Total amount of credit £80, duration of the agreement 29 days, rate of interest 292% per annum (fixed), total amount payable (in one repayment) £98.56. Representative 1281.8% APR.
Chances are if you have been watching TV recently you will have seen an advert for the payday lender known as QuickQuid (not QuidQuick!). QuickQuid's advert shows situations where online payday loans might be the right solution for your short-term cash needs. However, much has been made recently about QuickQuid complaints especially affordability complaints. These complaints have sometimes ended up at the Financial Ombudsman Service (FOS) and have resulted in compensation or redress being paid out. This has led to third party claims management companies (CMC) targeting the payday loan sector perhaps as a replacement for the billions made from payment protection insurance (PPI) claims. Payday claims or payday refunds have become big business for these firms and QuickQuid is a major target.
We think it's important to see how payday lenders stack up against one another and one metric you could use to do this would be to look at QuickQuid reviews and compare them to ours. What are customers saying? Are they constantly asking for QuickQuid login information or QuickQuid's number to phone them on? Does that mean it is difficult to get in contact with the firm? Are they looking for a QuickQuid top up loan? Perhaps the reviews cover topics such as QuickQuid's credit check and the QuickQuid calculator?
Seeing whether you qualify or not for a loan depends on the lending criteria that each lender uses. Each loan company, even within the same sector such as high cost credit, assesses applications slightly differently. So, if you have been borrowing from one firm and then decide to borrow from another, you might not be approved. See the table below comparing 247Moneybox.com to QuickQuid and perhaps you will make the decision that our loans are right for your specific needs. If they are then feel free to make an application and we can take the necessary steps to assess your request for a loan in a responsible fashion.
Another Important topic to compare lenders on is that of fraud. Use the internet to see if there have been any QuickQuid scams. You can also check the FCA register for known scams or illegitimate firms trying to pass themselves off as legitimate companies using the credentials of the legit company. The aim is to lure unsuspecting applicants into thinking they are dealing with the legit firm when in reality the criminals are just harvesting the data and possibly bank details. The fraudsters can then sell this data on or use it themselves. Sometimes the fraud is relatively simple such as applying for credit in the victim's name (using a separate bank account to receive the funds). Sometimes the fraud is much more complex and involves numerous parties. Getting to the bottom of these fraudulent scams is tough, especially as the perpetrators can be based anywhere in the world. It is important to protect yourself online at all times so if you think there is an issue with the payday loan site you are intending to use or you suspect a QuickQuid scam then get in touch with the authorities such as the FCA or the police immediately.
The data below is accurate as at 20 June 2019