How It Works

How it works - QuidMarket

How it works

This ‘How it works’ section provides a brief description of the QuidMarket loan process.  If you are considering applying for a short term loan with QuidMarket, please read through this page carefully.  It provides information for you to self check that you are eligible for a loan.  It also gives a brief overview of all the steps of your loan from application to the completion of your payment instalments.

Eligibility check

To be eligible to apply for a loan with QuidMarket you must:

  • Live in the UK.
  • Be over 23 years old, and under 65 years old
  • Have a mobile phone.
  • Have a UK bank account with a valid debit card and have at least 1p available credit.
  • Be in employment with a monthly take home pay of £1000 or more.

(Returning customers can log in to their Existing Customer Area to check if they are eligible for a loan.)

If you have answered “YES” to all the above then you are eligible to apply for a QuidMarket loan. If you have answered “NO” to any of the above, unfortunately we would not be able to offer a loan on this occasion. We would advise all customers, only apply for what they know they can afford and that being eligible does not automatically mean you will be approved. QuidMarket prides itself on having a dedicated team who complete internal checks and assessments before making any decisions. At QuidMarket, we value people and do not rely on ‘algorithms’ to make the final decision. You can find out more about our underwriters and the application process below.

How much can I borrow?

If you are eligible for a QuidMarket loan, you need to know how much you can afford to borrow. To help our customers QuidMarket have created slider bars. These sliders allow you to select both the amount you would like to borrow and the term of repayment. Once you have made your selection you will be able to see how much interest you will incur, what your monthly instalments will be, and the total amount you will have to repay. It is important that you understand how much you will be repaying before you finalise your application.

(Your overall interest, repayments and total to repay may be different depending on your repayment dates). Customers may repay their loan early to save on interest and QuidMarket does not charge its customers for early repayment. Our customers may also make extra payments at any time to reduce the amount of their remaining instalments, again with no charges. To find out more see below for more details.

Our short application takes only a few minutes to complete

QuidMarket only asks its customers for the essential information, so the application is simple to complete. On the final page, you will see your short term loan agreement, the pre-contract credit information and the important explanations about your credit agreement. These vital documents ensure any eligible customer has a clear understanding of the agreement. If you are happy you understand the agreement, we ask that you electronically sign at the bottom of the form and our underwriters will receive your application. Do not worry if you need to refer to the documents, as these will arrive via email. It is important you have a copy of the documents in case you need to read and understand them again.

How it works – underwriters

An Underwriter will process your application to make sure everything is in order with your loan application. If we have any questions or need to clarify any information, we will call you on your mobile phone. If we are unable to speak to you, we will contact you by text and email. Our underwriters will pay loans out straight to your bank account as soon as they have completed affordability checks.

At QuidMarket, our customers are important to us. If you need to call QuidMarket Loans to discuss your application, we have a direct Customer Service line 01158456434. You will never sit in a queue or have to go through any annoying options, as our Customer Services team will be able to help you straight away. If you would prefer to send us an email, you can contact us via

Paying us back

As part of the application process, we authorise your debit card so that you will be able to make automatic repayments, using a Continuous Payment Authority. To be eligible for a loan we check that you have a UK bank account with an active debit card.

Card details are securely stored and we will process the scheduled payments via automatic debit from your card. It is important to make the repayments to your loan on time, and if for some reason you are unable to keep to your agreement, you should make us aware at the earliest opportunity.

We have a dedicated Customer Services number so please call us to discuss your situation. We DO NOT charge late payment fees on our short term loans. If you are unable to maintain your contractual payments, you may be eligible for a payment plan. There is no guarantee that QuidMarket will provide a payment plan. This is subject to your circumstances. Not paying your loan in accordance with terms you agreed with QuidMarket could affect your credit file.  It could also have an impact on future credit applications with other companies.

Our flexible loans

A QuidMarket loan is very flexible and we provide you with the opportunity to repay early at any time. For example, if you originally agreed to pay a loan over 6 months and you find you have the money to pay it back earlier, you can do so. This will save you some interest and we do not charge you for this.

You should only make extra repayments to your loan if you can afford it. Please make sure that making extra payments will not affect paying your priority bills.

Repeat customers – how it works

If you have been a customer of QuidMarket in the past, we may already have some of your details saved. This means that Repeat customers of QuidMarket Loans can see if they are eligible to borrow much faster. Your details will be stored in our secure Existing Customer Account (ECA). You can use the ‘MY ACCOUNT’ button on our homepage or click here to access your account.

Our repeat customers are eligible for an even more flexible loan. A repeat customer can apply for a loan amount of up to £1,000 with a payment term of between 1 – 6 months. All loans are subject to our normal eligibility and affordability terms and conditions.

For those customers with an active loan, with a balance still to be paid, we do not offer a ‘Top Up’ service. To be eligible to borrow further funds with QuidMarket any existing loan you hold with us you must repay this before making any further application. It is important for existing customers to understand that repaying an existing loan does not automatically guarantee that QuidMarket will accept a new loan application. All applications are subject to the same terms and conditions as a new customer.