When you need to borrow cash in an emergency, it’s really important that you understand all options available to you so you can make the best decision for your finances. Here at QuidMarket, our aim is to help provide you with all the information you need about the world of short term loans. While we don’t offer guaranteed loans – and we’ll explain why below – we still think it’s important to share what we know about them.

If you are considering applying for guaranteed loans in the UK, on this page we’ll talk about guaranteed acceptance loans, what they actually mean for you as a customer, some of the pros and cons you can expect with guaranteed loans for bad credit, and how our loans compare with them. Hopefully, by the end of it, we’ll help you decide if guaranteed loan approval is a high priority for you.

How much do you need?

£500.00
£300 £1500

For how long?

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Month 1

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Month 2

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Month 3

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Month 4

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Month 5

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Month 6

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This is for illustration purposes only. Your repayment schedule will be confirmed during your application

*All applications are subject to affordability checks*

Representative example: Borrow £300 for 3 months / Interest payable £154.37 / Total amount payable: £454.37 in 3 instalments / 3 payments of £151.46 / Representative 1301% APR / Interest rate 292% per annum (fixed) / Maximum APR 1625.5%

Compare short term loans on Clear and Fair

As a new customer the minimum repayment period is 3 months and the maximum is 6 months. Additional options may be available to you as a repeat customer.

What Are Guaranteed Acceptance Loans?

Guaranteed loans, as the name suggests, are loans for which every single applicant will be approved, no matter what their credit score is or whether they can afford the repayments or not. They’re very similar to no credit check loans in that, even if any creditworthiness or affordability checks are run, the results aren’t taken into account.

Guaranteed acceptance loans run the risk of higher default rates – yet no business would accept losing money without taking steps to protect itself. It’s likely that guaranteed loan direct lenders would greatly inflate interest rates and charges for all customers to make up for this. They are also unlikely to have any processes in place to help customers avoid defaulting on their loans. If you were not able to make a particular payment on a guaranteed loan, you likely couldn’t count on the guaranteed loan direct lender allowing you to arrange an alternative payment method.

When you’re faced with a financial emergency and need to borrow money quickly, going through the proper processes – and running the risk of not being approved – may not be an attractive prospect. However, you don’t need to turn to guaranteed loans in the UK purely because you’re in a rush – we’re able to offer same day loans to many customers without cutting any corners. If you have a low credit score, it can be tempting to apply for guaranteed loans for bad credit. However, you should ask yourself whether a lender who would be happy to offer guaranteed loan approval really has your best interests at heart.

The FCA’s Stance on Guaranteed Loans UK

Offering guaranteed acceptance loans is not permissible in the UK’s lending industry. Not only are guaranteed loan direct lenders not following responsible lending practices or acting in their customers’ best interests, but they would also be going against the Financial Conduct Authority’s guidelines. One of the operational objectives of the FCA is to protect consumers.

As guaranteed acceptance loans are only offered by lenders operating outside of FCA authorisation, you wouldn’t be covered by the various consumer protections. This includes price caps on payday loans that mean you’ll never pay more than the original amount you borrow in interest fees and other charges.

If a company offering guaranteed loans for bad credit is on the FCA’s register to begin with, they risk being taken off it as well as being liable for fines. You can check if a lender is on the Financial Services Register here – we’re on there under licence number 677995 and our company name, Stagemount Ltd.

QuidMarket Won’t Promise Guaranteed Loan Approval

We don’t offer guaranteed loans in the UK, and we’re proud of it. Instead, we will only approve applications for loans where we can see that it won’t cause any further financial difficulties to the customer. Knowing that all of our customers will be able to sustainably manage the repayments on their QuidMarket loan is much more important to us than having as many customers as possible.

While we don’t approve every single application we receive, we are still able to help many of our customers find the ideal solution for their short-term financial needs. We do this by offering loans that are tailored to each customer’s financial situation.

A big part of this is our manual approval process, where a trained member of our team will look over every application. It takes a few minutes longer than automating the process, but it’s well worthwhile and means that we can offer loans responsibly and fairly.

What’s more, our bad credit loans mean that you don’t need to look for guaranteed loans for bad credit. We’re happy to overlook a low credit score if the applicant would be able to sustainably afford the repayments of their chosen loan term.

Ultimately, we always act in our customers’ best interests and follow responsible lending practices. We don’t offer guaranteed loans for bad credit, because it would inevitably lead some customers into financial difficulty, and that is something we would never want. If you are approved for a loan from QuidMarket, you can be sure that it’s the right choice for your finances.


How To Increase Your Chances of Loan Approval

It sounds simple, but the first step is to make sure that you fulfil the eligibility criteria. Different lenders have different eligibility criteria, so always check this before submitting an application. Our eligibility criteria are as follows:

  • Live in the UK
  • Over 23 years old, and under 65 years old
  • Have a mobile phone (we send an SMS code during your application)
  • Hold a UK bank account with a valid debit card (we run a verification check that takes 1p)
  • Be in employment and take home at least £1,300 a month.

When you apply with QuidMarket, a great step you can take to increase your chances of approval is to check over you upcoming budget and make sure that the repayments on your chosen loan are sustainably affordable for you. You can use our handy loan calculator on our homepage to try out different repayment terms with the amount you need to borrow. We offer flexible repayment terms between 3 and 6 months, and you can borrow between £300 and £600 – although returning customers may be eligible to borrow up to £1,500. The amount you can borrow is dependent on affordability, and you should only apply for the amount you need to cover the emergency expense.

If you have any questions about why we choose not to offer guaranteed loans, or about the service we do offer, you’re welcome to contact QuidMarket. Our friendly expert advisors will be more than happy to help.

Warning: Late repayment can cause you serious money problems. For help, visit: www.moneyhelper.org.uk