Quick Quid

Anyone seen their advert? Basically you apply online and you can get money by the end of the day. It's basically money for if you're struggling and need to pay a bill or whatever.

The downside: Their typical APR is 2356%

Just cripple yourself even more why don't you

Anyone seen their advert? Basically you apply online and you can get money by the end of the day. It's basically money for if you're struggling and need to pay a bill or whatever.

The downside: Their typical APR is 2356%

Just cripple yourself even more why don't you

peter is on there now trying to pay his own tax bill

Yes there are a few finance companies advertising Quick cash, these things have been going on for years, i remember about ten years ago Cash Generators cashing a pre-dated cheque, Its a signe of the times that companys are advertising now though.

it is high interest but thats the yearly interest, it seens a lot but the loans are only for short periods.
so say you borrowed 50 quid for a week it wold cost around 65 .

I want to clarify what APR means in terms of a cash advance.

APR stands for annual percentage rate. Annual means one year. So APR is describing how much a loan would cost if the loan was borrowed for an entire year. QuickQuid only lends short-term loans. Short-term loans are typically borrowed for four weeks. The law (Consumer Credit Act 1974) requires QuickQuid to list the APR simply for the fact that it’s a financial product, but APR really has nothing to do with a four-week loan. Yes, the APR is high, but if you take the time to find out how much a loan actually costs, I think you’d be surprised.

Here’s how it works:

If you borrow £100 from QuickQuid for four weeks or one pay period, the maximum amount you could be charged is £29.50. If you borrow £200, you’d be charged £59. Borrow £300 – charged £88.50. So you can see that though the APR listed is very high, the actual cost of a cash advance isn’t so high.

I want to clarify what APR means in terms of a cash advance.

APR stands for annual percentage rate. Annual means one year. So APR is describing how much a loan would cost if the loan was borrowed for an entire year. QuickQuid only lends short-term loans. Short-term loans are typically borrowed for four weeks. The law (Consumer Credit Act 1974) requires QuickQuid to list the APR simply for the fact that it’s a financial product, but APR really has nothing to do with a four-week loan. Yes, the APR is high, but if you take the time to find out how much a loan actually costs, I think you’d be surprised.

Here’s how it works:

If you borrow £100 from QuickQuid for four weeks or one pay period, the maximum amount you could be charged is £29.50. If you borrow £200, you’d be charged £59. Borrow £300 – charged £88.50. So you can see that though the APR listed is very high, the actual cost of a cash advance isn’t so high.

But what if something happens and you can't pay back the £300 after four weeks? Maybe you get into a financial hole and are not able to pay back for a year. That £300 would then be £706,800 Why not borrow £400 to make it cool million that you would end up owing? Not even the Riddler could build up debts that quickly.
The thing is if you are strapped for £300 this month what makes you think you won't be next month. I've got a feeling Quick Quid know this and are not too fussed if you don't pay back on time.

I want to clarify what APR means in terms of a cash advance.

APR stands for annual percentage rate. Annual means one year. So APR is describing how much a loan would cost if the loan was borrowed for an entire year. QuickQuid only lends short-term loans. Short-term loans are typically borrowed for four weeks. The law (Consumer Credit Act 1974) requires QuickQuid to list the APR simply for the fact that it’s a financial product, but APR really has nothing to do with a four-week loan. Yes, the APR is high, but if you take the time to find out how much a loan actually costs, I think you’d be surprised.

Here’s how it works:

If you borrow £100 from QuickQuid for four weeks or one pay period, the maximum amount you could be charged is £29.50. If you borrow £200, you’d be charged £59. Borrow £300 – charged £88.50. So you can see that though the APR listed is very high, the actual cost of a cash advance isn’t so high.

But what if something happens and you can't pay back the £300 after four weeks? Maybe you get into a financial hole and are not able to pay back for a year. That £300 would then be £706,800 Why not borrow £400 to make it cool million that you would end up owing? Not even the Riddler could build up debts that quickly.
The thing is if you are strapped for £300 this month what makes you think you won't be next month. I've got a feeling Quick Quid know this and are not too fussed if you don't pay back on time.

Loan sharks the lot of them, They prey on the vulnerable