Who are Quick Quid?

Quick Quid is fairly typical of UK Payday Loan firms. They make short term loans to people who might otherwise not get them. In return, they charge higher interest rates, although to be fair they usually have to cover their fixed loan costs in less than one month. Quick Quid are fully licensed lenders, and promote themselves as the good people in the business.

Notwithstanding all this, Quick Quid have come in for their fair share of criticism, particularly because they are in what some traditional analysts still view as the shady end of the UK lending industry. Their nemesis could turn out to be that they have a higher loan limit than companies like Wonga, which could make them a natural target for the FSA.

The Quick Quid Difference

Quick Quid’s point of departure is that they do not try to trap borrowers with gimmicks like No Credit Check Payday Loans. Instead, they have three levels of creditworthiness with different loan costs. Their mission is to be upfront about absolutely everything they do, so that nobody gets nasty surprises down the line. They say we’re not here to rip you off, and that’s about as good as any on the web.

They don’t publish much about their background on their website, so we have no idea where they’ve come from, or where they’re going to. Perhaps they’re still in start-up mode in a London basement? Their customers don’t seem to mind, and we have to admit their disclosure page is tops when it comes to nuts and bolts.

Quick Quid doesn’t pull any other punches on that page either. Promises include working with a trusty lender, and twenty-four hours to withdraw your loan at no cost. As they say, QuickQuid simply wants to get you the cash advance that you need as quickly and easily as possible, with none of the hassles of a traditional loan.

The Flip Side

While Quick Quid’s loans are a bit cheaper than some others, and that they do offer early settlement discounts, they also point out that their penalties for non-payment are among the highest, and that their loan ceiling of £1, 500 could get some clients into trouble.

And that’s our concern about QuickQuid too. Automated systems cut out the human factor, because they aim for speediest results. That’s good because their borrowers are often in an urgent hurry. The downside is that there is no opportunity for the lender to probe whether a loan is socially responsible or not.

News Flash

Now here’s the latest news “hot off the press”. The new UK Payday Lender is The Lending Well. They may promise all the things that others do, like quick loans and best interest rates. From what we’ve heard they’ll stick to their words like glue. Why don’t you talk to them before you arrange your next Payday Loan with someone else? You might just be pleasantly supplied!