Higher approval rates than loan applications, with same online decision "in seconds".
More manageable credit limits with smaller repayments.
It may surprise you to know that Quick Loans not only offers loans but also credit cards now. Credit cards have become a great way to borrow, and since just about every shop and website accepts them, they can be just as useful as a cash loan. In fact, there is little you can do with cash that you cannot do with a credit card. By the time you finish reading the benefits of having a credit card, you may feel like switching your application.
As of August 2023, there are over 58.3 million Credit Cards in ciirculation within the UK.
The average card balance is £1062's.
Approximately 28.3% of UK Credit Cards are paid in full each month, meaning that they pay no interest.
The mode average credit card limit is £1500.
Throughout 2023, 3.8% of all UK Credit Cards missed at least one repayment date.
Complete the form at the bottom of this page. Our form doesn’t ask any overly intrusive questions, and there is no need to send any documents.
The decision process is the same as our loan process. We'll provide you with a straight answer while you wait online. The average wait time for card applications is 30 seconds. When the decision arrives, you'll also be told how much your credit limit will be.
Unfortunately, this is the only downside to the card process - you'll have to wait up to 7 days for the card to arrive. We understand it isn't very quick, but it's the same with all credit cards.
You can activate the app by phone or with the app. Once you have confirmed a few security details, you'll be good to go and you can start spending.
Using credit cards hasn't always been as easy as it is today. Twenty years ago, you couldn't pay bills with them like you can now. The number of outlets that accepted them was limited. You could pay for your shopping, your fuel, etc., but paying bills with them was unheard of. Thankfully, things have changed. When being offered money, most companies refuse to look a gift horse in the mouth. The old image of credit cards only being used for big shopping binges is outdated.
When people hear that Credit Cards are an expensive way to borrow, they may not necessarily be correct. Comparing Prime Credit Cards to Prime Loans would be a distraction, in these circumstances, the credit card is always going to be the more expensive way to borrow. Rates for a Prime unsecured loan start around 6.9%, where as prime credit cards can be as low as 12%, but that is still almost double.
When it comes to Subprime borrowing though, Credit Cards are competitive and in a lot of instances, cheaper. The average APR on a loan of £1000 for a Subprime Customer is going to be about 80% over the year. The average rate for a Subprime Credit Card is more often than not going to be around 45%. Both are expensive, but the Credit Card is half as costly.
The reason people believe Credit Cards are more expensive is that customers don’t pay them off, they keep balances higher. Whereas a loan would be repaid over a year, the average Credit Card borrower will typically run the balance of their card towards the higher end of their credit limit.
Borrowers who are disciplined, make over payments and pay their balances off, will find that Credit Cards are cheaper in a lot of cases.
Still not sure?
The APR will match your credit status. For example, if you have poor credit, the APR could be as much as 25 percentage points higher than if you have good credit, even from the same lender. Lenders won't know which type of customer you are until they've done an eligibility check. This only takes a few moments, and as it will be a soft check, it will have almost no negative effects on your credit record.
We can’t tell you yet; we don’t know. When you start the process above, you are finding out if you are eligible; you aren’t applying. We need to be able to give the Credit Card providers some details so they can check. Checking your eligibility won’t ruin your credit status. Statistically, your chances of being approved for a credit card are slightly higher than if you are applying for a loan.
Yes, so long as you pay your statement balance in full each month, you will not have to pay any interest. Depending on your status, APRs run from 28% all the way up to 52%, so if you aren't planning on paying your balance in full each month, it may be better to select a lower credit limit to keep the charges down.
There is no reason you can't use your card abroad, but there may be extra charges when you do. Using a cash machine can be significantly more costly than using one in the UK. Apart from that, the biggest cost involved will be the conversion rate when using a different currency.
As with all cards, don't forget to tell your card company that you are planning to use the card overseas; they may get worried and block you.
If you have a poor credit background, we can still help you. Quick Loans wouldn’t be in business if we couldn’t assist people like you. Credit Cards can be perfect for individuals with negative credit histories. Smaller credit limits (usually around £200) are a great way to demonstrate to the credit card company that you can manage your repayments. Not only do you have a small amount of cash to get you by, but you also begin to rebuild your credit while working up to bigger limits. All without the risk of getting yourself into deep financial trouble.
Yes, but we recommend that you don't. Using your credit card at a cash machine can be detrimental in two ways. First, it is more expensive; card providers' fees will take around 3% of what you withdraw. Secondly, your card company will also report it to the credit reference agencies. This looks bad to future lenders as it often signals wider financial difficulties.
No, there is no need for the card applicant to have a guarantor.