This is my review of QuickQuid, a payday loan lender who I have used in the past.

QuickQuid will lend up to £1500 for existing customers and up to £1000 for new customers.

QuickQuid charge up to £14.75 per £50 borrowed with repayment to be made on your next payday.

The amount of interest you are charged varies based on your credit rating, repayment history and employment history amongst other factors.

Application Process

My first application was straight forward enough. I completed the online form which asked for details such as my home address, employment information, date of birth etc.

This was not much different from applying for a loan with my Bank.

Speed of Funds Transfer

Once I completed the application I was approved and I received my requested loan about an hour later into my bank account.

My repayments were made using my debit card which QuickQuid would debit on my payday.

I made additional applications with QuickQuid which went through smoothly. I did not have any problems with them at this point.

I also rolled over or extended my loan on a number of occasions, this went through without any hassle.

Repayment Difficulties

Unfortunately I did experience repayment difficulties, in fact I had problems because I had been silly and had taken out a large number of Payday Loans.

It got to a point where I could not go on rolling over and paying huge sums of interest. I decided enough was enough and I would default on my repayments and enter into an arrangement to pay.

This had knock on effects with everything I owed and I am now self-administering a Debt Management Plan and I currently owe £41000 to all my creditors. You can read more about setting up a Debt Management Plan on this blog..

I sent an e-mail to the QuickQuid collections team with an offer to repay my outstanding balance and I did not get anywhere. I was just going round in circles. Quite a common theme with payday lenders I must say.

After numerous e-mails to QuickQuid, I gave up. Eventually they sold the balance to Mackenzie Hall a debt collector and I am now repaying them.

To be fair to QuickQuid, they didn’t increase the debt to a massive amount. I only owe the original repayment and interest plus a small default charge, so I suppose it could be worse.

Concluding my QuickQuid Review

I have said this before in my previous review of Wonga but I will say it again, only take out a payday loan if you know that you can comfortably repay it on your next payday.

Whatever you do, don’t end up like me with lots of debt to payday lenders. I know it is easy for me to say this now but it is true, unless you are 100% confident you can pay your loan back then I would avoid the option at all costs.