The Quick Loan Shop is an online short-term lender offering borrowers loans ranging from £100 to £2,000, with quick service payday loans offered up to £500. The goal is to help borrowers handle emergencies and other unexpected events by providing immediate access to cash, in an instalment loan format, to help manage financial shortfalls.
Repayment terms are set from the beginning, with all repayment requires an applicable fee disclosed prior to the loan being funded. This ensures that all borrowers are aware of the full costs associated with the loan prior to officially entering into the agreement. This allows The Quick Loan Shop to be entirely transparent in all of the lending activities.
Qualified borrowers are able to receive funds into a designated bank account between one and 24 hours from their application being accepted. Some funds transfers to a borrower’s bank account is complete in as little as 15 minutes, allowing you to access the funds the same day in which you applied.
The criteria for applying is simple. As long as you are at least 18 years old, currently live and work in the United Kingdom, and have a local bank account, you are eligible to apply. While being a homeowner is not required, it may help in gaining approval for your loan. Credit checks and employment verifications are completed as necessary to ensure all borrowers have the capacity to repay the funds.
The Quick Loan Shops offers short-term payday loans as well as instalment loans with repayment terms of up to 12 months. All interest rates are fixed, with no prepayment penalties, allowing borrowers to view all of the terms associated with their loan for the entire repayment time period and receive benefits for paying back the borrowed funds early.
The Quick Loan Shop only offers short-term loan options and does not provide any revolving lines of credit. This makes them ideal for emergency situations that lead to a temporary funding shortfall that can be recovered once the borrower’s next salary payment has been received, or over the course of an improved number of monthly instalments.
Even though a revolving credit option is not available, a borrower may reapply for funds once certain repayment standards have been met on any previously funded loans. Funds are deposited directly into the borrower’s bank account, providing immediate access once the funds transfer is complete.
Since The Quick Loan Shop is an online-oriented lender, support is most commonly offered by email. Borrowers are provided with online access to their accounts, and repayment can be made directly from the borrower’s bank account through the online portal. All repayment activity is reported to the applicable credit bureaus.