Updated: November, 10, 2022
QuidMarket is a lender that specialises in providing short-term loans to people who struggle to get loans from traditional banks– including those with a low credit score.
In this article, we’ll explain how QuidMarket works, what it offers, and what Quidmarket reviews say about its services.
Founded in 2011, QuidMarket is a well-established UK lender that offers short-term loans to people with a less than perfect credit score.
Loans can range from £300 to £1,500 and can be repaid in 3 to 6 months. This FCA authorised lender has a representative APR (Annual Percentage Rate) is 1296.5%, which is a bit high considering that other platforms like Everyday Loans (99.9%) and WageMe (49.9%) have much lower representative APRs.
QuidMarket offers several types of short-term loans, including:
Worth noting: QuidMarket does not offer payday loans. To get a loan of this type, you need to apply with one of the best payday lenders.
QuidMarket is an FCA-authorised lender that operates entirely online.
Although the lender doesn’t rely on credit checks only to determine whether to approve a loan application or not, it runs affordability checks to make sure that the borrower can repay the amount of money they borrow.
Applying for a QuidMarket short-term loan is quick and easy. The application process is entirely online.
Once you complete the application form, you’ll receive a provision decision. If your application is approved, QuidMarket will send you three documents: a Loan Agreement, a Pre-Contract, and Adequate Explanations, which includes details like loan amount and interest rates.
If you’re satisfied with what QuidMarket has offered, you can sign the agreement and provide QuidMarket with your bank details. The lender will transfer the funds to your bank account as soon as possible, usually on the same day.
To qualify for a short-term loan from QuidMarket, you must:
QuidMarket uses Continuous Payment Authority (CPA) to collect monthly or weekly payments (depending on your contract) directly from your bank account.
Here’s what you can expect when taking a QuidMarket short-term loan:
QuidMarket offers loans of £300- £600 to new borrowers. Individuals who have already borrowed and repaid their loans in full and on time are eligible for loans of up to £1,500.
QuidMarket is transparent about the total repayable cost, interest rates, and APR and doesn’t charge any late payment or application fees.
However, if you want to avoid paying interest on a loan altogether, Creditspring is a good option to consider.
Once your application has been processed and approved, you can expect to receive the money on the same day. It usually takes around 2 hours for QuidMarket to transfer the funds to your bank account. You might even receive a QuidMarket payment on a holiday.
QuidMarket offers different repayment options (weekly or monthly payments) and its loan terms range from 3 to 6 months for new borrowers. Repeated borrowers may be offered longer loan terms.
QuidMarket doesn’t require applicants to get a guarantor or collateral to apply for loans, regardless of their credit score.
QuidMarket doesn’t rely on credit scores when reviewing applications, though it does consider it when determining your interest rate. It offers loans based on applicants’ ability to repay the loan, regardless of their credit history.
QuidMarket keeps the personal and financial data of its borrowers per the Data Protection Act (DPA) and General Data Protection Regulations (GDPR). (To learn more about GDPR laws, click here.)
The lender is also authorised and regulated by the FCA as a responsible lender since 2016.
QuidMarket’s representative APR (Annual Percentage Rate) is 1296.5%, with a daily interest of 0.80%.
QuidMarket allows borrowers to pay early without being subject to an early repayment fee. If you reach out to the company, they will give you an Early Settlement figure and will reduce the amount of interest you would have to pay for the entire term.
The total repayable amount depends on:
For example, if you borrow £300 over 3 months at an APR of 1296.5% and a fixed interest rate of 292% p.a. you’ll need to pay 3 equal monthly instalments of £151.46 for a total amount of £454.37.
You can reach QuidMarket’s customer support team by:
The customer support team is available Monday through Friday between 08:30 a.m. and 4:30 p.m. and on Saturdays from 10 a.m. to 2 p.m.
QuidMarket has an excellent rating of 4.7 stars on Trustpilot based on over 1500 reviews.
Here’s what some satisfied customers had to say about its services:
‘Excellent experience. Easy to use site, courteous, professional and efficient. A pleasure to deal with.’—Ian MacLean.
‘I applied early in the morning, was kept updated throughout the process and received my funds around lunchtime. Everything was simple and straightforward which was so helpful and appreciated.’ — Robert McCrea.
‘Fantastic, gave me an instant decision and received the money the following morning. No stress and no hassle. Would highly recommend it!’ — Dee Tailor.
‘Returning customer. Swift, no fuss loan with no further details needed other than my application. Funds were paid into my account by the next day in full. Secure and easy to apply. Excellent.’ — Ian.
QuidMarket is a UK lender and is a great pick for individuals with less than a perfect credit score. It offers a variety of loans, including emergency and same-day loans, a quick and easy application process, and fast deposit times (QuidMarket payout time is around 2 hours).
As part of the QuidMarket underwriting process, its agents might contact your employer to verify your employment status.
Quidmarket provides instant provisionally approved (or rejected) decisions. QuidMarket will then run affordability checks, which can take longer, depending on when you applied for the loan and your circumstances.
QuidMarket is a direct lender. If you would rather get a loan through a broker, consider using the services of THL Direct.
QuidMarket offers an alternative to payday loans and allows borrowers to pay in instalments rather than a lump sum.
QuidMarket not only offers an early repayment option for borrowers but also encourages it – the lender reduces the overall interest they need to pay if they pay back the loan early.
Quidmarket does not offer a top-up service. Borrowers can only apply for a new loan once the previous one has been paid out.
Quidmarket is a reputable UK lender and according to Quidmarket reviews, as well as customers’ testimonials, it is one of the most flexible and consumer-focused lenders on the market.
My name is Marija, and I'm a financial writer at DontDisappointMe. Although finance might not be everyone's cup of tea, my 10+ years of working in one of the biggest banks in my country, and my interest in extensive research on everything finance/investment-related, have made me somewhat of an expert in the field (if I do say so myself). No longer having the passion to work in a corporate setting, I decided that I couldn't let all of this knowledge go to waste so I started writing. And, here I am! Today I try to share my knowledge with my audience in the hopes of making this topic as simple and interesting as possible. In my leisure time, I like spending time with my family and travelling to new locations.