Lenders FAQ's
1) Can anyone lend money at Quick Loans?
Lenders at this site need to be over the age of 18, have a UK bank account and be a registered UK resident.
2) What is the minimum of Maximum amount of Money I can lend?
The minimum amount of money you can lend at Quick Loans is £25,000. If you wish to lend over £25,000, you must apply for a CCL (Consumer Credit License).
3) Is my money lent to one person? That is completely up to you, you can bid to lend a borrower whatever you feel is prudent to do. Once you bid to lend money to borrower, your borrower will have the option to see what rates are available from other lenders before agreeing to borrow at your rates.
4) What returns can I expect to receive?Because of the risk involved in lending to subprime users such as payday loan borrowers, the rates of return on this site will be more than the prime lending sites. The rate at which you are willing to lend is at the end of the day up to you, it is of course your money.
The average rate at which payday lenders lend their cash is 1400% APR. This figure relates to around £20 per hundred lent if you are looking to lend over the standard one month term.
The average rate at which payday lenders lend their cash is 1400% APR. This figure relates to around £20 per hundred lent if you are looking to lend over the standard one month term.
5) Do you lend to individuals or businesses?
Quick Loans only lends to individuals. However both businesses and individuals can lend money out to others.
6) Will I know the identity of the borrowers?No, but you will know a lot into the credit history of the borrower. However you will not be told any identifying details because if security reasons. If the borrower defaults on a payment and you look for alternative methods to recover your monies, the details will be supplied at that point.
The type of details you will be given access to before making an offer would be details such as their age, their local town of city, their credit score and their previous history on QuickLoans.co.uk
7) Who decides the rate at which I lend my money to others? The type of details you will be given access to before making an offer would be details such as their age, their local town of city, their credit score and their previous history on QuickLoans.co.uk
You do, if you want to lend the cash at £50 profit per hundred over a month, you place the offer and it may be accepted or declined by the borrower. However you will be bidding against other lenders who may lend at £20 per hundred, so the borrower may accept their offer before they accept yours. However it is your choice at what to offer.
8) How fast will my money be lent once I give the go ahead? During working hours it will be within 2-3 hours, although can be quicker. Once the total funds are on offer to the borrower and the borrower accepts. We make further checks and confirm everything is in order before releasing the cash. Usually money will be lent in less than 24 hours.
9) When I lend my money out, do I have the right to sell it on to someone else? We don’t currently have the option to sell on loans to other lenders. This is because most loans are repaid back within one instalment or one month and the agreement is then completed.
10) What are the fees I have to pay to QuickLoans.co.uk? Quick Loans currently charge their lenders 1% of the money that is lent.
11) Are the returns I receive liable to tax under UK law? Yes in most circumstances they are, however returns via our site are paid without these deductions and you will be liable for making these declarations to HMCR (Her Majesty’s Customs and Revenue).
12) Where is my money kept whilst with QuickLoans.co.uk? Your money is held in a separate Bank account with the sole purpose of being used to store lending capital. This is separate from the day to day business account which QuickLoans.co.uk uses. This means that should QuickLoans.co.uk cease trading for whatever reason; these assets are returned to the lenders directly.
13) If a borrower is late in repaying the money, what can I do about it? If the borrower defaults on the repayment, then we have a debt collection agency that will actively pursue the matter on your behalf. If after a certain amount of time has pass and no collection has been made, full details of the client will then be passed to the lenders for them to pursue their own lines of recovery.