Over the years, payday loans have had their fair share of criticism. Yet, they can be a lifeline for people that need a short-term loan, and they can help you cope with unexpected expenses until your next salary cheque. One company that many people have heard of is QuickQuid. They were one of the most popular providers when it came to payday loans. So, if you are in a position where you could benefit from a short-term loan, this might be a company you are considering.
Well, there are a few things you should know about QuickQuid. One of them is that they are no longer a good provider of payday loans. Let’s go into detail about what we are talking about.
What Happened to QuickQuid
First, no that QuickQuid no longer exists when it comes to payday loans. So, if you have found a company claiming to be them on the internet, this is not going to be legitimate. The original company went into administration back in October 2019. This means that they can no longer give out loans, and you cannot use them if you are searching for financial help.
Indeed, QuickQuid did seem like a popular choice when it came to payday loans, which might be why you are trying to find them. They started operating in 2007, with many people in the UK wanting to use their services. However, in recent years, there have been many complaints about the company and it was found that they were offering unaffordable loans. As a result, they owed many refunds to customers, which led to them going into administration. This meant that the company would no longer be trading.
So, the answer is no. QuickQuid is no longer a good provider of payday loans. They are no longer in existence, and you cannot get a loan from them. But, this does not mean that you cannot get similar loans like this from other companies. Check out https://www.my-quickloan.co.uk/quickquid.html and you can see alternative providers that would consider giving you a loan. Again, they are a similar idea to QuickQuid, but they are more reliable.
Do Payday Loans Still Exist?
Now that you know that it is the end of QuickQuid, you might be asking; do payday loans still exist? The answer to this question is yes. You can still get payday loans, and they are available online from different providers. Instead, you might see them marketed as short-term loans. Generally, the idea is the same. They are designed to loan you a small amount of money that you need until you get paid. The repayment term is short, with them being a few months at most.
As we have mentioned, payday loans have often come under fire. They have acquired a bad reputation. But, many people benefit from having them and feel like they are able to deal with emergency payments and unexpected expenses using this type of loan. Of course, when it comes to any loan, you have to be careful and make sure you can stick to repayments, meeting them in full and on time. The same applies to payday loans.
Tips for Choosing the Right Payday Loan
Are you considering getting a payday loan and an alternative to QuickQuid? Here are some tips that will allow you to choose the right provider and loan that is best for you.
Pay Attention to the Interest
Note that interest on payday loans is typically higher than you will find for other types of loans. This is something to be expected. But, providers can also vary on how much interest they give you on the loan you want. This is something that you need to pay attention to, as it can add a significant amount to what you are paying. You need to know that you are able to afford and pay it back comfortably.
Choose the Right Instalment Duration
Short-term loans are typically only a few months. But, you will get to select the right instalment duration for the loan you are choosing. Think about this carefully and how many instalments you want. Remember you will pay less in interest with a shorter duration. But, you will have to be able to afford to pay it back quicker than having a longer duration. Work out your finances beforehand.
Select the Amount You Need
Think about how much you want to borrow in advance. There might be some providers that will give you more than you need. It can be tempting to take a higher amount. But, this is not recommended. Remember that there will be interested added to this. So, you are going to be paying a lot more back. Only select the amount you need to get the best deal.