketloans is that they provide borrowers the opportunity to pay early without paying an early repayment fee. The company can provide an Early Settlement figure, reducing the interest payable.