Short term loan FAQs

short-term-loan-faq

Short term loan FAQs

This is the FAQ section that covers most of the questions you would wish to know before applying for a short term loan.  QuidMarket short term loans are a flexible and fast way to borrow money. You should only use our loans for short term purposes as they are not intended for long term borrowing. We require customers to be honest with the information they provide and only borrow what they can reasonably afford to repay. Repayments are automatic via your debit card on an agreed date. If you find yourself unable to repay please contact us for help and advice.

Q. How much can I borrow from QuidMarket?

A. New customers to QuidMarket Loans have the option borrow from £300 to £600, over 3 to 6 months. Repeat customers have the option to borrow between £200 to £1,000 with repayments from 1 month up to 6 months.

Q.How and when will I receive my money?

A. Once your loan is through approval, we will deposit the funds into your bank account. You could have access to the funds almost immediately but it should be within 2 hours of receiving our final decision. We transfer the money using faster payment service, so the receipt of funds is dependent on your bank.

Our underwriters will make every effort to keep you informed throughout the process. If applying out of QuidMarket opening hours you may not receive a response until the following working day.

Q. Do I qualify for a QuidMarket Loan?

A. If you are between 23 & 65 years old, a resident of the UK, have a current bank account with a Debit Card and in employment with a take home salary of at least £1000 per month, then you may qualify for a QuidMarket loan. All applications are subject to affordability checks.

Q. Do I qualify for a QuidMarket Loan even though I have bad credit?

A. We undertake affordability checks and assess each application on its own merits. A poor credit history will not necessarily mean we are unable to lend to you.

Q. Will I be subject to a credit check?

A. We will complete checks with credit reference agencies and fraud prevention agencies in respect of your application.

Q. Do you charge a fee to transfer money to my account?

A. We do not charge a fee for transferring your funds; we try to make our pricing and charges as transparent as possible.

Q. How quickly will I receive a decision?

A. We aim to have a provisional decision straight away, and then to let you know if you
have been approved shortly afterwards. In some circumstances, we may need some additional information before we can confirm our decision.

Q. What does ‘Provisionally Approved’ mean?

A. You have passed our initial checks and that we will pass your account to an underwriter who will come back with a final decision shortly after your provisional decision.

Q. How do I update my personal information?

A. If any of your information changes, please log in to the customer area and update your account. If you have any problems please contact us by phone: 0115 845 6434, or by email: help@quidmarket.com.

Q. What are the opening hours for QuidMarket?

A. Monday – Friday 8am – 6pm, and Saturday 11am –3pm. Customers can manage their accounts using the Existing Customer Area 24 hours a day, 7 days a week.

Q. What is a Debit Card Continuous Payment Authority (CPA)?

A. QuidMarket use the CPA to make repayments to your loan. We complete an authorisation with your bank via your debit card and debit automatically the repayments that you agree when you sign for your loan. If you cancel your CPA, then you should contact us to pay what you owe by other means. Further information on our Debit Card Continuous Payment Authority can be found under section 3 in your Loan Agreement

Q. What should I do if I think I may have difficulties paying?

A. We would strongly urge that you Contact Us, as soon as possible. If you realise you are unable to fulfil your contractual obligations under the agreement please contact us at the earliest opportunity. We are a company that prides itself on offering a personal service and you will have a dedicated account manager who will be able to help you through your difficult times. We will always do everything we can to help our customers. You could contact other impartial services for fee free debt advice. The companies we recommend are StepchangeMoney Advice Service or National Debtline.

Q. What are the consequences of not paying?

A. It is important that you pay each loan repayment on each due date. If you do not make your payments on time, we may record it as a late payments or default. We will record late payments or payment defaults with Credit Reference Agencies if you do not choose to discuss this matter with a member of the QuidMarket team. This may make obtaining credit more difficult and/or more expensive for you in the future. Where an arrangement to pay has not been agreed we might instruct a third party debt collection agency or take legal action to recover the money you owe

Q. Can I take out another loan or have top-ups?

A. We do not offer a top up service; you are however able to reapply once you repay your current loan, subject to affordability checks. We conduct affordability checks on every loan application, even if you have been a previous customer of ours. However, we designed our loans for short-term borrowing and we may not be prepared to lend if you are seeking credit on a longer-term basis.

Q. Will you contact my employer?

A. Yes, as part of our underwriting process, we must be sure we can confirm your employment status. However, we will always be discreet and never disclose any details to a third party.

Q. Why do I need to provide an email address?

A. So we can email over a copy of your loan documentation, including your credit agreement. We also send other important documentation via email, this will keep you up to date on the state of your loan.

Q. How much do I need to pay back every month?

A. At the time of loan application, we agree a pre-calculated monthly payment. We will work out the interest depending on the period you choose to pay your loan back over. We will advise before you sign your agreement the amount you would have to pay & on what pay dates.

Q. Are Quidmarket a direct lender, and will they charge me a fee?

A. Quidmarket is a direct lender and we do not charge any upfront fees and we will not charge you if you are unsuccessful. Our fees are transparent and clearly explained before you agree to our loan.

Q. Is your information secure?

A. We take the utmost care to ensure that all of our customers’ information is stored securely.

Q. Will you charge any late payment fees?

A. We do not charge any late payment fees.