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Thinking about a Quick Quid loan? Try Moneypod instead

Quick Quid is a household name here in the UK and the fact that they’re so well-known means that some people will often go straight to them when they want to take out a short term loan.

But simply choosing a loan provider that you know but have never dealt with doesn’t necessarily mean it’s the best option for you. In fact, doing this could mean you miss out on a better deal elsewhere.

Lenders each have their own specific terms regarding lending criteria, loan amounts, lengths of loans, and interest rates. That’s why you should always shop around for a deal that best suits your individual needs, rather than simply choosing the first lender that comes to mind.

Moneypod are a leading short-term loan broker, meaning we compare lenders from all over the country to find the best loan for you. That puts us in the perfect place to help you find a Quick Quid alternative.

Let’s look at the differences between Quick Quid loans and loans organised via Moneypod.

 

Who are Quick Quid?

Launched back in 2017, Quick Quid are a well-known and trusted short term loan provider based in London. With more than a million customers across the UK, they are highly committed to responsible lending.

They’re also a part of Enova International – a company that has been providing credit online for over a decade through their subsidiaries like Quick Quid, Pounds to Pocket, and CashNetUSA.

 

What is a Quick Quid loan?

Quick Quid offer a range of flexible payment options for loans of up to a thousand pounds to their customers. They also give customers three different repayment terms depending on what it is you’re looking for; in either one, two, or three month periods.

The provider also offers easy top-up options and they allow customers to extend the length of their loan if they really need to, up to a maximum of two times per individual loan to keep costs down.

If you wish, you can repay your loan early or make partial payments completely free of charge through your online Quick Quid account.

Quick Quid are very dedicated to responsible lending, which is why they let you know the cost of your loan up front when you apply. You can also withdraw your loan within 24 hours of being funded at no cost should you change your mind.

Your Quick Quid application can even be approved on the weekend with the money reaching your account on the exact same day as your application.

What are the requirements of a Quick Quid loan?

Because Quick Quid are so diligent when it comes to lending money responsibly, they’ll need to make sure you can comfortably afford to make your repayments before they will accept you for a loan.

You’ll have to be at least 18 years old, a resident of the UK, and to have a valid UK bank account. You’ll also need to be in employment and receiving a regular pay cheque in order to be considered.

Peachy run full consumer credit history checks on applicants, as well as use their proprietary credit scoring model to fully assess your ability to repay your loan.

 

What’s the difference between Quick Quid and Moneypod?

The main difference between Quick Quid and Moneypod is that Quick Quid is a direct lender whereas Moneypod are short-term credit brokers.

When you apply for a loan with Quick Quid directly, you’ll have to fill in an application form on their website. They’ll then run through the usual credit history search. These checks leave a lasting impact on your credit file which can be seen by all lenders you apply to in the future, including mortgage providers.

Multiple short-term loan credit searches over time can reflect badly on you as a borrower which is why it is never wise to apply to too many lenders.

That’s where Moneypod comes in. As a credit broker, we carry out our own soft credit search (which doesn’t leave an imprint on your file) when you apply through us. We then use this to build an application which is seen by a huge number of the lending partners in our database until we find the most suitable lender for you.

This means you only need one credit search (performed by your actual lender) – resulting in a much smaller impact on your credit score whilst being more likely to be approved for credit.

You’ll get the money just as quickly as if you were to apply directly, and our service is completely free of charge.

 

What are Quick Quid’s FCA registration details?

Quick Quid are fully authorised and regulated by the Financial Conduct Authority under the registration number 673738. This approval means that Quick Quid follow the rules and regulations set by the regulatory body to protect their customers.

Most recently, the FCA introduced caps on short-term loans to stop costs from spiralling for customers, including protections such as:

  • A limit on charges of 0.8% a day – working out at £24 per month on every £100 you borrow
  • No more than £15 in penalty fees in total if you fall into arrears
  • Overall, you will never be asked to pay more in interest and charges than the total amount of your original loan. If you borrowed £150, the most you would ever need to repay would be £300.

As leading credit brokers, Moneypod are also approved and regulated by the FCA, operating under the reference number 727348. We also ensure that all of our lending partners are authorised by the FCA before they can lend to you.

 

How do I apply for a Quick Quid alternative?

If you’re interested in finding the very best loan to suit your needs, you can apply with Moneypod today.

You’ll need to complete our easy online form to submit your application. You’ll need to tell us about your employment status, income, outgoings, and a few other details so we can work out how much you can afford to repay for your loan.

Then, we take your details and compare them to the criteria for lenders offering the most suitable loans for you. Once you’ve found your perfect match, you can apply through them directly.

If the lender accepts you, you’ll get the money just as quickly as if you were to apply to them directly. The only difference between applying to Quick Quid and searching for a loan with Moneypod is that, with us, you know you’ve got the very best deal for your money.

 

What are the advantages of a credit broker rather than a direct lender?

At Moneypod, we have a panel of over 200 UK lending partners that we work closely with to help our customers find a loan so we know exactly what it is they’ll be looking for in your application. This allows us to pair you with the lender offering what you’re looking for that’s most likely to accept you.

This saves you all the time and hassle of comparing lenders yourself to find the best deal. Once we’ve matched you up with your ideal lender, you can then apply through them directly; so you can still get your money on the same day.

Moneypod also carry out the soft credit checks when you apply with us online. We then send these details off with your application, so lenders won’t need to do it themselves in order to consider you; so you’ll only need one credit search by the lender you choose – saving your credit score in future.

We also receive a commission for every successful loan application we send along to our lending partners. That means we can be completely unbiased with our recommendations that we can offer our service to you completely free of charge.

 

Am I eligible for a Moneypod loan?

When you apply for a loan through Moneypod, we’ll need to make sure you are eligible for finance through our lending partners. Whilst each lender will have their own criteria, the basics you’ll need to apply with us are:

  • Aged 18 or over
  • Employed
  • Earning more than £500 per month
  • UK resident
  • Have a UK bank account
  • Have an email address

From here, Moneypod can get to work finding the most suitable lender to meet your needs.

 

Why choose a loan from Moneypod?

If you need cash fast, Moneypod are here to do all the hard work for you. We’ll sift through our comprehensive database of FCA approved lenders in the UK to match you up with one offering what you’re looking for.

We do this completely free of charge, so to find the best loan deals for you, apply with Moneypod today.