Searching online for affordable loans can be an overwhelming and time-consuming task, so here at QuidMarket, we make it simple to find an affordable loan that suits your needs. With our straightforward and simple application form, you can easily choose how much you would like to borrow, from £300 to £1,500 for repeat customers, and how long you would like the repayment term to be. This means that you can quickly find an affordable loan in a fuss-free way, saving you precious time and energy.
While many other lenders use automated processes and computer programs to come to a lending decision, every affordable loan application with QuidMarket is considered by a human member of the team. This means that even if you have bad credit or have been turned down elsewhere, we may still be able to help you fairly with affordable loans.
- No guarantor required for affordable loans
- QuidMarket is an FCA Authorised responsible lender
- Borrow from £300 to £1,500*
- Flexible repayment terms up to 6 months
- No hidden fees on affordable loans
- Bad credit applications considered
- Quick and easy applications
- Decisions made personally by humans, not computers
*dependent on affordability checks, first time customers are eligible to borrow up to £600
What Are Affordable Loans?
The term ‘affordable loans’ refers to lending that takes your current finances and ability to pay into consideration, so you may also hear them called ‘loans based on affordability’. We want to be certain that all of our applicants can afford to repay the loan that they apply for and we aim to achieve this through our affordable loan application process.
We understand that there is no one-size-fits-all when it comes to an applicant’s needs and circumstances, which is why we take a personal approach to each application. We will assess your monthly income, your regular outgoings and your essential spending to see if we have the appropriate loans based on affordability for you. This means that even if you have bad credit, have been declined by other lenders, or need the cash as quickly as possible, we can help.
For more information about our affordable loans, contact QuidMarket and our friendly advisors will be happy to help.
Eligibility For Affordable Loans
To take advantage of affordable loans through QuidMarket, you will need to meet the following criteria:
- You are aged between 23 and 65 years old
- You are a resident of the UK
- You have a current UK bank account and an attached debit card
- You are in employment with a take home salary of at least £1,300 per month
If you meet these requirements, we can begin the application process, starting with our online application form. Every application is subject to affordability checks to ensure that you will be able to make the monthly repayments, and extra documentation may be required. As part of your application, we will run checks with Credit Reference Agencies and Fraud Prevention Agencies, so please make sure that you fill the form out carefully to avoid mistakes that could slow the process down.
We never like to turn applicants away from loans based on affordability, but if we feel that you would struggle to meet repayments, it would be necessary to help you avoid any further financial difficulties. Missing repayments has to be recorded on your credit file, which is the same with any form of credit, and can make it more difficult to be approved by future lenders.
Choose QuidMarket As Your Affordable Loan Direct Lender
With QuidMarket, you can be confident that you are in reputable and safe hands. We have made the application process for affordable loans quick and easy so that we can take the time to evaluate each submission to ensure your loan is affordable. If we didn’t believe that you could meet repayments, we would not approve your application for your own wellbeing, so we always have your best interests at heart.
By operating online, we are able to keep our costs down. We pride ourselves on our competitive interest rates and we do not charge late payment fees. We will always be completely transparent and honest with every applicant, so there will be no nasty surprises or hidden costs along the way.
If you have any questions about our affordable loan options, pick up the phone for a chat. Then once you are ready, you can apply for an affordable loan and get the cash you need without any hurdles.
Affordable Loans FAQs
What Are Affordable Loans?
Affordable loans are loans based on affordability, so when applying, your current monthly income and essential outgoings are taken into account, rather than your full credit history. This is to ensure that you have the means to make monthly repayments without leaving you in further financial difficulty.
How Quickly Can I Get An Affordable Loan?
Once you have visited our application form, chosen the amount of cash you need and selected the length of the term, you can submit the form to us for review. Our system will verify and provisionally approve your application, then a member of our team will personally evaluate your application as soon as possible. While we are unable to say how long this will take, we typically aim to process affordable loan applications and have a lending decision within 2 hours. If you apply during a busy period, it may take us a little longer to get back to you and applications received outside of business hours will be processed first thing the next working day.
After your application has been approved, we will deposit the funds directly into your bank account. We use Faster Payments System to transfer cash, so it should be available to you within minutes of the transfer. However, depending on your bank, it could take up to 2 hours for the funds to become available.
How Do Repayments Work With Affordable Loans?
At QuidMarket, we aim to be as flexible as possible for our customers, so with our loans based on affordability, you can choose the terms that work best for you. On our application form, you will be able to toggle the amount of cash you want to borrow and select a term up to 6 months to suit you. The repayment figure will be illustrated to you on the form, but the full repayment schedule will be later confirmed during the application process. We use a Continuous Payment Authority (CPA) to automatically take repayments from your bank account, so all you need to do is ensure that the funds are available on the scheduled repayment date.
Can I Repay Early?
If you find that you are able to repay your affordable loan early, you can contact us at any time to discuss an early settlement figure. We only charge interest for the days that you have the affordable loan for, so we will calculate the interest charges up to the day that you want to clear the loan. If you are happy with the early settlement figure, we will take the agreed amount on the day you want to pay with our CPA, which will then close your agreement.