QuidMarket Review 2021 – Is it Recommended?
Are you looking to obtain a short-term loan, but your credit profile is less than ideal? If so, you might be forced to use a lender that specializes in bad credit applicants. One such example of a loan provider that looks beyond credit scores is that of QuickMarket.
The UK lender allows you to borrow between £300 and £1,500, with loan terms starting at 3 months, up to a maximum of 6 months. As such, if you’re looking for a bit more flexibility in repayment terms than the best payday loans lender will typically offer, QuidMarket might be up your street.
However, the interest rates charged by QuidMarket are nothing short of astronomical. Therefore, we would suggest reading out comprehensive QuidMarket Review prior to starting your application. We’ll cover the ins and outs of who is eligible, interest rates, how the application process works, repayments, and more.
What is QuidMarket?
Founded in 2011, QuidMarket is an online-only lender that specializes in short-term loans. With that said, it markets its loans to those that have a somewhat dampened credit score. As such, if you’re looking for financing but the high street banks have turned you away, QuidMarket might be able to help.
The lender allows you to complete the entire application process online, although in some cases, you might be required to provide supporting documentation. Nevertheless, you can borrow from just £300 at QuidMarket, up to a maximum of £1,500. This covers a loan term of between 3 and 6 months, with repayments made on a monthly basis.
This is beneficial if you are looking for a loan, but don’t have the financial means to repay everything back when you next receive your salary. Instead, you have the option of spreading out the payments. While it is notable that QuidMarket will look at factors other than just your credit score, it will still need to perform a hard credit inquiry.
This means that the application will be reported to the main three credit bureaus, regardless of whether or not you are approved. Most importantly, QuidMarket is known to charge extremely high rates of interest. In fact, the platform lists a representative rate of 1,301%, which is huge.
How Does QuidMarket Work?
In a similar nature to other short-term loan providers like Peachy Loans and Loan Skipper, you can apply for a QuidMarket loan online or via your mobile phone. To get the ball rolling, head over to the QuidMarket homepage and set up your loan parameters. Once you have selected how much you wish to borrow and for how long, click on the ‘APPLY NOW’ button.
You’ll now be asked a number of questions pertaining to your identity. This will include your full name, date of birth, home address, mobile number, and email address. Next, you’ll then be asked about your employment. This will include the amount that you earn after-tax, the length of time that you’ve worked at your current job, and when you next get paid.
The final stage of the application process will ask you about your affordability levels. This will centre on your monthly outgoings – such as how much you spend on rent, utilities, and any other outstanding debts that you may have. Once you submit the application, QuidMarket should give you a decision in less than a minute. If you are approved, you will be able to view your loan terms on-screen.
This will include the amount that QuidMarket is happy to lend you, and at what interest rates. If you’re happy with the terms offered and want to proceed, you’ll need to enter your UK bank details and the debit card that’s linked to the account. Finally, once you sign the digital loan agreement, the funds should be transferred later in the day.
How do I Repay my QuidMarket Loan?
As is the case with most short-term loan providers active in the space, QuidMarket will ask you to set up a continuous payment agreement (CTA). This operates in a similar nature to a direct debit, albeit, you are giving QuidMarket authorization to take the repayments from your debit card. On the one hand, this ensures that you never forget to make a payment and thus – avoid the risk of a late payment fee.
However, CTAs differ from a direct debit, insofar that the lender can take payments whenever they want. Moreover, it also permits payments to a different amount than you had originally agreed. For example, if you failed to make your £200 repayment because there wasn’t enough money on your debit card, QuidMarket might attempt to take £150. With that said, a CTA does not allow QuidMarket to take more than what is owed, and as stated in the loan agreement that you signed.
What Types of Loans Does QuidMarket Offer?
The only loan type that QuidMarket specializes in is that of short-term loans.
✔️ Short-Term Loans
Short-term loans are similar to personal loans, as they allow you to repay the borrowed funds over a longer period of time. Moreover, the repayments will also be on a monthly basis, and at equal amounts. However, short-term loans typically come with much higher interest rates, not least because they are tailored to those that are unable to get credit elsewhere. As such, obtaining a high-interest short-term loan should always be a last resort.
How Much Do QuidMarket Loans Cost?
The specific amount that you pay in interest will depend on a range of variables. For example, if you’re in possession of bad credit, you’re on a low-income, and you don’t own your own home – then you are likely to pay an obscene amount of interest. At the other end of the spectrum, those with a better all-round credit profile will benefit from more favourable rates. However, you won’t know that your rates are until you apply.
Nevertheless, we’ve listed the main variables that QuidMarket will look at when assessing your APR rates.
❓The amount you need to borrow
❓How long you need to borrow the funds for
❓Your current credit score
❓How much you earn
❓Your debt-to-income ratio
❓Your regular outgoings
While the APR rates can vary from applicant-to-applicant, the good news is that QuidMarket lists a representative rate on its website. As such, this allowed us to get a real-world understanding of the actual costs that you could pay.
💸 Let’s say that you borrowed £300 over the course of 3 months. At a representative rate of 1,301%, this would require 3 equal payments of £151.46. As a result, you would end up paying £454.37 on a loan of just £300, which is extortionate.
💸 By paying £154.37 in interest over 3 months, this equates to an APR of 292% per annum, which again, is huge. If you were to extend your £300 loan to the maximum term of 6 months, you would end up paying even more.
💸 While it is true that QuidMarket is transparent on what it charges – insofar that it does not charge any origination or application fees, the sky-high interest rates more than make up for this.
💸 The only plus-point in the fee department is that QuidMarket does not penalize you for repaying your loan early. As such, this allows you to reduce the amount of interest that you end up paying.
Am I Eligible for Financing With QuidMarket?
Most short-term loan providers that offer financing to those with bad credit typically have a very low eligibility threshold. In this respect, QuidMarket is no different. Although the lender will be required to check your credit score, it will also look at other factors to determine your affability levels.
Not everyone will be eligible for a QuidMarket loan, so be sure to review the following requirements.
✔️ Credit Score
As noted above, QuidMarket will be required to perform a credit check on you. Although the lender claims to look beyond poor credit, you might not be approved if your score is extremely damaged. Just be aware of this, especially if you have a history of defaulting on loans.
✔️ Regular Monthly Income
While most bad credit lenders will approve an application as long as you have an income of some sort, QuidMarket is slightly more demanding. As such, you will need to be earning at least £1,000 per month after tax. If you earn less than this, but you’re also receiving benefits, QuidMarket might still consider your application.
✔️ Age and Residency
As is the case with all online lenders in the UK, you will need to be a UK resident. Interestingly, QuidMarket stipulates a minimum borrower age of 23, as opposed to the standard 18.
✔️ Valid UK Bank Account and Debit Card
You will also need to have a UK bank or building society account, alongside a debit card that is linked to the same account. As we noted earlier, the bank account is where the loan funds will be sent to. The debit card is where your repayments will be taken from via the CTA.
Customer Service at QuidMarket
QuidMarket offers a number of support channels if you require assistance, which we’ve listed below.
📱Phone: 0115 845 64 34
📧 Email: [email protected]
✉️ In Writing:2nd Floor, 6 Stanford Street, Nottingham, NG1 7BQ
The QuidMarket customer support team works Monday to Friday, between the hours of 8 am and 6 pm. The team also takes calls between 10 am and 3 pm on Saturday, but the office is closed on Sunday.
QuidMarket Review: The Verdict?
In summary – and as is the case with most lenders that accept bad credit, QuidMarket has both its good and bad points. On the one hand, you’ll be able to borrow between £300 and £1,500 – with loan terms of 3 months to 6 months available. As such, you’re given much more flexibility with repaying the loan in comparison to a traditional payday loan provider. Moreover, QuidMarket is also notable if you require emergency funding in a speedy manner. This is because the lender is able to transfer your loan funds on a same-day basis – once the application has been approved.
However, QuidMarket also comes with a number of flaws. Crucially, you are likely to be charged an astronomical amount of interest on the loan. This is further validated when you look at the lender’s representative rate of 1,301%. This means that a £300 loan over the course of just 3 months would end up costing you £154.37 in interest. Ultimately, if you do end up taking a loan from QuidMarket, just make sure that you are 100% sure that you can afford the repayments.
What interest rates does QuidMarket charge?QuidMarket lists a representative rate of 1,301% on its website. This four-figure rate is super-expensive, so the lender should be a last resort option. With that said, you won't know your specific rate until you submit your application.
How much can I borrow from QuidMarket?You will be able to borrow between £300 and £1,500 at QuidMarket. However, you might get less than what you asked for if QuidMarket feels you fall short in the affordability department.
How do I repay my loan with QuidMarket?As is the case with most high-interest yielding lenders, QuidMarket will get you to authorize a continuous payment authority (CTA). This is where the payments are taken from your debit card until the loan is repaid in full.
How quickly are QuidMarket loans funded?This depends on whether or not QuidMarket is able to validate your information automatically. If it is, and your application is approved, you should receive the funds later that day.
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