Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk.
Representative Example: Amount of credit: £300 for 74 days with one repayment of £88.80 and one repayment of £388.80. Interest: £177.60. Interest rate: 292% pa (fixed). 1295.5% APR Representative.
Short-Term Loans as an Alternative to Overdraft Fees
If you know that you are low on funds and have overspent the amount in your bank account, you may want to consider a short-term loan. Because short-term loans carry an interest rate that is in many instances less expensive than the cost of an overdraft fee, getting the loan in your bank account before the overdraft occurs can be a practical option.
Is a QuickQuid Loan Cheaper Than My Overdraft Fee?
Depending on the circumstances, taking out a short-term payday loan from QuickQuid to cover a necessary expense that could cause an overdraft fee may be a less costly option than incurring the fee. Quite simply, the latest figures show the average charge for a single overdraft is £451 — QuickQuid's short-term loan offering allows approved customers to borrow £100 for 28 days for a cost of £22.40. Therefore, a loan from QuickQuid can save UK customers more than half of the fee that would be assessed for an average overdraft.
How Fast Can QuickQuid Fund Me?
QuickQuid is proud to provide loans in a timely and convenient manner. Our application can be completed in a manner of minutes, and once it's submitted, you'll typically hear from us with an approval decision within 30 minutes. If approved, money will be sent to your bank account within 10 minutes after approval,§ so you can get the money before the bank tries to collect that overdraft fee.
What Does QuickQuid Offer?
QuickQuid offers short-term loans — from £50 to £1000† for new customers (and up to £1500† for existing customers) with flexible repayment options of 1, 2 or 3 repayment periods. Our loans are unsecured, and we carefully consider all applications. To learn more about our loan offerings, please visit our How It Works and Rates & Terms pages.
More About QuickQuid
Since 2007, QuickQuid has funded more than 1.4 million people in the UK. We're authorised and regulated by the Financial Conduct Authority and provide highly-trained customer support seven days a week. We pride ourselves on responsible lending and customer security, and were nominated by Credit Today as an "Alternative Lender of the Year – Mid-Short Term" in 2015. Have any questions? Please don't hesitate to contact us or visit our FAQs page.
1Hughes, K. (12 October 2016). Pressure mounts to cap runaway overdraft charges. Retrieved 20 October 2016 from http://www.independent.co.uk/money/pressure-mounts-to-cap-overdraft-charges-a7357396.html