QuickQuid Loans | www.quickquid.co.uk Reviews
About QuickQuid Loans (Closed)
The closure of QuickQuid signifies end of days for the major payday lender. We had already seen PaydayUK and Wonga bow out and QQ had been at the top of the tree amongst these giants for many years. The closure of this lender was spurred on by affordability complaints leading to compensation payouts. They had 10,000+ outstanding complaints. Notice has remained on www.quickquid.co.uk of Grant Thornton UK Llp being appointed as administrators of CashEuroNet UK Llc that was on the 25th October 2019. This isn’t the end of the road for their owner (Enova International Inc) who’ll continue to operate through CashNetUSA, NetCredit (no affiliation) and Simplic (Brazil). They also own a money transfer service called Pangea.
To cover some background info, QuickQuid was before closure the UK’s leading payday lender with around 1.5 million customers (not all were active). They commanded the highest Alexa rank. They had for many years trailed Wonga, but this changed in August 2018 when Wonga entered administration due to a surge in compensation claims (as the case here). Other key past rivals like PaydayUK and WageDayAdvance have headed the same way out the door. QuickQuid’s service had been controversial, but they were an experienced outfit in operation since 2007 with excellent visibility especially via TV ads. This company was brought to life by Cash America International. Ownership later passed on to Enova who were a past division of Cash America.
Enova also traded locally as On Stride Financial and Pounds to Pocket. QuickQuid’s product didn’t change much over time. Many payday firms switched to instalments when capping came into force, but QQ was already kind of crossed over in offering either a 1, 2 or 3 monthly repayment. Unfortunately, you’d pay either double or triple the monthly cost here, whereas elsewhere for longer terms you typically pay reduced interest. Borrowing sums were initially £50 to £1000 and then £1500 on reloans. This lender was also originally a 24/7 operation before cutting back to 7/7. Pricing was set against the cap, but first time borrowers could receive a small 5% discount via QuickQuid’s promo code.
Rivals & Similar Lenders Like QuickQuid
As was noted above, PaydayUK, WageDayAdvance and Wonga were out of the picture. Now with QQ joining these, there is plenty of market share up for grabs. Based on current data, it has been SafetyNet that has emerged as the #1 visited lender over short terms. Once you’re approved there you can request funds 24/7 and borrow for the period that you’d like whether that’s just for a few days. QuickQuid’s standard prices were matched against the cap. This changed slightly with the promo for newcomers when £100 monthly cost £22.80. There are firms that score better for value. The cheapest of which is Sunshine Credit who charge just 0.4% daily that translates as £12 per £100 for 30 days.
Final Check @ www.quickquid.co.uk: July 11th, 2021