For many years, people have enjoyed taking out a payday loan. While they sometimes get a bad reputation, they are also easy to apply for and can be a quick way to access cash when you need it. Plus, the quick repayment schedules you can get mean that you can move on quickly from the loan.
In particular, one lender that everyone had heard of was QuickQuid. They recently went out of business, putting a bad light on payday loans in the UK. Indeed, those circumstances were unfortunate for many borrowers. But, you might be interested to know whether loans like QuickQuid are still available today. Let’s investigate.
Where is QuickQuid Now?
Have you always wondered what happened to QuickQuid and where it went? Well, this was a payday loan provider that many people used in the UK for a number of years. However, in October 2019, that changed permanently. The company that owned them went into administration, and this meant that loans were no longer going to be available to customers.
So, why did they go into administration if so many people used QuickQuid? Did they hand out too much money? Well, it was found that they had mis-sold loans to their customers. As a result, they had a lot of complaints and refunds to give. This was simply too much for them to continue in business.
Are Payday Loans Still Available?
Note that payday loans are still available. There are other providers that you can get one from. This is just not going to include QuickQuid. Of course, after hearing that customers were mis-sold loans, this is a good thing. It means that other providers will not do this, and they know what will happen if they do.
The key to getting a good payday loan is to use a website that shows you different providers and what they will give you. For instance, you can head to https://www.my-quickloan.co.uk/quickquid.html and find a reliable alternative to QuickQuid. It will work in the same way but be a safer option for you.
What are the Benefits of Payday Loans?
Perhaps you are still unsure when it comes to payday loans. Are they going to be the best option for you if you need cash? Let’s take a look at the advantages this type of loan can offer you.
Easy to Apply for
Most people are deterred from getting a loan because they believe they are complicated to apply for. In other words, you have to go to a lender and complete a lot of forms. As a result, people just give up on getting cash this way.
But, know that the same does not apply when it comes to payday loans. They are designed to be easier to apply for without the whole complicated process. In particular, you can apply for them online.
Possible With Bad Credit
If you have bad credit, you might think that you will not be granted a loan. Well, some lenders do not like this, and yes, you will not be able to borrow money from them. But, payday loans can be slightly different. There are lenders out there that will give you money if you have bad credit. You might just have to deal with high-interest rates.
Therefore, know that loans are not off the table even if you are in a position where you have bad credit. You do not have to be scared that you will be turned away from a loan and have to suffer this type of embarrassment. There are payday loans out there, and they even advertise them as for people with poor scores. So, it causes less judgement, and you can feel better about the whole situation.
An Unsecured Option
Some loans are secured, and this means that you have to offer assets in order to get the money. This offers a type of protection to the loan company if you do not pay the money back. But, there are many people that do not like doing this. They feel uncomfortable with this setup, and it puts them off getting a loan. Indeed, you might not be in a position where you want to risk any of your assets. It can cause unnecessary stress.
Well, know that this is not something that you have to do with payday loans. They are referred to as unsecured loans, which means that you do not offer any of your assets. This allows you to borrow the money you need without having to use assets to get it. It can put your mind at rest and know that you do not have to think about items you already own. Of course, you always want to make sure you are in a position where you can pay back your loan. But, when you do not have an asset on the line, you can feel better about the situation and not under so much pressure.
