Loans for Unemployed Disabled People on Benefits UK: QuickQuid Review

This review of QuickQuid.com aims to find out whether disabled or unemployed people on benefits can take out a quick cash advance or a payday loan. QuickQuid.com is a premier online provider of cash advances, these advances are normally sent within 10 minutes of approval to anyone in the United Kingdom. 

QuickQuid.com claims that there are no hidden fees and you can contact their customer service 24 hours per day 7 days a week via phone, email or live chat. 87% of existing customers stated that they would recommend QuickQuid to their friends, relatives and colleagues.

What Services Does QuickQuid Offer?

QuickQuid.com offers two ways to borrow; you have the option of QuickQuid FlexCredit or QQ Short-Term Loan. FlexCredit is similar to a cash advance or a payday loan and allows you to borrow money for short term purposes where you repay the money within weeks. If you’re approved of FlexCredit you can choose how much you want to borrow and then customise your payment options, you can pay the full amount on a certain date or a partial amount depending on your circumstances.

The QQ Short-Term loan is designed to bridge the gap between paydays so you can cover any unexpected expenses without any worry. The online application is very straightforward and once approved you can borrow money based on your credit score. Your credit limit is increases if you’re able to service the loan on time without going into arrears. There are three payment options for the QQ Short-Term loan, 1-Period payment is where you choose the one date where you make the full payment for the principal and finance charge. 2-Period is where you pay the finance charge on the first repayment date; you then make the full principal amount and any additional finance charge on the second payment date. 3-Period gives you three payment dates to spread the cost of your short term loan.

What are the Rates & Charges for QuickQuid?

The rates and charges for QuickQuid.com are completely transparent which means you’ll know exactly how much you need to pay back. For example with a QuickQuid FlexCredit £1200 loan over 10 months the interest rate is 300% per annum, the total amount repayable is £2831.34; the total cost of the credit is £1631.34 and represents an APR of 1362%.

For a QQ Short-Term Loan, if you borrow £200 for 28 days the total charge for credit is £50. Interest rates are fixed at a rate of £50 per £200 which represents a 326% Per Annum charge. The total repayable is £250 which represents a 1734% APR charge.

Does QuickQuid Offer Payday Loans to People on Benefits?

Unfortunately QuickQuid does not offer any facilities for disabled or unemployed people on benefits, the requirements for taking any loans out are that you need a valid UK Bank Account, you must be over the age of 18, you must be employed and receive a regular pay-cheque and you must be resident in the UK. I went through the entire QuickQuid.com site and could not find any mention of loans being available to people on benefits.