FAQs

We offer terms for 3 month loans, all the way through to 6 month loans, depending on your personal needs. Use the sliders to see how the repayments are affected by the different loan terms.

Once approved we will deposit the funds directly into your bank account on the application. We transfer the funds via Faster Payments System (FPS) and so should be available within minutes of the transfer. On rare occasions it can take your bank up to 2 hours to make the funds available for you to withdraw.

If you are between 23 & 65 years old, a resident of the UK, have a current UK bank account (and attached Debit Card) and in employment with a take home salary of at least £1,100 per month then you may qualify for a QuidMarket short term 24/7 loan (repeat customers only). All applications are subject to affordability checks – extra documentation may be required.

As we provide bad credit loans, our underwriting process places emphasis on affordability and your ability to repay the instalments meaning a poor credit history will not necessarily mean we are unable to lend to you. All applications are individually processed by our trained team of underwriters.

We use Credit Reference Agencies and Fraud Prevention Agencies during the underwriting process. The aim of this is to ensure we lend responsibly and are not offering credit to customers who are unable to repay. If we find the loan would have a negative affect on your finances or cause more financial difficulty we will decline the application. All our underwriters are trained in Responsible Lending and Anti Money Laundering (AML).

No – we do not charge a fee for transferring your funds to your account.

Once the information entered on the application form has been verified and provisionally approved by the system, our team of underwriters will process your application as soon as possible. While we can’t say how long this will take we aim to process the applications and have a decision within 2 hours, so we may be able to offer same day loans in some circumstances. Busy periods may take a little longer and applications received outside of business hours will be processed first thing the next day (except Sundays)

You might see the phrase “Provisionally Approved” on our email to you upon receipt of your completed application form. Provisional Approval does not mean the instant loan will be granted. Once you have completed the application form the system will verify the information as correct, for example your address, bank account and debit card details. If these checks come back OK your application is considered “Provisionally Approved” and will be passed to our team of underwriters who will perform the final checks.

If any of your information changes, please log in to the Existing Customer Area (ECA) to submit your new details. If you have any problems logging in feel free to contact us.

Our Customer Service Team are available to assist you Monday – Friday 8:30am – 4:30pm. If you are an existing customer you can manage your account, update your details or make a payment 24 hours a day, 7 days a week by logging using the Existing Customer Area.

Continuous Payment Authority (sometimes known as Recurring Payments) is the method in which we collect your loan repayments. During your application you will submit your Debit Card details and pay date and pay frequency (monthly, weekly etc). When your loan is approved we will automatically take the instalment from your Debit Card on your payday. If this is declined we will contact you to make arrangements to collect the instalment and to get authority to re-set the CPA ready for the next instalment. This is slightly different to Direct Debit as there is no charge from your bank for a failed payment. When your instalment loan application is complete you will be provided with the dates and amounts due before the loan agreement is set up so you can see exactly what you will be paying and on what dates.

Further information on our Debit Card Continuous Payment Authority can be found under section 3 in your Loan Agreement.

First of all don’t be afraid to give us a ring on 0115 845 6434. We are always willing to help and listen if you feel you are experiencing long term financial problems – we take pride in our personable and friendly approach and you will be allocated a dedicated account manager so you can be confident your information will be treated with respect. We find when our customers deal with the same person it can help build up a relationship and a level of trust which in turn gives our customers confidence to discuss what can be a stressful subject.

There are a number of agencies who offer free debt advice such as Stepchange, Money Advice Service or National Debtline.

It is important that you pay each unsecured loan repayment on each due date. If you do not make your payments on time, we may record it as a late payment or default on your credit file. This may make obtaining credit more difficult and/or more expensive for you in the future. Where an arrangement to pay has not been agreed we might instruct a third party debt collection agency or take legal action to recover the money you owe. Potential legal action may include, but no limited to, a County Court Judgment (CCJ) or an Attachment of Earnings Order (AOE) whereby your employer will be instructed by the courts to take an agreed amount from your wages at source. Failure to comply with an AOE may result in you attending court in person.

At present, we do not offer a top-up service. Our cash loan applications are underwritten individually and the affordability checks are done based on the information on the application so it is not a “credit limit” like some companies offer that allow you to borrow as much or as little within that limit. Once your loan is repaid your account will be clear so you are free to make another application. It is important to only borrow what you can reasonably afford to repay. Short Term loans are an expensive form of credit and there may be cheaper options available. If you think you are experiencing more long term or serious financial trouble go to the help and advice section where you will find links to various debt helplines and charities that offer free and impartial advice.

As part of our underwriting process we must be sure we can confirm your employment status. However, we will always be discreet and never disclose any details to a third party and our staff are fully trained and compliant with Data Protection laws.

The are various pieces of information we need to provide, including a copy of your loan agreement. We also find a lot of customers prefer to be contacted, or contact us, via email rather than telephone.

When you make your application the instalments will be calculated, inclusive of interest, and will be displayed on the screen before you finalise your application.

Quidmarket is a direct lender and we do not charge any upfront fees and we will not charge you if you are unsuccessful. Our fees are transparent and clearly explained before you agree to our short term loans.

We take the utmost care to ensure that all of our customers’ information is stored securely.

We do not charge any late payment fees.