QuickQuid - The UK's Largest Online Lender
Please don't confuse us for Quick Quid, we are two separate finance sites. QQ filed for insolvency in 2019, whilst we still fully involved in lending today.
Quick Quid were one of the biggest lenders in the UK. Starting in 2007, they grew fast and by the end of the 2009 they were just behind Wonga as the UK's largest internet lender.
Whilst Quick Quid were a good brand, and one we are happy to be linked with. Unfortunately we had no connection with them. We only mention this because we receive around 50 complaints a day from people who think we are Quick Quid.
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 Quid
Different From Quick Loans
What happened to QuickQuid?
The official story is that they missold a vast number of Quick Loans to customers who then made complaints. The rise in claims for compensation forced them out of business. The real story is that, just like Wonga, they were a victim of blackmail.
Over the last 3 years "missold loan" claims companies have appeared in the UK. These claims companies target lenders and try to blackmail them into settling. Claims companies know that if lenders don't settle immediately, the complaints are escalated to the Financial Ombudsman Service who then hit the lender with an instant fine of around £650 per complaint. This fine is issued by the FOS regardless of fault by the lender. Claims companies know that lenders will settle claims for less than £650.
It's a shocking system that is now being abused by claims companies, aided and abetted by the FOS and FCA. Unfortunately, Wonga and Quick Quid had enough of this and called it a day. Other non-bank subprime lenders have also done the same in recent years.
Can I make a complaint about Quick Quid?
Yes, you can, but sadly not through us. We have zero links to Quick Quid. Unfortunately, a lot of people think we are the same brand, and this leads to confusion and delays.
QQ's parent company (CashEuroNet) ceased trading back in 2019. They decided that the current system of handling historic complaints by the Financial Ombudsman Service made it impossible for them to continue in the credit industry. On the 25th of October 2019, they instructed insolvency experts Grant Thornton UK LLP to handle an orderly wind up of operations.
Helpful information for Quick Quid Customers
What To Expect
On the 28th of May 2020 we spoke to the administrators. They said that customers who wish to make a claim against QQ can do so via a portal that will appear on the QQ website sometime towards the end of June 2020.
For Borrowers
Unfortunately, customers who owe QQ money are still expected to make their repayments on time. Grant Thornton's specialist team is handling any enquiries or payment problems on 0800 056 1515.
For QuickQuid Complaints
Sadly, the insolvency means that customers looking to complain about possible previous misselling issues are likely to be disappointed. If there is anything to be handed back to customers, it is expected to be pennies on the pound. Maybe even as low as 1.5p for every pound that is owed. The prospects of receiving any meaningful money back are so small that claims companies are no longer willing to file complaints on behalf of complainants.
Any complaints about misselling loans by QQ should be lodged via their support team on 0800 056 1515; this is QuickQuid, not us.
What now for the QuickQuid Brand?
It is estimated that the process to wind down the business will take around a year. We expect it to be fully wound up by the 25th of October 2020.
There is a chance that QuickQuid could return to lending in the coming years. We haven't yet witnessed the liquidators trying to sell off any of their intellectual property. Not selling off the intellectual property (trademarks, domain names etc.) indicates that a return is possible at some point. If they do return, we don't expect it to be before 2022.
It will be a sad passing for one of the UK's most used finance brands. They were a competitor for us, but they were also a very trustworthy company that helped a lot of people borrow in their times of most need.