QuickQuid Rates & Terms
QuickQuid is a licensed lending partner across the United Kingdom. Our online process is designed to get you the money you need with as little hassle as possible. Our rates and terms for payday loans are:
Governing Law
The loan agreement will be governed by the Consumer Credit Act of 1974 and all other applicable United Kingdom laws.
Maximum Loan Amount
The maximum loan amount for United Kingdom residents will be £750. New customers will be limited to a maximum loan amount of £300. An advance payment is not required for a QuickQuid payday loan.
Loan Terms
- The QuickQuid payday loan is a two (2) pay period loan with a repayment schedule as follows:
- If you are paid monthly, your loan will be due on your next payday that falls between 38 to 70 days away.
- If you are paid twice monthly, your loan will be due in full your next payday that falls between 23 to 39 days away.
- If you are paid bi-weekly, your loan will be due in full your next payday that falls between 22 to 36 days away.
- If you are paid weekly, your loan will be due in full your next payday that falls between 22 to 36 days away.
- Finance Charge
- The total amount payable by you on the due date is the loan amount and the finance charge. (See below for examples.)
- You can elect to pay the loan in full on the first scheduled payment date and only owe the first scheduled finance charge payment.
- If you are paid by cheque, we will give you a grace period of one (1) day to deposit your cheque.
- If your pay dates fall outside of these ranges, your loan will be due in 30 days.
Extensions
You may extend (roll over) your loan a maximum of five (5) times by logging into your personal account selecting the “Request An Extension” link or by calling our Customer Service Team. By making this selection, the principal of your existing loan will be ‘rolled over’ into a new loan with duration of one (1) pay periods. Extensions, partial payment and early payoff requests must be received by 17:00, at least two (3) working days prior to your due date.
For more information on extensions, click here to visit our FAQ page.
Finance Charge
Your loan finance charge will be £25 per £100 borrowed per pay period. The finance charge will be paid in two (2) equal payments on your next two (2) payment dates. Listed finance charges include any applicable taxes and bank delivery charges.
Sample QuickQuid payday loan for a customer paid monthly:
| QuickQuid Payday loan | Payment to Customer | Payment to QuickQuid | |
|---|---|---|---|
| Loan issued on 03/05/2007 | £200 | Fund loan | |
| Paydate 1 | £50 | Finance Charge | |
| Pay Date 2 30/06/2007 |
£250 | Finance Charge & Principal | |
| Total amount payable to QuickQuid | £300 | Finance Charges for Payment Dates 1 &2 and Principal | |
| APR | 1576.6% |
Sample QuickQuid payday loan for the same customer with early payment option exercised:
| QuickQuid Payday loan | Payment to Customer | Payment to QuickQuid | |
|---|---|---|---|
| Loan issued on 03/05/2007 | £200 | Fund loan | |
| Paydate 1 | £250 | Finance Charge | |
| Pay Date 2 30/06/2007 |
cancelled | cancelled | cancelled |
| Total amount payable to QuickQuid | £250 | Finance Charges for Payment Dates 1 &2 and Principal | |
| APR | 1733.5% |
Typical APRs
Depending on the loan term, typical APRs will range from 1351.7% to 9889.3%.
For additional questions, please feel free to view the FAQs or Contact Us.
*All times listed refer to British Summer Time (BST) between the dates of 25 March and 28 October, otherwise all times are listed in Greenwich Mean Time (GMT).
New Customer Payday Loan Application
