QuidMarket, which was founded in 2011, is a direct lender based in the UK that offers short term instalment loans to help people meet their short term financial needs. Customers can apply to borrow a loan of £300 to £1500, over a time period of 3 to 6 months, by completing a quick and easy online application form. You will need to enter your personal details as well as some financial information, such as your income and expenditure. They will consider loan applications from customers with a limited credit history, poor credit rating or a bad credit score. There are no fees for applying for a loan with QuidMarket. They offer an Existing Customer Area where you can apply for a new loan, view outstanding loans and update your personal information. QuidMarket is a direct lender, not a credit broker, and their short term loans could be an alternative to a payday loan.
QuidMarket offers loans 24 hours a day, 7 days a week. If a loan application is approved, QuidMarket will pay the loan funds into your bank account on the next available funding run throughout the day. Applications that are made or approved outside of normal business hours will be processed the next working day. Successful applicants will have their loan transferred to their nominated bank account via the Faster Payments Service so the funds should be available within a few minutes of the transfer being completed. On some rare occasions it can take up to 2 hours for funds to be available for spending.
QuidMarket collects your agreed repayment instalments from the debit card details that you enter into your application form via Continuous Payment Authority, or CPA. It is important to notify QuidMarket if your debit card details change so that they can update your repayment method. If you want to repay your loan ahead of your scheduled repayment date, you can contact QuidMarket and request an early settlement figure. They only charge interest for the days that you actually have the loan so they will need to recalculate the interest and the repayment amount.
QuidMarket is authorised and regulated by the Financial Conduct Authority.