Launched in 2011, QuidMarket specialises in offering loans to people who are in short-term financial difficulty and are struggling to get credit from mainstream lenders or banks. QuidMarket doesn’t make its loan decisions based on credit history alone. It will also take into account your individual financial circumstances and ability to meet the repayments.
You can apply online and will get an instant decision, even if you have a poor credit rating. Once approved, you can expect the money in your bank account on the same day. If you make your repayments in full and on time, you can rebuild your credit history. This could give you more options for a loan in the future.
QuidMarket is a direct lender, authorised and regulated by the Financial Conduct Authority.
Warning: Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk.
Please note: High-cost short-term credit is unsuitable for sustained borrowing over long periods and would be expensive as a means of longer-term borrowing.
Short term or “payday” loans from companies such as QuidMarket are a very expensive method of borrowing. Therefore, you should only consider this option as a last resort. Short term loans are unlikely to solve your money problems in the long term, and are not suitable for borrowing over longer periods, or for people with serious debt problems.
Before you apply for a short term loan, make sure you have considered all other options carefully. Is the expenditure that you’re planning absolutely essential? If you can defer a purchase then you could save yourself money in the long run. If you are struggling to pay a bill, then try talking to your electricity, gas, phone or water provider to see if you can work out a payment plan. Read more about alternatives to payday loans at moneyadviceservice.org.uk.
| Product Name | QuidMarket Short Term Loan |
|---|---|
| Available Amounts | £300 to £1,500 |
| Representative APR | 1,303.1% |
| New customer maximum | £1,500 |
| Loan terms | 3 months to 6 months |
| Maximum APR | 1,623.9% |
| Soft search eligibility check | |
| Employer contacted during application | |
| Instant decision in most cases | |
| Funding speed | If your application is approved, you can usually expect the money to be in your account on the same day. If you apply outside of business hours, your loan will be funded the following day. |
| Repayment period options | Monthly,Weekly |
| Default repayment method | Continuous payment authority |
| Repay early at any point | |
| FCA registration number | 677995 |
You should only apply for a QuidMarket loan if you are certain you can meet the repayment terms. You must also:
| Residency | UK resident |
|---|---|
| Minimum age | 23 |
| Min. income | £1,300 a month |
| Additional eligibility notes | You must have a bank account with a valid debit card and a mobile phone You must be in employment |
Like most short term loan providers, QuidMarket uses a continuous payment authority (CPA) to collect the repayments from your bank account on your chosen dates.
A CPA is a recurring payment in which you give a company permission to withdraw money from your account on a regular basis.
CPAs differ from direct debits because they give the company being paid the ability to withdraw money from your account whenever it wants, and to take payments of different amounts without consulting you. Most payday loan companies will use CPAs to collect your repayments, although you can cancel this at any point by either consulting with your provider or your bank.
| Option to change repayment date | |
|---|---|
| Repay early at any point | |
| Repaying early can reduce overall interest | |
| Interest is only applied to days where funds are outstanding | |
| Multiple loans allowed at the same time | |
| Phone number | 0115 8456434 |
In 2015 the Financial Conduct authority (FCA) capped interest and fees on all high-cost short-term credit loans at 0.8% per day.
It additionally capped all default charges at £15 and the total cost (interest, fees) of loans at 100% of the original sum. This means you’ll never have to pay more than double the amount borrowed.
Browse our collection of payday loan guides, designed to answer all of your short term loan questions and help you find the right payday loan.
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