Getting the best solution to cover a short term expense can leave you searching through various online lenders. UK Payday lenders may provide you with the quick cash you want, but you may not find the flexibility you need.
Here at QuidMarket, we are happy to offer an alternative to payday loans with our short term loans. If you find yourself needing to cover emergency expenses fast, apply online today to see if we can help with a loan of up to £600 for new customers.
- 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 a loan may help you resolve an unexpected expense when you have no savings to help, you can start an application online today. To help provide more information, below you will discover more about payday lenders, how we can help with our alternative options, and what you’ll need to be eligible to apply.
What are Payday lenders?
A payday lender in the UK provides payday loans that can be applied for online when needing quick financial assistance. Typically, they have short repayment terms, with many requiring full repayment on your next salary date, sometimes under 30 days. For this reason, the amounts that can be borrowed are usually much smaller than other types of borrowing such as a personal loan. As the turnaround from borrowing to full repayment is short, the interest charge may also be higher when compared to other types of loans. They are a form of high-cost short-term lending that should only be used in an emergency situation. A UK payday lender can be ideal for those who have no available savings, are in between paydays, and cannot receive help from friends and family. Those looking to apply through a payday lender should consider carefully if this type of borrowing is suitable for them and that repayments can be maintained. As interest can be charged daily, having the loan over a longer period can be more expensive, and you may also be charged for any missed or late repayment.
At QuidMarket, whilst many features are similar, we offer a payday alternative that may still help cover an emergency expense, but with added flexibility. We provide loan terms between 3 – 6 months enabling you to have more manageable repayments, making it easier to repay to suit your budget. You can use our loan calculator to see how much a loan up to £600 will cost, and adjust the repayments as necessary. We do not charge any hidden fees, admin fees, processing fees – not even late payment fees, providing you with transparency on the small loan you need.
Our loans are suitable for essential emergency outgoings only, so are not ideal to cover non-essential goods and services or any existing repayments you may have on agreements elsewhere. We take responsible lending seriously as a Financial Conduct Authority (FCA) authorised lender, so we cannot guarantee a loan before performing credit and affordability checks first. We’ll need to ensure the loan is affordable for you, otherwise we won’t be able to approve your application.
Helping those with Bad Credit find an Alternative
Those with bad credit may use payday lenders to help resolve their situation, normally due to other lenders being unable to help. As many of the large high street lenders, banks, and some online lenders will use automated lending decisions, they may decline those with a poor credit history before their current finances can be assessed. This can be frustrating for some and leave them looking for alternatives.
Whilst applications cannot be guaranteed, our payday alternative may be available for those with bad credit. This will all depend on whether the loan is affordable for you and the repayments manageable during the loan term. What makes us different from other lenders is our ability to take a human approach and assess your financial situation.
At QuidMarket, we do not rely on automated lending decisions, and we do not decline based on credit rating alone. Unless you are currently bankrupt, we may be able to help those with CCJs, defaults, or even a history of arrears. However, this doesn’t mean we can provide 100% acceptance loans. We’ll need to determine whether the loan is affordable for you and will not cause you to fall into financial difficulties. If you have bad credit but your financial issues are in the past and you have plenty of affordability, our payday loan alternative may be an option for you.
Applying for a Payday Alternative
If you would like to start an application online for our payday alternative and you’ve seen an amount and repayment term suitable for your budget, you can click apply now to get a decision. You will need to meet our below eligibility first:
- Live in the UK
- Be 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
Once we have processed your application and completed credit and affordability checks, we can look to approve your loan as soon as possible and transfer the funds to your bank account. In many cases, this can be the same day, but this will depend on how quickly we can process and whether your bank supports the Faster Payments System. Any applications made outside of our business hours will be processed the following working day.
Resolve Your Short Term Issue Fast with QuidMarket
We hope we can provide the short term funds you need to resolve a financial emergency quickly. Our payday loan alternative is ideal if you prefer more flexibility with your loan options, but you will need to ensure this is carefully considered before applying. If you can afford the repayments required and confidently sustain these throughout the loan term, we may be able to approve your application.
If you have any questions, please contact us. Please visit Money Helper for more information regarding your finances and additional support if you are in financial difficulties.
How long can repayments be with a payday alternative loan?
Depending on the lender, you may only have a short time to repay in full. Traditionally, payday loans required full repayment on your next payday, however, some lenders can provide longer repayment terms if you need them. Our payday alternative provides up to 6 months for you to spread repayments, so if this is better for your budget, we may be able to help.
Can payday lenders help me if I have a low income?
If you are currently on a low income, you will need to ensure the repayments are affordable for you. Lenders cannot approve a loan for those who cannot afford to sustain the repayments, so if your outgoings are high whilst being on a low income, this will impact your available budget. At QuidMarket, if we cannot determine you can afford the loan, we will have to decline, so consider this before applying.
Can I borrow more than £600 as a new customer?
The maximum you can apply for as a new customer is a £600 loan. We can provide loans for up to £1500, but this is only for customers who have previously had a loan with us that has been fully settled. All applications are subject to credit and affordability checks first before being approved.