Who Are QuickQuid And What Do They Do?
QuickQuid were a payday loan provider that ceased operating in October 2019. QuickQuid provided their customers with fast access to cash with high interest, short term loans. Typically, these could cost consumers quite a lot but might have been the faster accessible alternative when customers need access to money to deal with an urgent situation.
A loan from QuickQuid could have been a payday loan or a short term loan, with the intention of tiding people over until their next payday. Experts currently say that those with outstanding QuickQuid loans should continue to meet their repayments.
What’s Changed In The Loans Industry
The is known as the HCSTC market (High Cost Short Term Credit). This is now strictly regulated by the FCA to ensure lenders and brokers adhere to criteria that protect those who might be seeking these loan products because they are in a vulnerable position. The criteria also helps to protect customers to avoid debt cycles or other negative financial behaviours that could have serious impacts in the future. A high cost short term credit loan is defined as having an APR (annual percentage rate) of 100% or more.
You can read more about the financial industry and where the HCSTC market fits in by looking at our handy infographic. It highlights the role of the regulators and could show you where to go for help, should you need it.
Understanding QuickQuid Or Quick Cash Loans
Instant loans do offer customers a certain level of flexibility, allowing them to manage or deal with a situation at hand because a successful application could mean you could get money within the same working day you apply.
Here at Wizzcash we believe customers should be able to make informed decisions when they are applying for QuickQuid or quick cash. We understand that when an emergency strikes, you should be able to make decisions relatively quickly, not impulsively. That’s why we strive to make all charges clear from the start, so you are aware of how much taking out a loan could cost you.
The first thing to understand is APR. When QuickQuid loans were available to new customers the APR was approximately 1294.1%. This is the percentage of the loan amount that you would pay as interest if you borrowed the money for a year. This figure can be difficult to interpret when it comes to short term borrowing, because the anticipated APR needs to be adjusted for the term of the loan, i.e. three months is a quarter of a year. We understand this can be tricky and whilst we do want to provide you access to quick cash, we want our customers to be completely clear on how much interest they will be paying on the money they borrow. It is a requirement of being a responsible lender that we show our customers the APR of loans they may apply for with us.
Autumn 2019 reports highlight that QuidQuid loans were incurring a lot of irresponsible lending complaints. QuickQuid boss David Fisher, said that they tried for several months work with the regulator to agree upon a sustainable solution going forward regarding the complaints but as could not find a path forward they decided to exit the market, restricting the credit for those who need emergency assistance even further. At Wizzcash, we will try our utmost to ensure everyone is aware of the cost of their loans. You can check out our loan instalment calculator on our homepage. This allows you to see exactly how much interest you will have to pay on the amount you wish to borrow as well as how that breaks down into your monthly instalments.
Quick cash loans are typically available at a lower amount in comparison to personal loans that would be spread out over a longer repayment term. The amount you are eligible to borrow would depend on your specific circumstances, but the maximum you can borrow from Wizzcash £1000 and the minimum is £200.
QuickQuid Loans With Bad Credit
QuickQuid are no longer available, as the company has ceased offering loan products to new in October 2019. QuickQuid state they have served 1.4 million customers and this collapse has reportedly left thousands of customers facing financial uncertainty. This has left many customers currently paying off a loan they had taken out with QuickQuid very confused about the protocol. It is important that QuickQuid customers know that they need to stick to their scheduled repayments, as they have committed to a loan agreement. Failing to do so could negatively impact their credit score.
After the PPI deadline expired, the FOS were no longer able to place new complaints. This means the claim management companies were looking for their next source of income. It appears that Payday loans were the next in line for a claim solution. Continuous marketing supporting claims against payday loans companies and a lack of hard rules from FOS, who kept changing their goal posts regarding how affordability should be measured, meant that QuickQuid Loans felt that investing in UK markets was no longer a good idea, and decided to exit the market.
Here at Wizzcash, we assess each application individually and will make a decision to lend based on a range of different factors. Obviously, if you have a poor track record when it comes to repaying borrowed money, or are currently struggling with longer-term debt issues, it would be irresponsible to lend to you. However, we may be able to assist you in finding out more about your credit report or put you in touch with more suitable services, that might be able to educate you about the effects of a short-term loan or why they should not be used as debt consolidation.
When someone applies for a loan from us, we complete a number of checks that are designed to establish your suitability for a loan, these ensure that you are able to pay back the loan. The checks that we complete are as follows:
- Identity checks to confirm you are who you say you are
- Affordability checks to confirm that you are likely to be able to repay the amount you borrow
- We will perform a credit check
Loans Like QuickQuid
The premise of our fast loans is similar to the QuickQuid loans, but we do things a little different. QuickQuid were FCA authorised but so are we. As a Financial Conduct Authority (FCA) authorised lender, we are required to operate to strict standards when dealing with our customers. Being FCA authorised means that when you deal with us, we are required to:
- Give you clear information about your loan interest rates, repayment amounts, APR and any other costs and charges we apply.
- Take reasonable measures to minimise the risk of lending to people who can’t afford to pay us back.
- Cap the penalties for late or missed repayments.
- Act in an honest manner and with integrity.
What Loans Do We Offer That Are Similar To QuickQuid
Wizzcash offer short term loans as well as payday loans. Although they might be known as different names by different people, these are the two basic loan types. The difference between the two is the repayment periods; a payday loan needs to be repaid on the day your next cheque comes in, typically. Whilst a short term loan usually has a repayment term of 3 months.
Can I Apply For A Wizzcash Loan As An Alternative To A QuickQuid Loan?
As a responsible lender, the loan products that we offer are only available to people who we are confident will be able to repay their loan in the approved time-scales. Late or missed payments will result in additional charges being applied. To keep the chances of this happening as low as possible, we have a number of criteria which people applying for loans from us must meet before their application for a payday loan is considered.
The minimum requirements to apply for an instalment loan are that individuals must:
- Be over the age of 18
- Be a UK resident
- Be in some form of paid employment with a minimum monthly income of £750
In addition, we carry out a number of other checks to ensure that we lend responsibly.
Wizzcash.com is a payday loan direct lender. This means if you have a successful loan application with us we will communicate and lend directly to you. In the event that we are not able to help you, we are also a broker and we will link you to panel of consumer credit companies who might be able to offer you: loan products, with loan terms from 1 to 36 months, loan comparison websites to give you access to the comparison of loan products or credit reports companies to help you understand credit ratings and make informed credit decisions. We will never pass on your card details to any other organisation.