Frequently Asked Questions

• Finance charge

  How is my finance charge determined?

  QuickQuid uses 3 rate tiers: Excellent, Good or Average.
  
  The tier that you qualify for is determined by QuickQuid through various factors including, but not limited to, your credit history, employment history and loan repayment history.

  What is the loan finance charge?

  You are charged a flat finance charge for the use of a payday loan. On your due date, you will need to repay this finance charge as well as the loan amount you initially borrowed. A two-period loan contains one finance charge for each repayment.
  
  See Rates & Terms for a detailed explanation of finance charges and repayment amounts.

  How can I improve my finance charge rate tier?

  Your rate tier may improve as you build your loan repayment history with us.

  What is an APR? And what does it mean for me as a customer?

  An APR is an annualised percentage rate for a loan that would have been borrowed for a full year. Since our loans are borrowed for as few as eight days and limited to your pay date frequency, you will never be charged for a full year. Your loan is for a small duration with fixed, upfront finances charges between £10 and £14.75 per £50 borrowed. There are no extra charges or hidden fees.

• Loan process

  When will my loan be due?

  The QuickQuid payday loan is either a one or two pay period loan. Payments will be due on your upcoming pay dates. You will have a chance to review all repayment dates before signing your loan contract.
  
  If you need to adjust your due date after your loan is issued, you may do so by contacting our Customer Service team at 0808 234 4558.

  Will borrowing from QuickQuid affect my credit score?

  QuickQuid reports loan information to a UK credit bureau. If you repay your loan on time, this information will be reported and should have a positive affect on your credit. A missed and/or late payment may have a negative affect on your credit.
  
  Please note that QuickQuid reports on the repayment of each loan that you take. If you repay multiple loans, there will be multiple entries on your credit report.

  What if I don't have perfect credit?

  Less-than-perfect credit will not prevent you from receiving a payday loan from QuickQuid.^‡ Loan amounts are offered based on your consumer credit history and your ability to repay the loan. If you have less-than-perfect credit, QuickQuid may be able to help. This may be true even if you have been turned down by other lenders in the past.

  How much money can I receive?

  Your initial loan amount is based upon the information you provide in your loan application. After successful repayment of your first loan, future loan amounts may increase.
  
  New customers can qualify for a loan amount up to £1000.^†
  Future loan amounts may increase up to £1500.^†

  Does QuickQuid run credit checks during the loan approval process?

  Yes. We run credit checks to verify your application information and to help determine the amount of your potential loan.

  I’m not receiving emails from QuickQuid. Why?

  To ensure you receive important emails from QuickQuid, please take a moment to add our email address support@quickquid.co.uk to your address book or to your SPAM “good” list or “whitelist”.
  
  New SPAM email filters may incorrectly categorise messages from QuickQuid.co.uk as “unsolicited” and redirect them to a bulk, junk email folder or delete them entirely.
  
  Below are links to instructions on how to add QuickQuid to your address book for popular email providers.
  
  Yahoo Users
  Hotmail Users

  How many loans can I borrow at one time?

  QuickQuid has a policy of one loan per customer.
  
  If you currently have an issued loan, you may request a new loan, but you will not be funded until your issued loan is paid in full. You can also request an extension instead of a new loan.

  Once I pay off a loan, how soon can I receive another loan?

  Your loan’s repayment method determines how soon you can receive another loan.
  
  DEBIT CARD REPAYMENT: If you pay by debit card, your payment will clear the bank in seconds and you can apply for a new loan immediately. The new loan will normally be funded to your bank account within 10 minutes or less.^§ If your bank does not support Faster Payments, funds will be deposited the same day, if approved by 14:30.
  
  DIRECT DEBIT REPAYMENT: If you pay by Direct Debit, it will normally take two working days for your payment to clear the bank. Once the payment clears, we can issue you another loan. The new loan will be funded to your bank account the day after payment clears.
  
  Example: Your due date is Friday. Your full payment comes out on that date.
  - If the loan was repaid via debit card, you will be funded on Friday.
  - If the loan was repaid via Direct Debit, you must wait until Wednesday to be funded.

• Most popular queries

  When will I receive my loan? How can I check my loan status?

  In most cases, your application will be processed within 30 minutes from the time it has been received. Approval will depend on satisfactory completion of fraud and credit checks. Funds will be sent to your bank account within 10 minutes or less from the time your application has been approved. QuickQuid 10-Minute Money^§ is available 24 hours a day, seven days a week, even on bank holidays. This is dependent on your bank supporting Faster Payments. If it does not support Faster Payments, then funds will be deposited the same day if your loan is approved by 14:30.
  
  Once you have completed a loan application, QuickQuid will send you updates via email. You may also check your loan status online:
  
  1. Log into your account using the Return Customer Login at the top of the screen.
  2. You will be directed to your Account Home page.
  3. The top of this page will contain information on your current loan, including current loan status.
  
  

  What if I don't have the money in my bank account to pay off the loan?

  You must contact us immediately to set up payment arrangements. If your loan payment is rejected for any reason by your bank, we may initiate collection procedures and you will be prevented from receiving future loans from us until all of your payment obligations are met in full.

  I lost my password. How do I reset it?

  Click reset your password and then follow the steps below:
  
  1. Enter your email address and click the “Send My Password” button.
  2. A new password will be sent to your email address.
  3. Log into your account with your new password where you'll be required to update it.
  
  If you are already logged into your account and would like to change your password, simply click on the “Change Password” link on the Account Home menu.

  What if I need to extend my payment?

  Payday advances should be used for short-term financial needs only, not as a long-term financial solution. Loan extensions are granted at the discretion of QuickQuid. To see if you are eligible for an extension, please log into your account using the Return Customer Login at the top of the screen. If you are eligible for an extension, the "Extend My Loan" button will appear on your Account Home page. Click the button to begin the extension process.
  
  When extending a loan, the finance charge for the original loan must be paid on the original due date. Your loan principal will then be deferred until your following pay date along with an additional finance charge. However, we suggest you pay as much as possible on your original due date to reduce further charges.
  
  If your payment method is Debit Card, you must extend at least one business day before your due date. If your payment method is Direct Debit, you must extend at least three business days before your due date.

• Payment options

  How do I pay my loan in full at the first payment date?

  When you apply for a new loan, select the “One-Period Loan” option. Your loan will have a single repayment date.
  
  If your loan is already issued, you may request an early repayment by contacting our Customer Service team round the clock at 0808 234 4558.

  What are my repayment options?

  You will have two repayment options to choose from when you apply:
  
  • If you choose the “One-Period Loan” option when you apply, your loan amount and finance charge will be debited from your bank account on your next pay date.
  • If you choose the “Two-Period Loan” option, a finance charge will be debited on your next pay date. The loan amount and a finance charge will be debited from your bank account on your following pay date.
  
  We will always send a reminder email prior to your due dates.

  How does a Direct Debit Authorisation payment work?

  The Direct Debit Authorisation behaves the same as a cheque. QuickQuid presents the Authorisation to your bank. Your bank will then send the specified payment amount to QuickQuid to satisfy the loan agreement.

  Why do you need my debit card information?

  QuickQuid must have a way to debit your loan repayment on your specified due date. Debit cards allow for faster loan repayment and will reduce the time you need to wait if you wish to take out a new loan. For those who do not have a debit card, we offer Direct Debit Authorisation.

• Updating your information

  How do I update my customer profile?

  To update personal information on your customer profile, please do the following:
  
  1. Log into your account using the Return Customer Login at the top of the screen.
  2. Click on the corresponding link under “Account Details” in the “Manage Your Account” section.
  3. Make the change and click “Update”.
  
  Please note that some information cannot be updated unless you contact our Customer Service team at 0808 234 4558.

  How do I update my bank information?

  To update your bank information, you must contact our Customer Service team via phone at 0808 234 4558 or chat live online. Please have the new branch sort code and bank/building society account numbers available.