QuickQuid now offers funding as early as 8:00 for existing customers. Simply apply and get approved by 7:30¶ to have funds in your account straightaway!
We also offer funding at 11:00, 13:00 and 15:00. With multiple funding times throughout the day, you’re now able to get cash deposited directly into your account when it’s convenient for you!
Did you know that you can rebuild your credit score by using QuickQuid payday loan services? Each time you repay a loan from QuickQuid, you’re improving your credit score.
How does it work? Well, when you repay a cash advance on time, we inform the credit bureau1 of your timely repayments. This should positively affect your credit score. Over time, you’ll see an improvement to your credit history.2
State-backed banks are charging more for short-term borrowing than payday loan companies, according to an article in the Daily Mail.
The article states that “LloydsTSB charges an eye-watering £216.32 for someone who goes overdrawn by £150 for ten days without permission.” Instead of overdrawing your account and incurring these charges, you could borrow £150 from QuickQuid for four weeks and pay a finance charge of just £44.25.
Chris Tapp, director at Credit Action, says, “People don’t realise how expensive unauthorised overdrafts can be, as they don’t have to display the annual percentage rate (APR) which shows the true cost of borrowing.”
QuickQuid treats its customers fairly by clearly stating the APR associated with its fees. Not only are banks less transparent, but they also charge more for unauthorized overdraft fees compared to the cost of borrowing a payday loan.
Remember, a short-term loan from QuickQuid can be a convenient alternative to expensive overdraft fees, late fees or service reconnection fees. Consider QuickQuid the next time you’re faced with an emergency expense.
According to an article from www.dailyfinance.co.uk, the Office of Fair Trading (OFT) says that APR is not always an accurate reflection of the cost of a loan.
APR stands for annual percentage rate. Annual means one year. So APR is describing how much a loan would cost if the loan was borrowed for an entire year. QuickQuid only lends short-term loans. Our short-term loans are typically borrowed for four weeks. The law (Consumer Credit Act 1974) requires QuickQuid to list the APR simply for the fact that it’s a financial product, but APR really has nothing to do with a four-week loan. Yes, the 2356% APR listed by QuickQuid appears as a large percentage, but according to the OFT, the Typical APR for a short-term loan is not necessarily reflective of the amount of interest actually paid.
“A 2000% APR rate may actually be quite low,” says the OFT.
Here’s how to calculate the actual cost of a payday loan from QuickQuid:
For every £50 you borrow from QuickQuid, your loan’s finance charge will be between £10 and £14.75 per pay period.
So you can see that even though the APR is listed as a high percentage, the actual cost of a QuickQuid cash advance isn’t so high after all.
You are currently browsing the Payday Loan Blog: Cash Advances and Payday Loans @ QuickQuid.co.uk weblog archives for February, 2010.
Terms and Conditions apply. Finance charge will be between £10 and £14.75 per £50 borrowed. Typical 2278% APR. †Loan amounts are based on consumer's credit history and ability to repay loan. Not everyone may qualify for £1500 ‡QuickQuid performs traditional credit checks, while still accepting those with less-than-perfect credit. QuickQuid verifies applicant information via various national databases. §Funds will be deposited the same working day, if approved by 14:30. ¶Approval may take up to 30 minutes in most cases. Payday advances should be used for short-term financial needs only, not as a long-term financial solution. Customers with credit difficulties should seek credit counselling.
