Quick Quid is the payday lender who promises that you can count on them. However, many people found out this wasn’t the case the hard way when they were charged ridiculous interest fees and given loans they could never have paid back.
The company wrote off more than 2,500 loans to people and granted refunds to 1,500 people who were given loans they couldn’t repay. This adds up to a total of £1.7m. The company gave loans out to people without performing proper and accurate credit checks, meaning that people were given loans that they couldn’t repay. Many people who tried using the company to borrow from ended up in a vicious circle of borrowing and repaying because they were being charged a rate that they couldn’t afford.
All reputable lenders should perform extensive and correct checks and assessments in order to make sure that people are able to pay back the amount necessary and over an appropriate period of time. Quick Quid was just one of many companies who did not perform these checks and so granted loans to people who should not have been given them. Responsible lenders are designed not only to protect the company but also to prevent the people borrowing from getting themselves into more debt in order to pay off their existing debt. Quick Quid did not do this and their main and only concern was that they made money.
A lot of people use payday lenders like Quick Quid in order to pay off an unexpected bill or to see them through the last few days before payday. In theory, payday loans are a great idea. Borrow for a few days and pay back when you get paid. However, companies like Quick Quid made this a near impossibility for its borrowers by charging incredibly high-interest fees. These fees were not in line with the interest fees that reputable companies charge and were much higher and out of proportion to the amount of money being borrowed.
The people who used Quick Quid and other such companies were borrowing money from them because they make it sound so ideal. They promise approval within minutes and the money in your account almost instantly. The make the deal seem so good and they gloss over all the important points of a loan, such as interest fees and repayments. Although the borrower should make themselves aware of what they’re getting themselves into, the lender’s top priority should be to make sure that their customers are not getting themselves into trouble in order to pay off a debt.
Quick Quid was not bothered by this and instead decided to focus on the amount of money they could make. Which is why they skipped over the most important points of the loan agreement like the interest rates – minimising them so that they didn’t seem as bad and instead focusing on the great points such as having the money deposited in your account within minutes.
If you are one of the thousands of people affected by the scams of payday lenders such as Quick Quid then please get in touch with us today to find out what we can do for you. You may be owed compensation and you may be entitled to more than you believe. Just contact us and we can help you figure it out!