Trusted Quid is an online short-term loan lender, focusing on providing funds to those who are experiencing an unforeseen financial emergency. Functioning as a responsible lender, potential borrowers must meet certain minimum qualifications to ensure the overall affordability of the requested loan, and that repayment will not cause undue hardship based on the borrower’s current circumstances.
The maximum amount that can be borrowed varies depending on whether the borrower is a new or returning customer. Loans can be acquired in amounts ranging from £100 to £1,500 depending on eligibility. There are no upfront fees associated with any of their loan products.
Repayment is based on a Direct Debit, attached to the bank account for which details were provided during the application process. If the Direct Debit is cancelled, charges will be directed to the debit card currently on file.
Trusted Quid works to provide approved borrowers with the requested funds on the same day. For those who have repaid their loan early, they may be eligible to borrow funds again based on a further advance. If a further advance is approved, funds are generally made available within two hours.
Trusted Quid Criteria
- Age Requirement
- Debit Card
- Credit Checks
- Other Requirements
- Applicants must be full-time employed paid via Direct Deposit
- Same Day Transfer Available
- Loan Value Available
- £100 to £500
- Representative APR
- Loan Length
- 30 Days to 6 Months
- FCA Registration Number
- Loan Example
- Borrow £300 for 6 months. Repay with 6 payments – 1st £94.28, 2nd £110.15, 3rd £95.25, 4th £87.45, 5th £73.41, 6th £61.26. Total Charge for credit is £219.47 comprising interest only. Interest is set at a daily rate of 0.78% per day per £100 borrowed for the term of the loan (a fixed rate of 284% per annum). Total Repayable is £519.47. Representative 1212.95% APR
Trusted Quid Review
Trusted Quid’s application takes approximately 10 minutes, making it ideal for those who need funds quickly to handle an emergency. Most customers can be informed within minutes regarding the amount of principal for which they are eligible. If eligibility cannot be quickly determined, and more information is required in order to complete the application process, the borrower will be contacted directly regarding any additional documentation that is needed.
Returning customers often has a shorter application, as much of the required information is already on-file. However, affordability and credit checks can be required to ensure the borrower can be reasonably expected to repay their new loan just as was required for the original.
Trust Quid offers an interest rate slightly below the industry standard, which may result in some nominal cost savings over the life of the loan. Additionally, the repayment term is set at six months, providing a longer repayment period than what may be offered by other similar lenders.
Trusted Quid provides loans between £100 and £500 for first time customers. Returning customers can receive up to £1500. Their loan term is based on 6 monthly payments, however, you can repay your loan at any time. There is no penalty for early repayment. Also, since their interest fees are based on a daily rate, paying off early saves you money.
Trusted Quid requires all applicants to be full-time employed and receive their pay via direct deposit. You will also need an active bank account to receive the funds and make payments every month. If you do not meet this criteria, please do not apply as your application will not be considered.