When you need to borrow cash in an emergency, it’s important to understand the options available to you so you can make the best decision for your financial situation. You may find lenders offering guaranteed loans, but they may not be what they seem. Here at QuidMarket, we aim to help provide you with all the information you need about short term loans and in what circumstances these may help you.

Whilst we don’t offer guaranteed loans, we still think it’s important to share what we know about them. If you’re looking for a flexible loan to cover a short term unexpected expense, we may be able to help, even if you have a poor credit history.

  • New customers can borrow between £300 and £600*
  • Returning customers may be eligible to borrow up to £1,500*
  • Flexible repayment terms between 3-6 months
  • Bad credit histories welcome
  • QuidMarket is an FCA Authorised UK lender
  • No hidden fees
  • No guarantor or collateral needed
  • Same day cash transfer wherever possible
  • Quick and simple online loan application
  • Decisions made by humans, not computers

*Loan amounts and repayment terms are dependent on affordability checks

If you’re considering guaranteed loans in the UK, below you’ll find more information about this type of loan and what they can actually mean for you as a customer. This includes what you can expect with guaranteed loans for bad credit, and how our loans compare when looking for emergency funds. We want to help our customers make an informed decision about their finances, so that you can make the best choice to resolve your short term position.

Once you have learnt more about easy acceptance loans and our alternative option at QuidMarket, if you want to begin an application, just click apply now. You can use our loan calculator to choose the amount and repayment term you want to borrow, and we’ll provide a decision quickly for you.

How much do you need?

£300 £1500

For how long?

Apply Now

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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 £154.38 / Total amount payable: £454.38 in 3 instalments / 3 payments of £151.46 / Representative 1301.1% 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 Loans?

Guaranteed loans are a form of credit that guarantees every applicant will be approved, no matter what their credit score is or whether they can afford the repayments or not. They can be similar to no credit check loans in that, even if any creditworthiness or affordability checks are run, the results aren’t taken into account when making a lending decision. Otherwise known as easy acceptance loans, they can be attractive to borrowers who are in desperate need of financial help.

The issue with guaranteed loans is that they run the risk of higher default rates due to accepting all applicants. They are also unlikely to have any processes in place to help customers avoid defaulting on their loans which does not follow responsible lending guidelines. If you were not able to make a particular payment on a guaranteed loan, the lender may not be able to help with arranging an alternative payment method. It’s very unlikely you will find a guaranteed loan lender that is approved by the Financial Conduct Authority (FCA) in the UK.

If 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 or easy acceptance loans are 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, 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 – at QuidMarket we’re FCA authorised under licence number 677995 and our company name is 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 the loan is sustainable, and will not cause any further financial difficulties. 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, if you have a poor credit history you don’t need to look for guaranteed loans for bad credit. We’re happy to overlook a low credit score if you can sustainably afford the repayments of your chosen loan term, so if you are looking for bad credit loans, we may be able to help.

Ultimately, we always act in our customers’ best interests and follow responsible lending guidelines set out by the FCA. 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 at QuidMarket, you can be sure that it’s the right choice for your finances and that you have been carefully assessed first.

Eligibility for a QuidMarket Loan

To be able to see if we can help you today with our alternative to easy acceptance loans, you’ll need to fulfil our eligibility criteria. Different lenders have different eligibility criteria, so it’s always best to check this before applying. 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
  • Be in employment and take home at least £1,300 a month.

Before you apply with QuidMarket, you should check over your 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 – 6 months, and you can borrow between £300 and £600 as a new customer – 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 we can determine the loan amount and the repayment term is affordable for you, we may be able to approve your application even if you have a poor credit history. If we cannot determine this, we will have to decline. This ensures the loan is right for you rather than providing guaranteed loans you may not be able to afford to sustain. We feel this is a much better way to treat our customers fairly and we hope you agree.

Apply Today for a Guaranteed Loans Alternative

Now that you know more about guaranteed loans, we hope this enables you to make an informed, financially savvy decision. If you want to apply today for our alternative to easy acceptance loans, please click apply now to complete a short application form. We’ll give you a decision in principle quickly and see if we can help you resolve your short term emergency.

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 us. Our friendly expert advisors will be more than happy to help. For more helpful information about your finances, please visit Money Helper.

Many guaranteed loans direct lenders may advertise they can help those with bad credit, mainly as they offer a guarantee of approval. However, you should be wary about what this means for you and whether or not the lender is acting in your best interests as a borrower. Having a poor credit history shouldn’t mean choosing loan options that provide you with higher than average fees, charges, and interest. We may be able to help you at QuidMarket if you have a low credit score but plenty of affordability, so it’s best to compare your options online to find an affordable loan for you.

No lender can guarantee approval, at least those that are FCA authorised to lend in the UK. This means you won’t find any guaranteed payday loans that provide a loan without the proper checks in place first. You should be wary about applying for any type of guaranteed loans you find online, and carefully check the terms and conditions. If you need funds quickly to cover short term unexpected expenses, we may be able to help at QuidMarket. You can use our loan calculator to see if a loan with us can provide the financial help you’re looking for.

Warning: You should never pay upfront fees for a short term loan or send money in return for a short term loan. Late repayment can cause you serious money problems. For help, visit: www.moneyhelper.org.uk