Customers Save Money with QuickQuid
London, England – The Office of Fair Trading report published June 2010 stated payday loans can be cheaper than unarranged overdrafts.1
According to the OFT, “Customers of payday loans often take them out in preference to unarranged overdrafts which can be more expensive.”2 Unarranged overdrafts can be very expensive for Britons in a bind, and the BBC estimates British banks generate £2.6 billion a year from unauthorised overdraft fees.3
A uSwitch report published in June 2010 revealed that approximately 1 in 3 banking customers had overdrawn their accounts. In addition, 2 million customers experienced unauthorised overdrafts at least 4 times a year, which cost an average of £70 per occurrence.4
A short-term loan from QuickQuid provides Britons a much better alternative. For example, a £100 unauthorised overdraft taken for 15 days would cost £50 or more at most High Street banks. In contrast, a £100 QuickQuid payday loan borrowed over 15 days would cost only £18.75.
“QuickQuid customers are savvy internet shoppers who understand that our short-term loans are cheaper compared to unarranged overdrafts,” says Alex King, Managing Director of QuickQuid. “Our customers value our service and the cost savings we generate for them.”
To echo Mr. King’s comments, several QuickQuid customers voiced their appreciation in June 2010:
“I was able to get the cash I needed for only a small fee instead of over a hundred in overdraft charges!” – Lucy M.
“…when I went £28 overdrawn for 6 days they [the bank] charged me £105 and failed to inform me,” said QuickQuid customer Graham E., who vented his frustration with the lack of notification from his bank. Graham went on to voice his satisfaction with QuickQuid, “QuickQuid dispatched the loan amount in the same day, saving me hundreds of pounds in banks fees and overall costing around £30 – £40 to borrow the money. If QuickQuid were not so quick to help and reasonably priced I would still be sinking in bank fees today.”
“QuickQuid hasn’t just saved me money, it’s given me more freedom too. Without the worry of overdrafts and missing payments on bills to incur charges. The company is a blessing, really.” – Kate S.
QuickQuid has generated significant cost savings for Britons since 2007 after having issued more than 500,000 payday loans. It is encouraging that the OFT recognises the cost savings the payday loan industry provides to Britons temporarily short on cash.
You can find out more at www.QuickQuid.co.uk. Also, you can contact Andrew LaPointe at 0808 101 7453 or email media@quickquid.co.uk.
1 “Review of high-cost credit”, Office of Fair Trading, June 2010, p.19, section 2.12
2 “Review of high-cost credit”, Office of Fair Trading, June 2010, p.19, section 2.11
3 “Banks win Supreme Court Case on overdraft charges”, BBC, 25 November 2009 http://news.bbc.co.uk/2/hi/8376906.stm
4 “Do banks profit from your overdraft”, 17 June 2010, http://www.talktalk.co.uk/money/features/bank-account-overdrafts.html
