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QuickQuid Loans @ www.quickquid.co.uk
QuickQuid is one of the UK’s most recognisable payday loan brands, established in the year 2007. This was the first local project launched by Cash America International. This ownership has now passed hands to Chicago’s Enova International who previously managed all of the online properties of Cash America. It is not clear why the pair split, but the founding company now sticks with retail lending in 900 locations across 20 states. Enova now also competes locally with On Stride Financial and Pounds to Pocket with the latter enjoying just as much success as the payday firm in focus. Internationally, their flagship brand is CashNetUSA and DollarsDirect is also a key operation active in both Australia and Canada.
Big advertising budgets have always been thrown at www.quickquid.co.uk. TV advertising has worked wonders and they have also benefited from being one the most popular lenders partnered by brokers (as well as affiliates). Step forward to today and the QuickQuid loans have been used by more than 1 million customers. This company remains as one of the sector’s major players, but they do not command the level of dominance once held in their early years when they were battling PaydayUK for market leader status. Their first major challenge was the meteoric rise of Wonga and in recent years we have seen further big newcomers noting lenders like Peachy, Satsuma Loans and Sunny.
Things also got tricky when the FCA announced and then executed loan capping at 0.8% daily. Now this lender and every other monthly loan provider was operating on very thin profit margins. The QuickQuid loans have always stood out against the competition. They offer very sizeable loan sums between £50 and £1000. With trust earned, as much as £1500 can later be accessed. Whilst this is primarily a monthly product, the choice is there to opt for a 2 or 3 month repayment. An issue for those that do extend is that the interest rate is always fixed at 0.8% daily. In comparison, most instalment firms reduce their rates as the terms are increased.
This has historically been a 24/7 service, always open whenever the funds were required. Unfortunately this has changed, with a cut-back now being made to 7am to 10pm during the week and 10am to 6.30pm at weekends. They are still open longer than most of their rivals, but operating 24/7 was always a key service feature. Incidentally, Wonga themselves have done the same thing (we assume to cut down on staff costs). All of the essentials are in place as found at the majors and so they secure applications, there is a QuickQuid login where early settlements can be made and they hold a trade association membership (with the Consumer Finance Association).
The pricing as noted meets the cap, but first time users can get an improved deal when applying their promo codes. The saving is small at 5% (using SOC5), but this at least takes the monthly charge below £24 that is what most firms charge, with the new price being £22.80. For bad credit payday loans, this is a trusted lender with some neat product qualities. However, if a term longer than a month is required then you can get a better deal using dedicated instalment firms. You could even do this with Enova’s Pounds to Pocket. The repayment range on that side is 6 to 12 months, but early settlements can again be made with ease.
£24 /£100 (30)
£216 /£300 (3)
Pricing Examples with Promo…
£22.80 /£100 (30)
£205.20 /£300 (3)
Data Taken from www.quickquid.co.uk: August 2016.