QuickQuid closes down
QuickQuid has been in the headlines lately after it was revealed the UK’s biggest short term loan provider was closing down. QuickQuid is owned by the US-based firm Enova who announced they were leaving the UK market as a result of ‘regulatory uncertainty’.
Facts like these are easy to overlook when you’re looking for a short term loan on bad credit. But there is no substitute for good research so whether you go with us or a competitor, be sure to read reviews, understand what loans are on offer and any other information.
What went wrong with QuickQuid?
QuickQuid is an example of how a little research can help you weed out providers that aren’t up to scratch. The UK’s Financial Ombudsman Service has received 3,165 cases against QuickQuid’s parent company CashEuroNet in the space of 6 months. The Financial Ombudsman has upheld 59% of the complaints against QuidQuid so far with a backlog of more to come.
QuickQuid’s demise isn’t surprising following the failure of Wonga last year, and Wageday Advance and the Money Shop ceasing trading. The impact of the regulation around loans, interest rates, and affordability checks has had a profound effect on the market. Large lenders who aren’t focussing on positive customer outcomes are being left in the dust, while smaller more personable lenders are filling the vacuum.
Complaints by customers have only fanned the flames and lead to the question; who can people turn to for fair, clear and trusted loan providers?
Why Choose QuidMarket?
QuidMarket provides simple short term loans with no hidden fees or catches. All our loans are manually underwritten by our experienced and skilled underwriting team Quid Market is a direct lender and not a credit broker. This means we work with your interests at heart, not a commission.
We offer a quick, easy-to-understand application process. Simply use our handy tool to calculate how much you want or can afford. Once you’ve done that follow the steps and submit all the information required. One of our experienced underwriters will take all of your details and work on your application. This personal touch means your loan request is considered from every conceivable angle to ensure you get a loan that you can repay in a sustainable manner
Our advice
As always, we advise customers that short term loans are an expensive form of credit and are not designed for long-term borrowing meaning there may be cheaper options available. Please only apply for the amount you need and take note of the monthly repayments to ensure they are affordable.
We’ve been helping hard-working families stay on track since 2011 and are committed to providing a service that surpasses our competitors. We are a direct lender and charge no broker fees. We also don’t charge any late payment fees. Our application page is fully transparent and shows you exactly how much you will repay each month on your loan. There are no hidden costs or charges. Don’t let the spectre of unreliable lenders scare you. QuidMarket is a responsible lender who is there for you.
