Here are our most frequently asked questions with answers.
Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.ca.
Representative Example: Amount of credit: 300$ for 65 days with one repayment of 78.00$ and one repayment of 378.00$ Interest: 156.00$ Interest rate: 292% pa (fixed). 1294.1% APR Representative.
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To be eligible to apply, you must:
When applying you’ll also need to provide us with the following information:
Yes. Less-than-perfect credit does not necessarily prevent you from qualifying for a QuickQuid loan. We understand that a credit score may take time to repair, even when you have been working diligently to erase past credit mistakes. That is why we use a variety of criteria to evaluate each customer, including their credit score and recent borrowing history. If you’ve had trouble with credit in the past but have worked diligently to improve your score, we may be able to approve you for a loan.
In most cases, we will be able to make a loan decision without additional paperwork. However, there are some instances where we may need some additional information regarding your income and employment. In this case, we will request you send the required documents so that our Loan Processing team can review them manually.
For some applicants, we may need to verify income. To help process your loan, we need a recent wage slip or equivalent income statement dated within the last 30 days. You can email or send a picture of this information.
You can check the status of your application online:
You may only be eligible for certain repayment period options given your pay frequency, time of application and our requirement that loan durations be no less than 27 days. Depending on your pay frequency and time of application, you may not be eligible for a 1-period loan. Please note that your repayment dates will always be set to the dates on which you receive your paycheque.
There are a number of factors QuickQuid uses to evaluate your application, including but not limited to: an applicant’s past borrowing history, credit report, identity verification, number of outstanding loans, income and existing financial commitments, as well as the validation of application details. If an applicant does not meet all or some of QuickQuid’s lending criteria for each of the above items, QuickQuid may decide not to approve their application. If your financial circumstances change, you may reapply again in the future. Please keep in mind that each application is recorded on your credit file; too many applications over a short period of time may be seen as a red flag.
In most cases, your application will be processed within 30 minutes from the time it has been received. Loan approval depends on satisfactory completion of identity, credit and affordability checks. If approved, funds will be sent to your bank account within 10 minutes of approval. § If your bank does not support Faster Payments, funds will be deposited the same day, as long as your loan is approved by 14:30 on that day. Once you have completed a loan application, QuickQuid will send you updates via email.
Short-term loans should be used for short-term financial needs only, and not as long-term financial solution. As a responsible lender, we do not encourage the frequent use of our service. If you’re having recurrent financial problems, please see our “Where can I get financial advice?” question. Generally, the earliest you may apply for a new loan depends on your previous loan’s repayment method and is subject to affordability checks in accordance with QuickQuid’s responsible lending policy. Read on to learn more about the different payment types.
Example: Your repayment date is Friday and your full payment comes out of your account on that day. If the loan was repaid via debit card, you may be able to apply for another loan on Friday. If the loan was repaid via Direct Debit, you must wait until Wednesday before you are able to apply for another loan.
QuickQuid has a policy of one loan per customer.
There are three repayment options you may be eligible for:
We will always send a reminder email at least 3 days before each payment date.
Your repayment dates will always be set to your pay dates. You may not be eligible to apply for each period option given your pay date frequency and our requirement that loan durations be no less than 27 days.
If you have questions about your repayment options, please contact our Customer Support Team.
Please note: Before taking out a loan, you should ensure you will be able to make your payments out of your normal disposable income. If you are approved for a multi-period loan, be aware that your final payment will be larger than your previous payment(s); you may need to save disposable income from a prior month in order to make the final repayment successfully.
New customers may qualify for a loan of up to £1,000. † After successful repayment of your first loan, you may qualify for loan amounts up to £1,500. †
APR stands for Annual Percentage Rate and represents the cost of a loan over an entire year. APR can be helpful in comparing two similar loans from separate lenders because it will allow you to determine the relative cost of each loan. While the APR may be a helpful tool for comparing loans, the total cost of credit is also a valuable tool, as it will tell you exactly how much the loan will cost. See our Rates & Terms page for more information on the APR and total cost of our loan products.
Yes, by law you have the right to withdraw from your loan agreement within 14 days of signing your agreement. If you withdraw from the loan, you must return any money we have provided to you, plus accrued interest. You can withdraw from your loan by calling us on 0800 056 1515, or by emailing us at firstname.lastname@example.org.
Yes. If your application is approved on a weekend, your funds will typically be sent to your bank within 10 minutes after approval. § If your bank does not support Faster Payments, funds will be sent to your account the same day as approval so long as you’re approved by 14:30.
You can repay a QuickQuid loan over the course of 1, 2 or 3 repayment dates. Your repayment dates will always be based on the dates you get paid. You may not be eligible to choose from all three repayment options given your pay date frequency and our requirement that loan durations be no less than 27 days. You will have a chance to review all repayment dates before signing your loan contract.
QuickQuid charges a daily interest rate of 0.80% on your outstanding principal per day.
For example: Your next pay date is in 30 days. You decide to take out a 1-period loan for £100.00. You will be charged 0.8% interest for a 30-day loan term which results in £24.00 in interest. In total, you will repay £124.00 (interest + principle) on your repayment date. The total amount of interest charged on your loan depends on the number of repayment periods for your loan. For more information, visit our Rates & Terms page (link to Rates and Terms).
Yes. We run credit-application checks with credit reference agencies to verify your application information and to help us determine whether your application will be approved or declined. Credit checks also help us determine the amount of your loan offer, if approved.
Important Notice: When we run a credit-application check, it will leave a footprint on your credit report. Footprints themselves are not negative, but if a credit report shows that many searches have been done in a short period of time, it could be seen by lenders or others as a sign of identity fraud or great financial need.
Short-term loans are designed to help you bridge the gap between paydays so that you can take care of any unexpected expenses. If you need a quick cash advance to cover unexpected expenses, a QuickQuid short-term loan may be an option for you. However, you should not take out a short-term loan if you don’t think you can pay it back on time, or if you are in need of a long-term financial solution.
QuickQuid’s short-term loans are repaid in 1, 2 or 3 repayment periods and are designed to help bridge the gap between paydays. The last payment includes the principal borrowed and is larger than previous payments. Personal “instalment” loans are loans in which there are a set number of scheduled payments over time. Each payment is equal, with some percentage of each payment going toward the principle of the loan.
Those looking for financial advice can try the following free services:
QuickQuid takes the protection of our customers’ information seriously. We employ a number of technologies to protect your information, including VeriSign and McAfee, among others. To protect yourself against potential scammers who might present themselves as QuickQuid or another lender, remember you should:
Visit our Contact Us page for details on reporting complaints in reference to QuickQuid loan products, policies or services. You will also find Contact Details for The Financial Ombudsman Service, an Online Dispute Resolution Platform, and Complaints Publication Data.
You can check the status of your loan online:
QuickQuid charges 0.8% daily interest on loans. Generally, discount codes reduce this daily interest rate by a certain percentage for the duration of the loan.
For Example: You apply for a 30-day, £100 loan and are approved. You use a discount code for 10% off interest. Your daily interest then decreases by 10%, from 0.8% to 0.72%. This results in savings of £2.40 on total interest accrued on this loan.
Note: There may be other conditions and/or restrictions that apply to other promo or discount codes that we offer.
To update your bank account number, debit card details or Direct Debit details, please contact our Customer Support Team via phone on 0800 056 1515, or by live chat. Please be ready with your new debit card number or branch sort code, as well as your bank/building society account numbers. Please note that we cannot update this information via email.
To update your personal and employment information, please do the following:
To reset your password, click the “Log-In” button on the top of the page. Then:
If you’re already logged in to your account and would like to change your password, simply click on the “Change Password” link on the Account Home menu.
To ensure you receive important emails from QuickQuid, please take a moment to add our email address (email@example.com) to your address book, or to your spam “good list” or “whitelist.” Sometimes new email spam filters incorrectly categorise messages from QuickQuid as “unsolicited” and redirect them to a spam, bulk or junk email folder, or even delete them altogether. Read on for instructions on how to add QuickQuid to your address book in Outlook and Gmail:
You have the right to access and download (port) your personal records and information. This information is limited to information you have provided us and certain information generated by your activities with us. To request your data be ported, you may log into your account and choose to download and send this data. This information will be prepared in a secure format and will then be available shortly after for download. In limited instances, certain data may not be provided upon request if that personal data concerns other individuals or if providing it would result in a release of information covered by our trade secrets or intellectual property rights.
You have the right to access your personal records and information that we hold about you. For access to information provided by you or generated by your activities, you may log in to your account and choose to download this data. This information will be prepared in a secure format and will then be available shortly after for download. For a more complete list of data held about you, including data obtained from third parties, please email GDPR@quickquid.co.ukwith your request. Please note that this request may take up to 30 days to complete. In limited instances, certain data may not be provided upon request if that personal data concerns other individuals or if providing it would result in a release of information covered by our trade secrets or intellectual property rights.
You have the right to update any outdated or inaccurate data held about you, and to complete any incomplete data held by us. You may update personal details or employment data by logging in to your account or by calling 0800 056 1515.
You have the right to object to processing where processing is based solely on our legitimate business interests.
If you are currently receiving marketing communications, you are able to change your preferences at any time by one of the following methods:
Via email: Click the “Unsubscribe” link in any email communication and submit your email address on the next screen.
Via the web: Update your contact preferences in your account.
Via SMS: By following the unsubscribe link in your SMS communication.
If you object to our processing based on our legitimate business interests, please note that the processing shall cease only where your rights outweigh our compelling legitimate grounds for processing. You may request this right by emailing GDPR@quickquid.co.uk.
We use automated decision making as part of our fraud prevention, identity verification and underwriting process. This process takes into account customer stated data such as income, expense and employment information, as well as third-party data, such as credit reference data or published national household income and expense averages to judge creditworthiness of an applicant and affordability of the requested loan. Such automation ensures that each customer is treated consistently and is evaluated objectively and allows us to make fair and responsible lending decisions.
You may request our team manually evaluate your loan application; provide your opinion; or, contest the decision made by this automated processing. You also have the right to object to the automated processing for direct marketing purposes. For automated processing requests, please contact us at Privacy@quickquid.co.uk.
We will delete or anonymise data when, in accordance with our Data Retention Policy, we no longer need to process it. If we anonymise data, we may continue to use it (in anonymised form) beyond periods specified in our Data Retention Policy. You have the right to request us to delete your data sooner for a number of different reasons, for instance, if it was unlawfully processed and you may do so by sending your request to GDPR@quickquid.co.uk. We will review your request and respond within one month.
You have the right to request us to limit the use your data for a number of reasons, including if you have requested we correct data about you, you have objected to our use of your data, and if you believe your data was processed unlawfully, or if you need us continue to store your data for legal reasons related to you. Please note that in the event you request restriction, we will continue to store it according to our Data Retention Policy. If you would like to request restriction please email GDPR@quickquid.co.uk.
Top-Ups allow qualified borrowers to borrow more money on top of their current loan. You may apply for a Top-Up before paying back your original balance. If approved, your current loan will be rolled into the new loan. The additional borrowed amount will be added to your current outstanding principle balance and you will accrue daily interest on your total outstanding principle.