Anyone fancy a loan at 2356% APR? No? Nobody at all?

22 July 2009

QuickQuid are on your side, right? They're all about "helping hard-working Britons across the UK find a fast and convenient solution to immediate money needs from the privacy and convenience of home". They're a modern day Robin Hood, gawd bless 'em - here to ensure you never struggle or scape by when you need a few pennies to see you through.

They do this by offering loans at APRs to make your eyes water until they're dry slugs in empty sockets. At least they're not shy about letting you know about their rates:

How does that look in a real life loan example? QuickQuid have a couple of examples for you on their rates and terms page:

Pity the poor bastards who are in such a bind in life, that they knowingly accept £200 only to have to pay back £300. Cheers QuickQuid!

TOPICS:   Banking   Loans

31 comments

  • Dave S.
    Their name speaks volumes... "Let's make a quick quid out of these fucking losers"
  • Pure-Klenz
    Basterds!
  • Bob
    They make themselves richer and those in debt just get further in to debt. That's the evil of interest for you.
  • Mike S.
    Can't really criticise them for being up front. There are places on every high street that are far from clear about charges. More transparency in this market will help cut the rates, thereby helping people who need these types of loans. Also, Pure-Klenz, it's pretty poor form to misspell a single word comment.
  • Bob
    Do people who take out loans to 'consolidate all their existing loans' and to help them 'get out of debt' actually think they will ever get out of debt by using these cowboy services? If you're in debt, no-one wants to help you. All they want is to take advantage of your sorry state of affairs.
  • Craig
    There is money to be had from these. For example: PaydayUK offer £65 through Quidco. On their example page they state if you take out a loan of £80, you repay £100, so the loan is costing you £20. Your £65 minus the £20 they take = £45 profit. Nice. Quidco is not guaranteed though so depends if you're willing to risk £20.
  • jim
    firms like this have been around for donkeys years relatively small sums borrowed at high rates, its easy to scoff but if you have no other way of obtaining £200 what would you do?
  • Craig
    Well if 2356% is the TYPICAL interest rate, then I'd hate to see what their upper rate is!!!!
  • Paul
    who gives a shit, if you dont like the rate nobody is putting a gun to your head telling you to get a loan from them
  • Chris
    I did this via quidco got the loan for £100 paid back £125 and i will be recieving my £60 from quidco at the end of the month as its been paid. The APR is so high because the idea of these loans are to cover you until paid day not a long term loan just remember that.
  • Dave
    This could do wonders for your credit rating. If you've borrowed off these sharks and managed to pay it all back without getting you living room confiscated you're a pretty safe bet for a Barclaycard!
  • gravy
    Compare and contrast : http://www.bitterwallet.com/show-me-the-wongacom/13362
  • Mark
    If u borrow £1000 from them u would correct me if im wrong pay about £2000 interest a month and about 20,000 pound interest a year :S u would never get out of debt
  • Mark
    Opps.. hang i forgot to add the interest on to the interest :(
  • laurie
    Why be a man when you can be a success?
  • bilbo
    It is awful, but on the upside, it could possibly deter some people from going to loan sharks, where the interest rates could be much higher and the consequences more brutal. If you compare this to loans with more attractive APR's then this is an expensive option, but when you're talking about loans that ask no questions, then going to quick quid is a cheap option if you consider the costs of a loan shark being set on getting his money back.
  • Chris
    well thats nothing new. Barclays have charde me a total of £244 over the past 6 weeks for being £23 overdrawn. They call it a reserve fee This is all thanks to the latest bank ruling
  • First L.
    I am always searching online for articles that can help me. Thank you
  • Nathan
    @Posted by Mike Smith | July 22nd, 2009 at 2:23 pm Can’t really criticise them for being up front. There are places on every high street that are far from clear about charges. More transparency in this market will help cut the rates, thereby helping people who need these types of loans. Also, Pure-Klenz, it’s pretty poor form to misspell a single word comment. Can't criticise 2356% APR, but! You can however, criticise a misspelt word :D, good one mate.
  • M D.
    It's interesting to see everyone criticize QuickQuid for some good that these apparent 'basterds' (aimed at Pure-Klenz) do for them sods who've got themselves in a right pickle to pay off £3/4000 in one go. Although you've gotta be a right dumbass to let your self be in a situation like that, it's still important to acknowledge the potential of QuickQuid helping people! Banks rob you and any company giving you loan someway or another has a fault. This is quick money for whatever reason that you need it. In times of recession some people may not even have money for emergency operations, funeral costs or simply paying the mortgage on time. And QuickQuid offers the service of on the day payment which you can't arrange with friends and family. I think QuickQuid is brilliant. I'm sure someone somewhere is happy that the service was available when they needed it. Everyone can read the BIG numbers! They're there because it's hassle-free way of getting money asap!
  • Chris
    It is really not fair to suggest that people who are in this prosition are "dumbasses". We are living through th eworst recession in 70 years, and people who find themselves out of work (I was for most of last year) with mortgages to pay and kids to feed will do ewhetever they have to. There should be a statutory maximum APR above which is it is ILLEGAL to charge, & 2356% ain't it.
  • Chris
    Apologies for typos in the above comment.
  • madferrit
    seems like quite a few of these comments have come from QuickQuid employees or ambassadors. Surely if you only needed £200 for a week to pay a bill, the service provider to whom you owe the funds to will give you one extra week to pay. Esp gas, electricity for single parent families.
  • MarkC
    Jesus H Tapdancing Christ! I have just seen this advert on TV and spat tea across the room when I saw the APR flashed up across the screen. 2356%! 'kinnell! My three year old is now dancing around repeating 2-3-5-6....2-3-5-6. I googled '2356% APR' and your page was one of the first results. What utter swine QuickQuid must be.
  • Chris B.
    Regardless of opinion, lets look at the facts, on the plus side, they provide a fast, hassle free (or at least as claimed...) service, with quick cash on the hip for what ever you need it for, on the down side, well thats obvious, the APR rates are very high, it may be a bit OTT, but they aren't there as your friends offering ''mates rates''...essentually they are loan sharks, just not in the common understanding of the word. the rates, whilst quite frankly startling, are clearly advertised, nobody can say they are being mislead about the amount they would need to pay back, now for the opinion...if people are thoughtless enough to borrow money off them without studying the print and calculating the APR and cost, (which most likely got them into a position to have to borrow money off QQ in the first place...) then they can't complain and act caught out when they have to pay back a third of what they borrowed on top of the repayment... Best bet is just not to have bills accumulating to more than you earn during a week/month...if thats not possible due to unforeseen circumstances for example, then just cut down on the spending...therefor eliminating the need to use QQ in the first place....simple
  • garry s.
    wot the ****, are you mad? theres easy ways to make money, easier if your a bird, who in their right mind would agree to this??? i dont care wot anyone says, but i say, get ya loan & fuck the basterdz, give em fuck all, have em up fa as much as possible, im sure the financial ombudsman would side with ya!!!
  • garry s.
    wot the ****, are you mad? theres easy ways to make money, easier if your a bird, who in their right mind would agree to this??? i dont care wot anyone says, but i say, get ya loan & fuck the basterdz, give em fuck all, have em up fa as much as possible, im sure the financial ombudsman would side with ya!!! stick it to the robbing basterds atleast robin hood wore a mask!!!
  • Tom B.
    Just saw the ad on tv. This is so like what happens in the US where "Payday Advances" are common and there are many wealthy people who have made fortunes out of the less fortunate using highly extortionate interest rates. No point in avoiding paying them back because they will have people who will "pursuade" you to repay. It's an evil trade operated by evil people who exploit others who have hit financial problems. There is little these lenders will stoop to to get the loan, plus interest, paid back. It's time the television companies stopped giving these firms advertising space and the law was changed to avoid them operating. Best to try and live within your means.
  • Leif H.
    I've added your feed to be on the lookout for additional posts of yours. Definitely anticipating more posts on this topic. Thanks for the informative blog!
  • Quick R.
    Magnificent beat ! I would like to apprentice at the same time as you amend your website, how can i subscribe for a blog website? The account helped me a acceptable deal. I were tiny bit familiar of this your broadcast offered vibrant clear concept
  • Poplar B.
    These so-called easy loan firms are a disgrace , I know there is no gun aimed at people who take out loans from these crooks but they are making it all too easy for poor people to dig themselves deeper , I dont care if it's only to borrow for a week , you will end up owing more than you lend , even if it's just a few quid , surely the better option is to ask your employer for a loan on your wages , 9 times out of ten any decent employer will try to help if you are in true and desperate need and they can arrange for the money to be taken out of your wages bit by bit and not in one lump , you will also pay no interest , try talking to your employer . Firms like quick-quid should be outlawed , it's nothing short of robbery , they are preying on people who are down and out and at their wits end , using them as a last resort , nothing short of criminal . If you do owe money on bills please , please try talking to the utility company , they will try everything to help , if it's cash you need for anything else please re-read the above , if it's for a new car or a luxury item then save for it or get a bank loan at a reasonable APR , don't use these easy loan robbers . We need to not use these kind of company's in this country , period , if we don't use them they will cease to exist.

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