Quick Frequently Asked Questions

The questions and answers on this page are real questions that have been asked over the last 12 months. We have compiled them for easy reference.

Just About All You Need To Know

Very Urgent Warning

Quick Loans has cold called me and asked me to pay a fee, why?

It isn't us, we don't make marketing calls, we have no outbound call team. It's a scam and any payments that you send to these callers will be lost.

No UK lender will ever ask you to make payments upfront, it just doesn't happen. Alarm bells should start ringing when they ask you to send them Amazon and iTunes vouchers. You will be surprised at the number of people that do actually send them money, they are convincing and people are desperate, so please stay alert.

Please read this page for more details - Fraud Warning


Who are Quick Loans UK?

Quick Loans UK is a fraudulent entity trying their best to mislead our customers into paying upfront for loans. Please ignore them, any money you pay them will be lost.

We first heard about this fake entity about 2 years ago, since then we believe they have defrauded people out of an amount well over £1 million. The individuals behind it are overseas and the UK authorities are unable to shut them down.

Please read this page for more details - Fraud Warning

Pre Application Questions

Is Quick Loans Legit?

Yes, we are 100% legit. We are authorised by the FCA - Quick Loans 

We are aware of people being cold called by groups from India pretending to be us and offering loans in exchange for upfront payment. Don't pay it, these are all scams. We do not charge fees and do not cold call people.

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How much can I apply for?

For unsecured loans on this site (which 99% of loan applications are for), there is a minimum of £200 and a maximum of £10,000.

Please only apply for the amount that you need. Loans for higher amounts are often more difficult to qualify for and may also over burden the applicant with debt that they don't really need.

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How long can I have to pay it back?

Loans up to £1000 are normally required to be repaid in full within 12 months. Loans over £1,000 can be spread over a maximum 36 months.

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Do I need to send any paperwork?

No, we don't require any paperwork to be sent to us.

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Can I spend the loan money on whatever I want?

Yes, absolutely. Once the money is in your account, it is entirely up to you what you use the money for. Us and the lenders make no stipulations on this front. If you are approved for a loan, the money is yours to do with as you so wish.

The reason we ask about the purpose of the loan is so that you can be offered the best rate. If you want the money to pay for a used car, it may be cheaper for you to be offered car finance.

But, at the end of the day that is your business. 

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What is the APR?

Rates change and will be subject to the status of the applicant. Some may receive cheaper offers, some may be more expensive. The representative example shown below is what is being offered over the last 30 days to 50.1% of applicants.

These are the figures that we are currently working on:

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). 112.5% RAPR. APR rates range from 45.3% APR to 1575% Max APR. Any APR rate offered will be related to your circumstances.

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Will my application be approved?

That's impossible for us to say until you have applied. New guidelines implemented by the Financial Conduct Authority mean that all lenders now need to perform affordability checks on individuals who apply.

Lenders also check to see if applicants have been involved in fraud, kept the same email address and phone numbers.Only after these have been performed will they applicant get a decision.

Don't worry though, it is all done online whilst you wait and will normally take less than 1 minute.

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How will I get my money?

Money is paid direct into the applicants bank account. This account must be with a UK bank.

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How quickly can I get my money?

Luckily for applicants we are called Quick Loans. We know that people on this site who apply for credit are looking for faster payouts than are normally associated with mainstream banks. 

Money is often with the borrower in less than 30 minutes after the loan is approved.

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Repayment Questions

I'm having trouble repaying the loan

Sorry to hear that, but don't worry to the point where to starts to affect your health, it isn't worth it. Lenders prefer people that talk to them and explain the situation. They will work with you to come to a solution, this isn't because of regulation or some new laws that have suddenly been passed. Good lenders have always worked with distressed borrowers, in the long run, it is the best way for them to get their money back.

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Possible Repayment Methods?

During the loan agreement process, customers will be expected to sign a Direct Debit mandate. This allows lenders to take repayments directly from their bank account on a set day each month. Some lenders still ask borrowers to sign agreements allowing for Continuous Card Authority.

The CCA allows lenders to debit a borrowers bank debit card on a pre-agreed date. In some ways a CCA is preferred by borrowers because if there is not enough money in the borrowers bank account to satisfy the repayment, the borrower will not face penalty charges from the bank. Banks used to charge as much as £35 per unpaid Direct Debit. Failed CCA's carry no bank charges, although lenders may make a small penalty charge, usually £12, but please check the lenders loan agreement.

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What Are The Late Payment Fees?

As we are now a broker and not a lender, it is up to each lender to tell you their late payment fees. Although it depends on the lender we can place you with, each lender will display their costs clearly and transparently before you can proceed with the loan agreement. Please read these carefully before continuing.

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Can I take a repayment holiday?

If you are haven't yet applied, yet already thinking that you may need to take a repayment holiday, chances are that you shouldn't be applying for more credit. There are other alternatives to getting further into debt. Sites such as the Money Advice Service is a good place to start.

If you have already obtained a loan from this site and are trying to seek a repayment holiday, the best place to start is the lender we placed you with. If you talk to them directly, they will be able to help you. Different lenders have different policies when it comes to borrowers who have fallen on hard times. Depending on which lender you are dealing with, you may well be able to seek a minor repayment holiday, but ultimately the lender's terms and conditions will be vital in arranging this.

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