Quick Quid Loans

Update: In October 2019, QuickQuid (a trading name of CashEuroNet UK LLC) went into administration. They are no longer engaging in lending activity, but any outstanding loans will remain subject to FCA regulations.

Information correct as of 20/04/21 (FCA)

Who are Quick Quid Loans?

QuickQuid is a lender in the UK that used to offer personal loans. Customers could do a quick online application, with approval only taking around 10 minutes. However, QuickQuid is no longer accepting new loan applications as the company is currently under administration by Grant Thornton UK LLP.

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Government loan interest and other charges caps

In order to protect borrowers from excessive charges, the Financial Conduct Authority introduced a range of price caps. Some of these are as follows:

  • Cost cap of 0.8% per day – this is on the amount borrowed, and it includes interest and fees charged.
  • Cap on default fees of £15 – default interest can still be charged after this, but the rules state that it must not exceed the original rate of 0.8% per day.
  • Complete cost cap of 100% – you should not be asked to pay over 100% of the money borrowed.

The limits relate to all credit agreements with an interest rate of 100% or more a year and that will be either fully or substantially repaid within one year.

Other regulations were in force by May 2017. With these new regulations, the lender must provide details of products on a price comparison website, which must be authorised by the FCA. Borrowers must receive a summary of the cost of borrowing.

Would you like to make a complaint about Quick Quid Loans UK?

In order to make your complaint, you should compile all the evidence you have to support it, including any phone calls, emails or letters and contact the administrators.

If there is no satisfactory response within 8 weeks you may wish to follow it up by speaking to the Financial Ombudsman by phone on 0800 023 4567 or 0300 123 9123.

Continuous Payment Authority and What You Need to Know

In most cases, the loan companies will ask that you repay your debt via a Continuous Payment Authority (CPA.) With a CPA, the loan company may take money from your account to pay off the debt.

Thankfully, there have been new regulations put into place regarding CPA’s, and these regulations state that the loan company may only try to take the money on two occasions. If it fails, they cannot try again.

Other rules around CPA state that they are not permitted to take partial payments from your account. If you don’t have enough in your account to cover the entire loan payment, they must not take anything at all. You may agree that they take a partial payment, but this is the only way they can take less than the full value.

What if you are unable to repay the loan?

In this case, the law states that lenders must:

  • Provide you with information about where you can get free debt advice.
  • Refrain from attempting to recover the debt, while you develop a repayment plan and this may possibly include a debt advisor.
  • Ensure you are given ample time to pay back the loan, this may include freezing interest and additional charges.

Getting free help with your debt

If you are in debt and want some advice on sorting out your finances, these are some organisations who provide free independent advice.

References

CONC 2.1 Application

CONC 5.2A Creditworthiness assessment

CONC 13.1 Application

About the author

Scott Nelson

Scott Nelson is a financial services expert, with over 10 years’ experience in the industry, including 6 years in FCA regulated companies. Read more
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