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QuidMarket Short Term Loan
QuidMarket Short Term Loan
Total to pay back   £302.83
Monthly payments   £100.94
Representative APR   1292.1%

Representative example: Borrow £500 for 5 months at a fixed annual interest rate of 292%. Total amount repayable £872.75, in 5 payments of £174.55. Representative 1292.1% APR

Do you Qualify? 

 

  • UK Resident - Yes 
  • Be over 23 years old, and under 65 years old
  • Be in employment and take home at least £1,300 a month

Important information

 

  • Have a mobile phone – Quid Market send a 4 digit SMS code during your application process
  • Hold a UK bank account with a valid debit card – Quid Market run a verification check that takes 1p
  • £300 - £600 New Customers, £300 - £1500 – Repeat Customers
  • 3 – 6 months repayment term

How it works

Short term loans tend to have high-interest rates and can be an expensive form of borrowing, especially if used continuously. This type of loan is better suited for an unexpected financial emergency where no other alternatives are available and should only be used on a one-off basis instead of continuously. Short term loans should not be used for casual, frivolous spending. When looking to borrow money, it's important to compare lenders and look at payday loan alternatives as these are likely to be cheaper.

Before you borrow Icon Before you borrow

Before taking out a short term loan, try to take some time to do some research. First, decide if you really need it and then check you have no other options.

Compare Icon Compare

Decide how much you need to borrow (remember to borrow only what you need). Then choose the length of time you would like to pay back (this can be up to 12 months). Click the “update” button to compare short term loans.

Choose Icon Choose

Use the filters to re-order your results according to what's most important to you, for example, the total amount you will pay back or representative APR. Then click on the link to the lenders’ website to find out more.

Apply for your loan Icon Apply for your loan

Once you are on the lenders’ website check the application requirements and terms before applying. Make sure the loan repayments are realistic for your situation. If your short term loan application is approved, the lender will transfer cash to your bank account.



Ensure you check the lenders’ application requirements or criteria and that you have all the information you need from them before applying. Always check beforehand that you can make monthly repayment amounts on time.

What is a short term loan?

A short term loan (also known as a payday loan) is a loan taken for a short term, generally under 12 months.

The loan amount you can take is relatively small (usually under £1,000). Short term loans are defined as High Cost Short Term Credit (HCSTC) due to the high-interest rates.

What is the difference between a payday loan and a short term loan?

The difference between short term loans and payday loans the length of time, or term to make repayments. A payday loan is paid within shorter period normally a month or two, and between paydays. Short term loans range from one to twelve months. Payday loans are a form of short term loans, both are considered to be high cost forms of credit.

How do short term loans work?

Short term loans work similarly to personal loans and are paid back in equal monthly instalments, except if the term is one month, as is the case with a payday loan.
There is no collateral or guarantee required. Although these types of loans can be easier to apply for, interest rates are significantly higher than most other forms of credit. Before applying, you should consider payday loan alternatives.

Why would I need a short term loan?

You may need a short term loan to cover an urgent bill or make an emergency payment, and you have no cheaper alternative. For example, you have a leak in the house that needs to be repaired immediately. Or you have damaged a tooth, and you require dental surgery urgently.

Short term loans should not be used continuously. For example, cover regular expenses such as monthly petrol costs. Or to cover unnecessary spending, such as eating out or a holiday.

Should I use a short term loans direct lender or a broker?

A direct lender will lend directly to you without using a third-party lending partner. A broker will use your information to find a lender or lenders who may be willing to lend to you; this will mean your information will be passed on to third parties. Whether you choose a payday loan direct lender or a broker, it's good to shop around first. Check for alternative forms of credit that may offer lower interest rates, and before you apply, make sure the repayments are realistic.

Should I consider other alternatives to a short term loan?

Yes, it's always good to shop around and compare options, particularly as short-term lending can be a costly way to borrow money. If you have bad credit, those options may be limited. If you are in financial difficulty, you should avoid short term loans and payday loans. And, if you find yourself reliant on payday loans, it may be best to seek help and speak to a money advice expert (such as moneyadviceservice.co.uk) to get support.

Can I get a payday loan with no credit check?

UK lenders are required to perform adequate checks before approving a loan. As a result, finding loans with no credit checks is difficult, as responsible lenders will want to obtain as much information as possible to assess your current situation before lending to you. To do this, many will require a credit check at some point.

When should I use a short term loan? -

Short term loans should only be used in genuine emergencies, where you need money quickly and don't have a cheaper alternative. Even though these are often considered to be small loans, they are an expensive way to borrow money and should only be used for one occasions. For example - your car breaks down two weeks before payday, and you rely on it to get to work, but you don’t have the money available to pay a garage to fix it. Or your boiler breaks down and needs to be repaired.

Short term loans should not be used to make unnecessary purchases or if you are experiencing financial difficulties for some time. Before applying, consider whether a short term loan is right for your current financial situation.

How do I find the best short term loans for my situation? +

When you compare short term loans, be sure to explore all the available options rather than going to the first popular short term lender. As a quick guide, you may find it helpful to compare the following factors when looking for the best payday loan or short term loan options for your situation:

  • Compare the APR and the Representative APR
  • Check the monthly payments and total payment you will need to make and ensure you're confident you can make the payments
  • Check the lender is authorised and regulated by the FCA - you can look up a lender on the FCA register.
  • Before you apply, know exactly how much and when you will need to pay your loan. Late payments on a payday loan will hurt your credit score, and may cost you much more in fees. Defaults will remain visible on your credit report to other lenders for up to 6 years. And finally, consider cheaper alternatives such as a pay advance from your employer or a 0% purchase credit card.

 

How do I know I can trust a short term loan lender? +

Only choose direct lenders who are authorised and regulated by the Financial Conduct Authority (FCA). All lenders, including payday loan lenders, are required to lend responsibly, ensuring that a loan is suitable for your circumstances and affordable. Using a short term loan direct lender who is regulated and licensed can mean greater protection for you.

However, even with the current UK regulation, there are still unauthorised, rogue lenders attempting to trap unsuspecting individuals.

Before applying for a loan, check:

  • The lender is licensed to operate in the UK on the FCA register
  • You have all the information you need
  • The information you have is clear and easy to understand
  • The lender is a responsible lender (they perform necessary checks to ensure the loan is suitable)
  • You are applying using a broker or a direct lender (broker acts as a middle man and may provider your details to multiple lenders and providers)

 

Why are short term loan APRs so high? +

APR (Annual Percentage Rate) is calculated as an annual or yearly interest rate. Short term loans and payday loans are paid back in a matter of weeks or months. As a result, calculating the APR on a short term loan can run into hundreds of per cent. The Financial Conduct Authority requires all loans to have the APR displayed and it is a helpful way of finding something in common to compare different loans on a like for like basis.

Another way of understanding the cost of a short term loan is to look at the daily interest charged (which should be no more than 0.8% or 80p a day per £100 borrowed). Lenders are also required to make clear the total cost of the loan (repayments plus interest).

These quick loans may seem a convenient way to borrow money, but the repayments can be costly. Make sure you understand how much you will need to pay back each month and that you can make repayments on time before applying.

Short Term Loans FAQs