Warning: Late repayment can cause you serious money problems. For help, go to www.moneyadviceservice.org.uk

QuickQuid To Close - Information For QuickQuid Customers

Dear Customer,
In light of the current COVID-19 we will not be accepting any new loan applications. The well-being of our customers is of absolute priority and therefore we ask you to contact us via chat, email or phone if you have an existing account and require any help.

Many customers will be faced with income interruptions as a result of this crisis and so therefore we are recommending that you refer here for useful advice: https://www.moneyadviceservice.org.uk/en/articles/coronavirus-what-it-means-for-you

QuickQuid closure

As the news drops across the country that short-term lender QuickQuid is the next to shut their doors in the UK, you may be wondering what that means for you. Are you a QuickQuid customer? What should you do now?

The news that short-term lender QuickQuid is the next company to leave the UK market will come as a shock to many, especially their customers. In the last year, consumers have seen well-known brands Wonga and Wage Day Advance close in similar circumstances. If you're a QuickQuid customer you may be worried about what will happen to you now. Do you currently have a loan with QuickQuid? Or have you had a loan with QuickQuid in the past? What should you do now? 

Alternatives to payday loans?

In the last few years, the short-term loan market has seen a lot of changes with stricter rules about lending. These regulations are in place to help protect customers. But it's worth remembering that for many people when used responsibly, short-term loans are a real lifeline. The interest is high, but factoring in the interest of a short-term loan might be the difference between keeping a family afloat or defaulting on several direct debits. And in that scenario, you might be faced with an unarranged overdraft fee as well as several late payment fees to different companies that could easily start to run up to unmanageable amounts. If you're living paycheck to paycheck and your car breaks down or your oven stops working, having the ability to access cash to sort real-life problems and repay on terms you can choose can be something that genuinely stops people losing jobs or ending up with masses of unpaid bills. 

And there may not be many other options for people who don't have the high credit scores needed for traditional bank loans and overdrafts. There are still unregulated loan sharks and other less regulated areas of credit that offer little protection for customers. 

Short-term lending is not a long-term solution to money problems, but there is a need for the products for responsible consumers who might be at a financial low point. Remember that short-term lending is growing, the flexibility of products offered is expanding all the time. Ferratum offers loans with repayment terms of up to four months depending on the customer's needs. 

All customers should remember that short-term loans are only to be used for short-term financial needs, and should not be used as a long-term borrowing solution, or if you are in financial difficulty.

I'm a QuickQuid customer, what should I do now?

If you've got an open loan with QuickQuid right now, there's no need to panic! Repaying your loan as per your contract is the best course of action. Whatever happens to QuickQuid, your contract still stands, and you could find that the open loan debts are sold on and collected by a company you've never even heard of. And don't forget that your credit report could be affected if you fail to repay as agreed, and this could make it harder to be accepted for credit from other credit companies in the future. 

Once you've repaid, you'll be done with QuickQuid! If you find yourself needing a new loan company in the future make sure you do your research about what different lenders have to offer, and always ensure that they are regulated by the FCA. Review websites can also be a good way to see how customers feel about the lender you're considering. Ferratum has a 4.8 rating on Google Reviews with hundreds of reviews from our happy customers. 

What next?

Once you have repaid your loan with QuickQuid, that's it! If you do decide to find an alternative lender, consider Ferratum. Ferratum offers flexible loans with a fast and simple application process and award-winning customer care to help you along the way. Find out more using the loan calculator below. 

Compare our loans at allthelenders.org.uk

Loan amount

Loan amount: X
Loan term: X
Interest: X
Total amount payable: X
Due date: X
Monthly repayment: X

*Minimum loan term - 62 days, maximum - 4 months

Did you like this article? Share it using the buttons below, or click the link to read another blog...