Our review of QuidMarket
QuidMarket’s representative APR is relatively standard for the high-cost short-term market. In regards to the product QuidMarket offer; they do not charge any fees, they have an online account system to manage your loan repayments and they allow for early repayments. Their loan terms range from three to six months which gives customers the flexibility and forewarning to budget, rather than having to settle the loan all in one go. Nonetheless QuidMarket will still ensure that you can afford to pay back the loan, and part of the criteria is that you earn at least £1,000 per month.
Something that QuidMarket do, which some can find intrusive, is that they will contact your employer to confirm the details that you provided during the application. They can’t provide any information that you haven't given them, it will just be to verify your employment. Even so, this could put some applicants off if they don’t like discussing their business with colleagues.
As with any high-cost short-term product the usual warning applies. If you have any doubt whether you can afford to repay your loan on time and in full, then don’t apply.
Overall verdict: If you’re considering a payday type product then QuidMarket are one of the more consumer-focused lenders out there. They are transparent and their price is on par with the rest of the market but as with any high-cost short-term product, approach with caution.
- Repayments can be made over 6 months
- No upfront fees
- No charge if you’re unsuccessful with the loan
- Same day payout
- You must be between 23 and 65
- You need to have a valid debit card and Direct Debit facility
- You must be employed
- You should have take-home pay of at least £1,000 per month
- You need to have a mobile phone
- You must live in the UK
- Maximum APR 1297%
- Arrangement fee: £0
- Early repayment fee: £0
- Late payment fee: £0
QuidMarket offer high-cost short-term loans between £300 and £1000 that can be repaid over three to six months at a representative APR of 1297%.
The application is completed online and you will need to provide details of your financial circumstances as well as your employment details – QuidMarket will need this as they will contact your employer during the underwriting process to confirm the application. You’ll receive your loan agreement via email, so be sure to read it and confirm electronically when you are happy with the loan amount and terms. Once QuidMarket have received this, you can then receive your loan the same day as long as the confirmation was within their working hours.