How to apply
Begin your application
Applying for a QuidMarket short-term loan is simple.You can apply for a loan between £300 and £1,000, over 3 to 6 months. Our website has ‘sliders’ which allow you to define the amount and term of loan you require. Move the slider across the bar to the required amount, and then do the same for the required term. This creates a tailored loan specific to your needs. The next step is to click the ‘Apply Now’ button. This will then begin the quick application process and you will be just a few steps away from the decision.
Know your customer
QuidMarket has designed its online application form to enable us to assess your suitability and circumstances quickly. It is important that you to provide accurate information. Failure to provide accurate information when you apply could lead to a rejected application. When applying for a loan with QuidMarket, we only request essential data. This is a process called “Know Your Customer” (KYC) and is the way QuidMarket and other businesses identify and verify the identity of its customers. It is vitally necessary for us to collect this information to conform to anti-money laundering regulations and to be able to provide our customers with a loan. The application covers personal, and employment details as well as information regarding income and outgoings. The application form ends with a mobile verification and a debit card authorisation. More information is available on our FAQ page.
Underwriters have the final decision
When the short application form is complete, the application moves to the final part, the underwriting stage. QuidMarket prides itself on maintaining a personal service throughout the customer’s journey. Our dedicated team of underwriters makes our final lending decisions. They assess each application and complete thorough checks when you apply. Our dedicated team work with customers to reach our decisions and we do not just rely on ‘algorithms’.
Once we have made our final decision we will contact you via email. If you are successful, we will send the funds the same day to your nominated bank. ‘Faster Payment Service’ sends the money. The funds should be available in your account within 2 hours but usually it is much sooner. The clearing process is dependent upon the customer’s bank. It is very rare that the funds do not arrive in the account within the 2 hours. If your nominated account does not receive the funds within the 2 hours, please contact us.
Keep up your repayments
Repayments for a QuidMarket loan are took using a pre-scheduled debit card transaction called ‘Continuous Payment Authority’ (CPA). Similar to other lenders and retailers, QuidMarket make an agreement with your card provider to debit the repayment amount outlined in a repayment schedule. These amounts are set out in the credit agreement and are available to view at any time.