Should You Consider a QuickQuid Alternative When You Need a Loan?

Are you considering getting a loan to help with a financial payment? Whether you are buying a new car or you are dealing with an unexpected repair bill, loans allow you to deal with the payment straight away. Then, you are able to pay back the loan in monthly instalments, which can be more manageable. 

Often, people like to stick to the names of lenders they recognise. They can feel more secure and as if they can trust that lender. This is particularly true if they have never had a loan before. You may think you should select a lender that you have seen on television in the past or in adverts on the Internet.

For example, one name you may have heard of is QuickQuid. They were once one of the biggest payday loan lenders in the country. Unfortunately, they are no longer around. So, you may be thinking, should you still consider one of the alternatives? Here is a guide to help you with loans.

What Happened to QuickQuid?

First, are you confused about why you cannot get a QuickQuid loan anymore? Many people do not realise what happened a few years ago. So, when they try to get a loan and think about this provider, they are surprised to see that they cannot find their website or how to get a loan from them. 

Well, we can tell you that QuickQuid is no longer in business. They went into administration in 2019 and were giving people unfair loans. This meant that they had many refunds to issue, and eventually, they went out of business. So, this is why they are no longer available to give you a loan. Think about this as a good thing.

Should You Consider a QuickQuid Alternative?

So, should you consider an alternative to QuickQuid? The answer is yes. If you are looking for a quick and small loan, there are plenty of other providers that can give you one. Indeed, they are more trustworthy and reliable. Indeed, same-day loans are available as a QuickQuid alternative, and you can head over to My Quick Loan for a quote. You can see what other lenders there are out there and what they are able to get you.

Know that what happened to QuickQuid was a good thing. It meant that other lenders took notice and realised that they had to treat their customers fairly. So, it means that now when you look for a loan, you are not going to be at so much risk as somewhere years ago when QuickQuid was still around.

What Should You Look Out for in a Loan?

Hopefully, you now see that there are plenty of reliable alternatives to QuickQuid when it comes to loans. But, what should you look for in a lender? Here are some things that you should pay attention to.

The Amount You Can Borrow

Some lenders can offer you a lot of money, while others will only let you borrow a certain amount. This can be down to a variety of factors, including your credit score and how much you earn. Always know how much you can borrow, and do not simply go for the most cash. Only borrow what you need so that you do not struggle with repayments.

The Interest Rate

You are always going to have interest when it comes to a loan. So, you always want to know what it is and how much you are going to be paying. Indeed, you want to select a lender that is going to give you the best interest rate. This way, you are going to be paying less for your loan.

Thus, always read the small print. Know what the interest rate is in advance and make sure you are happy with it before agreeing to the loan.

The Repayments

One of the most important things you need to do when it comes to a loan is meet the repayments. In other words, you always want to pay on time and in full when you have a loan. This ensures that you are meeting your obligations and do not get any penalties. What’s more, it stops your credit rating from being damaged. You will not be able to get loans in the future if you fail to make payments.

So, always keep an eye on the repayments for the loan. Know how much they are going to be and what you have to pay them. If you think that you are going to struggle with your repayments, make the duration of the loan longer. This is going to lower the amount you have to pay per month.