QuidMarket are short term loans specialists. This type of loan typically carries a higher interest rate than bank loans. However, they may be suitable if you are in need of cash for a short amount of time, particularly if you have bad credit. Whilst high interest loans may not be suitable for everyone, we offer tailored solutions to ensure that the repayments are sustainably affordable for each customer.
You may find that other methods of borrowing are better cheap loans options, such as using a credit card or taking out a loan from a credit union, may offer lower interest rates. However, if these options are not available to you, our loans are designed to help you get the cash you need.
While many other lenders use automated processes to come to a lending decision, we take the time to personally process every application at QuidMarket. This means that even if you have poor credit or have been turned down by other lenders, we may still be able to help you.
- No guarantor required
- QuidMarket is an FCA Authorised responsible lender
- 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
- No hidden fees
- Bad credit applications considered
- Quick and easy applications
- Decisions made personally by humans, not computers
*Loan amounts and repayment terms are dependent on affordability checks
What Are High Interest Loans?
A high interest loan is a type of loan that usually has a short term. There are a variety of high interest loans available, including payday loans and short term loans, and each are usually designed to cover emergency costs. They tend to be easy to access and quick to approve, which may make them attractive to those in unexpected financial difficulties.
At QuidMarket, we offer high interest loans for short term cash flow issues, so they may not meet every budget. However, we do offer a flexible approach to the application process. By following our online application form, you will be able to toggle the amount of money you need and the length of time you would like to borrow. You will be able to see the full amount that will need to be repaid, with the monthly repayment plan explained to you in detail if you are approved.
Our high interest loans are also based on affordability, so we will assess your current income, essential monthly spending, and other financial commitments. This will help us to determine whether you could sustainably make repayments without being left out of pocket. While we do look at your credit history, this is not what we solely base our final decision on, so if you are looking for a temporary cash solution, we may be able to help.
Am I Eligible For A QuidMarket Loan?
To take advantage of our loans, 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 are in employment with a take home salary of at least £1,300 per month
- You have a current UK bank account with a debit card
If you meet these requirements, we will be able to start the process, beginning with our application form. Every application will undergo affordability checks to make sure that you will not be left out of pocket, and extra documentation may be required to prove your eligibility. Please make sure that you fill out the form carefully to avoid mistakes and ensure a smooth approval process. We will run checks with Credit Reference Agencies and Fraud Prevention Agencies, so the process could be hindered if corrections are needed.
We never like to turn applicants away, but it is key to remember that we offer a high interest loan solution for temporary cash issues. If we feel that you would struggle to meet repayments, it would be necessary to decline your application to help you avoid financial difficulties. Missing repayments on your loan instalments would need to be recorded on your credit file, which may make it more difficult to be approved by future lenders.
High Interest Loan Alternatives
We understand that a high interest loan over a short term may not be the best solution for everyone, so if you need a more affordable option, here are some alternatives:
- Use Savings – if you have a considerable amount of savings, it may be worth considering using this option to cover your unexpected financial issues. By using your own savings, rather than searching for a high interest loan, you can pay for your emergency without worrying about having to pay back any interest.
- Personal Borrowing – if you have a temporary cash flow issue, borrowing emergency money from a family member or friend can help you to avoid paying high amounts of interest. Make sure that you put your agreement in writing, work out a budget and repayment plan, and discuss what will happen if you are late with repayments.
- Use A Credit Card – you may be able to find a credit card that offers a 0% interest period, so if you can cover your emergency and repay before the interest-free period ends, you can avoid paying any interest at all.
- Borrow From A Credit Union – credit unions offer their members an affordable way to borrow and keep their members’ best interests at heart. There is a cap on how much interest they can charge – 3% a month or 42.6% a year APR across England, Scotland and Wales.
However you choose to cover your financial difficulties, it is essential that you make sure you can make the required payments. If you are worried about meeting the repayment terms on your loan, please seek support from organisations such as the Money Advice Service.
Choose QuidMarket For Your Loan
With QuidMarket, you are in safe and reputable hands. We have made the application process for our loans simple, so that we can take the time to assess each submission for affordability. Although our loans are high interest loans, we will always be thorough in checking your affordability to ensure you can comfortably make repayments. If you did not believe that you could meet repayment terms, we would not approve your application for your own wellbeing. Here are a few more reasons why you should consider QuidMarket as an option:
- Flexibility – we strive to keep our loans as flexible as possible for all applicants, offering each individual the chance to repay their loan over a term that suits them. Whether the loan is required to cover a temporary cash flow issue or an emergency, our short term loans are designed to help.
- Options For Bad Credit – not every lender offers bad credit loans, but because we are dedicated to personally assessing each application, we may be able to help. Instead of viewing your whole credit history, we focus on your monthly income, essential spending, and financial commitments to determine your affordability.
- FCA Authorised – we are proud to be FCA authorised, which means that we are a trusted lender. If you approach a lender that doesn’t carry this type of accreditation, please do so with caution.
If you have any more questions about high interest loans or the types of loans we offer, you may be able to find the answer in our FAQs. If not, please contact us and our friendly team will be on hand to help.
A loan with a high rate of interest should only be applied for in certain circumstances and if the applicant is fully aware of the terms. You should avoid applying for loans without knowing how much they will cost you, as you could be agreeing to pay back much more than you first expected. At QuidMarket, we provide transparency to applicants so you can see how much the loan you want will cost you. We do not charge any additional fees either so you can see the total amount to pay before proceeding with an application.
At QuidMarket, our loans are for short term use which is why we offer repayment terms between 3 to 6 months. They are not designed for long term borrowing due to the higher interest rate, so the quicker you can repay the loan, the less you will have to pay in total. Please note, whilst choosing a longer term may reduce your repayment value each month and make it more affordable, you could end up paying more back in total.
If you have a high interest loan over a long period, the total amount payable could be much higher. If you can settle a loan sooner and you can afford to do so, you should look to repay any loans with high interest as soon as possible. This way, whilst you may pay a larger sum in one go, you will save money in the long term on the interest charge. Most lenders will allow you to settle a loan balance in full earlier than the repayment term if you contact them. Some lenders may charge an early repayment fee to do so, but at QuidMarket, we do not charge this.
Just like a payday or personal loan, a high interest loan is not guaranteed to be approved. Whilst it will charge a higher rate of interest, this does not mean the applicant is guaranteed to be successful or a credit check is not required. Here at QuidMarket, we can help those with bad credit find the loan they need in a short term emergency. However, you will still be subject to a financial assessment and credit checks, so if we cannot determine you can afford the loan, we will have to decline your application.