About Us
Think you know QuickLoans? Wait until you hear our story!
Representative Example: Amount of credit: £1500 for 11 months at £169.69 per month. Total repayment of £1866.59. Interest: £366.59 Interest rate: 46% pa (fixed). APR rates range from 22.3% APR to 112.5%. Credit broker not a lender. Warning: Late repayment can cause you serious money problems. For help visit Money Helper
Quick Intro
Our company, Quick Loans Ltd (company number 09619094), is based in Barnsley, South Yorkshire, and has been active in consumer credit for over 15 years. Throughout this time, we've observed numerous changes in industry regulations and evolving consumer needs. Despite these challenges, we continue to grow each year and maintain a positive outlook for the future.
QuickLoans – The Beginning, 2009-2015
We can trace our roots back to April 2009 when the business called GreyWing registered the domain name QuickLoans.co.uk, marking the birth of the QuickLoans brand. It took several months to obtain a Consumer Credit License from the Office of Fair Trading, and by late 2009, the site went live. QuickLoans.co.uk initially held a license to lend directly to consumers, but as a new startup, the challenges were significant. It became much easier to establish new business relationships with other direct lenders.
Over the next few years, GreyWing expanded its portfolio by acquiring more finance brands, including 'Easy Loans,' 'Yes Loans,' 'No Credit Check Loans,' and many others. Despite setbacks, such as the challenges faced in 2012 due to global Wordpress site hacking, where hidden links to pop-up disposable loan sites affected search engine results, we persevered. This was a frustrating period as people searching for our brands on Google couldn't find us, but rather encountered newly created domain names ranking at the top. Google eventually found a solution after about a year, but that challenging year nearly put us out of business completely. We lost almost 90% of our income in one go.
Just because everyone does something, doesn't make it right. Just because everyone believes something, doesn't make it true.
Graeme Wingate
Managing Director, Quick Loans Ltd
QuickLoans – The FCA Arrives, 2015 – 2023
As the year 2015 approached, we recognized the forthcoming introduction of the FCA to Consumer Finance as a pivotal moment that would reshape industry operations. At that time, all sites and brands were under the ownership and management of GreyWing, a structure deemed less than ideal for fostering growth. Seizing the opportunity presented by the FCA, we embarked on a house-cleaning journey, modernizing our structure in anticipation of the new regulations.
In early 2015, the decision was made to incorporate with Companies House and register as Quick Loans Ltd, consolidating all our brands under one roof for a fresh start. On June 2, 2015, the company was officially formed, and all assets, including intellectual property, were transferred from GreyWing to the new entity. From that moment onward, GreyWing had no further involvement with Quick Loans or any other loan brands.
As the FCA began migrating license holders from the Office of Fair Trading to their register, a backlog ensued (12-18 months). The FCA, in their helpfulness, allowed us to operate on our old license using interim permissions until it was our turn to be granted full FCA permissions. We are forever thankful for their collaboration as they weren't obligated to do so.
A significant change occurred when we transitioned from the OFT to the FCA. We decided not to retain our lending license, opting instead to operate as a Credit Broker in the short term. Reflecting on the challenges faced by other lenders, such as administration and insolvency, we believe this was the right decision. The technical and regulatory burdens would have been substantial and costly under the FCA.
In early 2017, the FCA granted us our full permissions and that is how our business has been setup ever since.
16 Active Brands
Still Growing
Every year we are buying more active online UK loan brands
1000+ Applications Per Day
Busy Times
Across all of our loan brands, we now process over 1000 loan applications per day.
0 Complaints
15 Years Of Perfection
Neither GreyWing or Quick Loans Ltd has ever had a complaint against us upheld by the OFT.
Free Market Approach
As a company (Quick Loans Ltd), we believe strongly that two parties over the age of 18 should be able to freely enter into a contract without the oversight of the state. Where there are disputes, either party should have access to the Courts for remedy. In our opinion, regulation (and regulators) has little to no place in setting the price in a free market, if regulators want to set a price, they can start their own lending service and compete others out of business. Lead by example and show us how it is done? Of course they won't because they can't. Regulation incurs costs for all parties who have committed no wrongs. How is that fair to the buyer or seller?
As evident from our opening statement, we refuse to be corporate 'yes men' who roll over easily. Our commitment lies in advocating for freedom of choice and personal responsibility. Over the last decade, many corporate credit providers opted for the easy route of rolling over into administration rather than causing a fuss. We intend to stand firm and argue for common sense. Following their silent path out of businesses is not in our plans.
Of course, there is a role for sensible regulations and a registration scheme so that rogues are kept out of the industry. The FCA has done some good things over the last 9-10 years, but there has to be a balance. We intend to contribute frankly but constructively to these types of debates in the future.
Mission and impact
In adherence to our belief in free markets, we will persist in supporting groups and individuals challenging the approach of Soviet styled government central planners and populist regulations endorsed by media experts. The UK urgently needs a return to common sense; we advocate turning off the Bank of England's money printer and allow financial Darwinism to eliminate those who are consistently wrong or short-sighted.
We will continue to emphasise a better path forward, proposing ideas to counter the old media narrative that individuals are unable to manage themselves financially. Our stance is to celebrate individualism.
Stay strong in the face of unfair media coverage that struggles to handle their buble like views being challenged.
Our Brands
Whilst most of you will have heard of our leading Quick Loans site, most will be unaware that our parent company also operates through several other key niche brands. These other brands include:
-
EasyLoans.co.uk Personal unsecured loans spread over 3-36 months.
-
YesLoans.co.uk A brand that we purchased and then improved, one of the most well-known out of all online brands.
-
LoansForStudents.co.uk Helping students find short-term credit, loans are repayable over a longer period if required.
QuickLoans - The Future – 2024 Onwards
We anticipate significant transformations in the landscape of subprime lending in 2024 and beyond. Our belief is that the unsecured lending sector will undergo substantial changes, potentially leading to the cessation of non-bank unsecured lending. Surprisingly, very few of these anticipated changes are attributed to regulatory factors; instead, they are more likely linked to the way short-term lenders secure funding for their operations.
Following the 2024 elections, a pivotal shift is expected with the permanent discontinuation of the free central bank money printer, which has been operational for the past 30 years. In such a high inflationary environment, unsecured lenders may find it economically challenging to sustain their operations.
Additionally, the enforcement of unsecured debts has become increasingly difficult. Attempts to enforce debt repayment often result in borrower complaints to the Financial Ombudsman, incurring costs exceeding £700, irrespective of the Ombudsman's findings regarding the lender's conduct.
In response to these challenges, our strategic focus will gradually shift towards Secured Lending. We plan to transition our brands to be more centered on Secured Loans, catering to individuals seeking to refinance their mortgages. While this transformation will take several years to execute successfully, we are committed to staying ahead of our competitors.