QuidMarket Reviews: Is It the Lender for You in 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.

What is QuidMarket?

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.

What Type of QuidMarket Loans Are There?

QuidMarket offers several types of short-term loans, including:

• Direct/24-7 loans: QuidMarket is a direct lender and as such, it deposits funds directly into borrowers’ banking accounts. What’s more, since its entire application process is online, individuals can apply for a loan at any time of the day (or night!).

• QuidMarket Bad Credit loans: QuidMarket accepts applications from individuals with bad credit scores and those who have been previously rejected due to their poor credit history.

• Same-day loans: Borrowers can apply for fast loans, emergency loans, instant loans, and same-day loans. You can apply for up to £600 if you’re a new customer, but the amount and repayment terms will depend on your affordability check.

• Instalment loans: Instalment loans are the QuidMarket alternative to payday loans. They allow borrowers to pay back what they owe in monthly and weekly instalments instead of having to pay a lump sum. With QuidMarket, you can opt for up to a 6-month term.

• No Guarantor loan: At QuidMarket, individuals can apply for a no guarantor loan even if they have a low credit score. 

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.

How Does QuidMarket Work?

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. 

How To Apply

Applying for a QuidMarket short-term loan is quick and easy. The application process is entirely online.

1. Go to QuidMarket’s website.
2. Choose a loan amount and loan term.
3. Click the ‘Apply now’ button.
4. Fill out the application form (personal, employment, and budget details)

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.

What Are The Eligibility Requirements?  

To qualify for a short-term loan from QuidMarket, you must:

• Be a UK resident.
• Be between the ages of 23 and 65.
• Be in full or part-time employment.
• Have a monthly salary of over £1300.
• Have a valid debit card and a UK bank account.
• Have an active phone number.

Worth noting: If you’re under the age of 23 or older than 65, you might consider Tappily Loans or Mr Lender. They only require applicants to be older than 18.  

How Does Repayment Work?

QuidMarket uses Continuous Payment Authority (CPA) to collect monthly or weekly payments (depending on your contract) directly from your bank account. 

QuidMarket Loans Review: Main Features 

Here’s what you can expect when taking a QuidMarket short-term loan:

Loan amounts

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.

No hidden fees

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. 

Same-day cash transfer 

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.

Repayment flexibility

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.

No guarantor required 

QuidMarket doesn’t require applicants to get a guarantor or collateral to apply for loans, regardless of their credit score.

Bad credit considered 

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.

Data safety

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.

Representative APR

QuidMarket’s representative APR (Annual Percentage Rate) is 1296.5%, with a daily interest of 0.80%.

Early repayment

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.

Pricing 

The total repayable amount depends on:

• Loan amount.
• Loan term.
• Your credit score.
• Income and outgoings.
• Outstanding debt.

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.

Customer Support

You can reach QuidMarket’s customer support team by:

• Phone: 01158456434
• Email: help@quidmarket.com

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 Loans Reviews

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 Review: Bottom Line 

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).