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QuickQuid is one of the most reputable short-term loan companies in the United Kingdom. CashEuroNet UK LLC uses this company for lending loans to people in the United Kindom.
Types of loans
Payday Loans: The company offers short-term loans with 3 months payment period. Repayment is expected to be 3 instalments but a borrower can consider making a single full payment to prevent accumulation of interests if he can afford it. Otherwise, the customer can repay about 2 or 3 times to make the payment easy.
Flexicredit Loans: The repayment for Flexicredit is 10 months. This makes the monthly repayment to be smaller than that of Payday loan. However, the long payment period makes it a bit expensive as the customer will pay higher loan than that of Payday loan.
QuickQuid offers new customers the opportunity to apply for £1,000 while existing ones can borrow the maximum loan amount of £1,500. This principle applies to both those applying for Payday loans or Flexicredit loans.
If your application is approved, you will have the money in your account in less than 10 minutes although it can take up to 30 minutes before the application is approved. If your bank’s policy does not allow fast payment, you will receive it around 2:30 pm that day or the next day, depending on when you submit your application.
What do they charge?
The fee charged on each loan varies based on some factors. If you intend to repay the loan in a month, the fee charged will be between £25 and £29.50. This amount will be charged per £100 for 30 days. This is determined by the tier that you belong. Some of the factors that determine the tier a customer belongs to are credit history, repayment history, employment history, and some factors determined by the company. Customers at the lowest tier level pay a higher fee than those at the top of the tier. The longer you take the loan, the lower your monthly repayment and the higher the total amount you will pay.
There is a difference between short-term loans and long-term loans. In the former, there will be a fixed monthly fee to be paid with the loan amount. Regardless of the when you pay before the due time, the repayment amount remains the same. The latter is different. Interest increases according to the duration of the loan.
General loan information
No hidden fees: The company charges no optional or extra charges apart from the stipulated charges covered by the terms and conditions of the loan.
Penalties: If you missed a payment, QuickQuid will charge you a penalty of £12 for each missed payment. This will also affect your interest as it will continue to increase. Defaulting attracts a very stiff penalty as you may have to pay the legal bills incurred during legal claims.
You can always get in touch with the company if you are in need of a loan or have some questions to ask. You can get their email address, phone number for contacting them.