Quick Quid - Once The UK's Largest Online Lender
Quick Quid's Relationship With Quick Loans?
Who Were QuickQuid?
QuickQuid was once the UK's largest payday lender, starting its operations in 2007. It quickly rose to prominence by offering Short-Term Loans, becoming the leading lender in terms of both cash being loaned out and customer base. Around 2010, Wonga took over this title after a highly effective advertising campaign featuring puppets. Over the next seven years, both QuickQuid and Wonga competed fiercely, spending over £1 million per month on TV advertising alone. In 2018, Wonga ceased lending operations and went into administration. For the following year, QuickQuid regained its status as the primary lender for individuals facing short-term financial difficulties.
However, the good times did not last, and in late 2019, QuickQuid's parent company, "CashEuroNet UK LLC," also ceased lending through the QuickQuid brand, ultimately going into administration.
QuickQuid 2019 - 2022
Between these years, Grant Thornton LLP was effectively overseeing the winding down of the company. Typically, this is a straightforward process, but in this instance, QuickQuid’s parent company faced challenges from individuals claiming to have been mis-sold their loans. These claimants argued that the company had not conducted proper “Affordability Checks,” rendering the loans unlawful.
Grant Thornton had to allocate a significant portion of the company’s assets to address these claims. In the end, they agreed to pay out 53.5p in the pound to unsecured creditors. This meant that, for example, if a borrower was claiming £1000 due to mis-sold loans, they would receive £535 from Grant Thornton. There were no excess funds to return to the shareholders of CashEuroNet UK LLP.
Payments were distributed to over 80,000 claimants in mid-2022, and by October 2022, Grant Thornton applied to Companies House to officially close the company. This marked the end of Grant Thornton’s involvement in the company, and the company was essentially out of business from that moment onward.
Our Involvement With QuickQuid
Quick Loans Ltd now owns and operates QuickQuid. We assumed control in early 2023, and by late 2023, we had brought it in-house and revived its operations. The site is currently operational and licensed to arrange loans for applicants.
It's essential to clarify that we do not have access to any of CashEuroNet UK LLP's previous accounts or financial data. For some, this may be beneficial, while for others, it may present a dead end to solving their problems. For individuals who still owe money to the old QuickQuid brand, it has nothing to do with us, and there is no need to make any repayments. If you want to send us money for no reason, feel free to do so, but there is no need. We couldn't even direct you to the lenders who may still have an interest in your debt; we simply lack the data. This seems to be a positive aspect that brings a smile to the faces of many people.
However, the downside for some individuals is that they are attempting to correct negative marks on their credit files, which can sometimes be inaccurate. We understand the frustration this can cause, especially when there is no one to turn to. These negative markers can impede individuals from obtaining mortgages and car finance.
We receive numerous inquiries about this, with people seeking help. Honestly, we don't know where to start. We are unaware of who, if anyone, is in control of leaving/correcting markers on credit files. We would have guided people to Grant Thornton, but they have now ceased any involvement with QuickQuid, so they won't get involved. The only option would be to contact the Credit Data companies themselves and seek advice.
The Future For QuickQuid
We have significant plans for the brand, with our ultimate goal being to reintroduce direct lending. Currently, the site only has permissions to arrange credit, not lend directly. Despite our efforts to explain that brokers can be more cost-effective and have higher approval rates, we understand that the majority of our customers prefer to deal with direct lenders. If there's one thing we've learned, it's that the borrower is always right. In the upcoming months, we'll take steps to explore the financial viability of returning to direct lending.
Follow us and witness the resurgence of the QuickQuid brand to the top of the UK's biggest lenders.