<\/i> Don\u2019t forget, QuidMarket will perform a hard inquiry when you apply, so the application will appear on your report \u2013 even if you are not approved.<\/div><\/div><\/em><\/p>\nNevertheless, we\u2019ve listed the main variables that QuidMarket will look at when assessing your APR rates.<\/p>\n
\u2753The amount<\/strong> you need to borrow<\/p>\n\u2753How long<\/strong> you need to borrow the funds for<\/p>\n\u2753Your current credit score<\/strong><\/p>\n\u2753How much you earn<\/strong><\/p>\n\u2753Your debt-to-income<\/strong> ratio<\/p>\n\u2753Your regular outgoings<\/strong><\/p>\nWhile 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.<\/p>\n
\ud83d\udcb8 Let\u2019s say that you borrowed \u00a3300 over the course of 3 months. At a representative rate of 1,301%<\/strong>, this would require 3 equal payments of \u00a3151.46. As a result, you would end up paying \u00a3454.37 on a loan of just \u00a3300, which is extortionate.<\/p>\n\ud83d\udcb8 By paying \u00a3154.37 in interest over 3 months, this equates to an APR of 292% per annum<\/strong>, which again, is huge. If you were to extend your \u00a3300 loan to the maximum term of 6 months, you would end up paying even more.<\/p>\n\ud83d\udcb8 While it is true that QuidMarket is transparent on what it charges \u2013 insofar that it does not charge any origination or application fees<\/strong>, the sky-high interest rates more than make up for this.<\/p>\n\ud83d\udcb8 The only plus-point in the fee department is that QuidMarket does<\/strong> not penalize you for repaying your loan early<\/strong>. As such, this allows you to reduce the amount of interest that you end up paying.<\/p>\nAm I Eligible for Financing With QuidMarket?<\/h2>\n
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.<\/p>\n
<\/i> If you\u2019re unsure on whether or not you meet the minimum requirements, we would suggest calling QuidMarket and speaking with a representative. You don\u2019t want to apply if there is a chance you\u2019ll get turned away, as the rejection will appear on your credit report.<\/div><\/div><\/em><\/p>\nNot everyone will be eligible for a QuidMarket loan, so be sure to review the following requirements.<\/p>\n
\u2714\ufe0f Credit Score<\/strong><\/p>\nAs 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<\/em> damaged. Just be aware of this, especially if you have a history of defaulting on loans.<\/p>\n\u2714\ufe0f Regular Monthly Income<\/strong><\/p>\nWhile 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 \u00a31,000 per month after tax. If you earn less than this, but you\u2019re also receiving benefits, QuidMarket might still consider your application.<\/p>\n
\u2714\ufe0f Age and Residency<\/strong><\/p>\nAs 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.<\/p>\n
\u2714\ufe0f Valid UK Bank Account and Debit Card<\/strong><\/p>\nYou 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.<\/p>\n
Customer Service at QuidMarket<\/h3>\n
QuidMarket offers a number of support channels if you require assistance, which we\u2019ve listed below.<\/p>\n
\ud83d\udcf1Phone<\/strong>: 0115 845 64 34<\/p>\n\ud83d\udce7 Email<\/strong>: help@quidmarket.com<\/p>\n\u2709\ufe0f\u00a0In Writing:<\/strong>2nd Floor, 6 Stanford Street, Nottingham, NG1 7BQ<\/p>\nThe 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.<\/p>\n
QuidMarket Review: The Verdict?<\/h2>\n
In summary \u2013 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\u2019ll be able to borrow between \u00a3300 and \u00a31,500 \u2013 with loan terms of 3 months to 6 months available. As such, you\u2019re given much more flexibility with repaying the loan in comparison to a traditional payday loan provider.\u00a0 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 \u2013 once the application has been approved.<\/p>\n
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\u2019s representative rate of 1,301%. This means that a \u00a3300 loan over the course of just 3 months would end up costing you \u00a3154.37 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.<\/p>\n
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