Vanquis are a company that offer credit cards to help applicants improve their credit. They are typically aimed at people with poor credit history, so they carry a higher interest rate and APR than many other credit cards. At QuidMarket, we do not offer credit cards like Vanquis, but instead, provide short term loans for those with unexpected finances to cover. Our loans are not a suitable way to build your credit score, and should only be used in an emergency.
To help you make an informed decision about which lender to apply with, we want to offer a thorough view of the market and offer a comprehensive comparison. On this page, we will cover Vanquis credit, the type of credit they offer, and why you should consider QuidMarket in your Vanquis loans search. Hopefully, this will help you to make an educated choice about whether Vanquis or an alternative lender is best for you and your situation.
Who Are Vanquis?
Vanquis are part of the Provident Financial Group with over 19 years of providing credit. Vanquis provide a number of different credit cards, but their most popular is the credit builder card. The credit builder Vanquis credit card is used with the intention of building up your credit score. This is a long term strategy that has the potential to take years and has the purpose of aiding credit applications in the future. This means that it is not suitable for those who are interested in short term lending or covering temporary financial issues.
If you have an unexpected financial emergency to pay for, QuidMarket may be able to help. We offer short term loans that are based on affordability, rather than focusing solely on an applicant’s credit history. We will assess your monthly income, essential spending and other financial commitments to ensure that you will be able to comfortably make repayments. We pride ourselves on keeping our customers’ best interests at heart, so we offer a personal approach to our affordability checks to make sure nothing is missed. If we feel like you would struggle to meet the monthly instalments, we would need to decline your application for your wellbeing.
How Do Vanquis Credit Cards Work?
As with all credit cards, a Vanquis credit card is a way of borrowing from the lender. Just like using a debit card, you can use the card to spend on whatever you like. However, instead of spending your own money, you are borrowing it from Vanquis credit. You can choose to pay off what you have spent straight away or you can wait to make repayments. If you decide to wait, you may have to pay interest on what you owe.
However, the Vanquis credit cards tend to be aimed at those with bad credit because they can help to build a poor credit score. By making monthly repayments, this shows that you take borrowing seriously and are responsible enough to set money aside each month. It also helps to pay on time and keeping your Vanquis credit utilisation low to boost your credit rating, so they are an option for those with bad credit.
At QuidMarket, we personally look at every application and will consider all applications, even if a prospective borrower has bad credit or CCJs. By assessing your affordability, we can make sure that you will be able to comfortably meet monthly repayments. While we never like to decline an application, if we feel like you would struggle, we would need to turn down the loan for your own wellbeing. However, if you are accepted and make the repayments on time, you may see a boost in your credit score.
How Long Does It Take To Get A Vanquis Credit Card?
By filling out the Vanquis application form, you should be able to provide the necessary information within a few minutes. Once you have submitted, you will get a call back to inform you of their decision. If you have been accepted, your Vanquis card and PIN should arrive within 10 to 14 working days, according to their website.
We aim to have a lending decision within 2 hours of your application being submitted within working hours. This is because we take a personal approach to each application, rather than using automated computer programmes. We make the relevant checks to ensure that each applicant can afford the repayments, but once you have been approved, we will deposit the funds directly into your bank account. We use a Faster Payments System (FPS) and so the money is typically available in your account within minutes of being transferred, making our loans ideal for quick cash fixes.
Why Choose QuidMarket?
If you are looking into alternatives for Vanquis loans online, we may just offer the solution. Despite this, we still recommend that you shop around and research into various loan providers to make the right decision for your situation. Here are a few reasons why we think you should consider QuidMarket in your list of potential providers:
Options For Bad Credit
Like Vanquis loans, we offer short term loans for those with poor credit. We consider all applications made through our online form and take a human approach to determine affordability. We base our bad credit loans on your ability to make repayments to avoid leaving you out of pocket, so we evaluate your regular monthly income, essential spending and any other financial commitments. If you require a quick cash loan to cover an emergency cost, we may be able to help.
Flexibility
At QuidMarket, we pride ourselves on going above and beyond for our customers to make sure that our loan options are as flexible as they can be. We offer all of out potential applicants the option to pay their loan over a period between 3 to 6 months that suits them, as well as provide the perfect amount of cash for any emergency. Our short term loans start at £300 and rise up to £600 for first time applicants, with a variety of amounts in between.
No Hidden Fees
Honesty is the best policy, so we offer full transparency. There are no hidden fees or nasty surprises with our loans, so what you see on the application form is what you pay. We do not charge late payment fees or any upfront costs, so you can be sure that the amount you see in the repayment plan is all you need to pay.
FCA Authorised
If a lender does not carry accreditation from the FCA, they should be approached with caution. We are proud to be fully FCA authorised, and recognised as a reputable and trusted lender.
We want you to be completely confident in your decisions, so there is no rush for you to make a choice. However, if you have been looking for alternatives to Vanquis loans online, there are plenty of options available, including QuidMarket. Our short term loans have been designed to be easy to manage over a 3 to 6 month period, so they are perfect for temporary financial issues. Find out more about our alternatives to Buffa Loans and Vanquis. If you have any questions, you may be able to find the answer on our FAQs page. If not, please contact us at QuidMarket and we will be happy to help.