Quickquid.co.uk’s 2,356% typical APR is wrong

I’m on something of a mission.

I was watching the TV earlier today and saw quickquid.co.uk’s advert offering ‘payday’ loans at 2356% typical APR.

I thought it was wrong, so I started this Facebook Group.

The more join, the more we may be able to inifluence both regulators and lenders to insist on a fair rate for consumers who are clearly coping with small, short-term debt.

Let’s see how we do!

3 thoughts on “Quickquid.co.uk’s 2,356% typical APR is wrong

  1. It’s a scandal, the problem is they prey on the desperate and yet they seem fully regulated. They’re basically just legal loan sharks. Good on you for exposing it. However, just take a look at provident and shop-a-check (are these the same people, not sure) they’ve been around for years and yet seem to have gone under the radar.

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  2. I’ve just seen these adverts appear on TV and was so disgusted I came online to see how they were regulated to complain, where I stumbled upon this page.

    I agree with Rachael that this is disgusting legalised loan sharking. Actually a loan shark would give better rates. I am aware other companies have horrendous rates of 230% (one short loan company who shall remain nameless). 2356% however is astronomical.

    The FSA should actually try regulating for once and put a sensible cap on credit. While I would never use such an option as I manage my money, there are some people that would borrow money from where they can.

    To put this interest rate in to perspective, if one were to borrow £1,500 the interest per DAY would be just under £100.

    Then the lowest application charge of £10 per £50 would mean that £1,500 would have an application fee of £300.

    Many who are fairly responsible, but mismanaged their money for a few days may only borrow for five days, but many also borrow for four weeks until next payday. That would mean for 29 days, a borrower would pay back £4,600 (approx) in total on a £1,500 loan.

    This is in comparison to a loan shark who carries around a hammer on my local nearest council estate. According to local horror stories, he loans you money and charges half the amount as interest if paid back within a month (which would be £2,250), or doubles it once it goes over 31 days and breaks your arm if he thinks you need encouragement. Lets presume you take 32 days to repay the loan, that would equal £3,000. If you are unlucky enough to annoy your local shark, a broken arm would cost around £500 to reset under private plans, or free if you have six hours to waste at NHS A+E.

    That would still be £1,100 – £1,600 cheaper than quickquid, so to all who may have mismanaged their money, financial advice? Visit your local loan shark on a street corner for a great deal on a loan.

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  3. Ive been seeing these adverts for a while now and they get to me more and more everytime… is there acctual law that protects them?! because i personally would like to find a loop hole so people can keep said ‘loans’ from these monsters, because if we could find it, and spread the word.. they wouldnt last much longer.

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