Will QuickQuid’s Pounds to Pocket Change the Subprime Market?
QuickQuid (a trading name of CashEuroNetUK, LLC) is of course one of the most popular payday lenders in the UK today. QuickQuid is a service from Enova Financial that has other payday brands across the globe with CashNetUSA being their home lender in the United States. The UK is very much Enova Financial's hunting ground with QuickQuid, but they also released an interesting brand here in the UK in 2010 by the name of Pounds to Pocket. American financial giants love the UK due to the laws being extremely relaxed at this time. In comparison, payday loans are banned in various states and there are heavy regulations such as interest caps in place that has made these companies jump ship to the UK. A prime example of this is the Dollar Financial Group from America who own the biggest payday loan high street chain in the UK (The Money Shop).
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Payday Loan Lenders: Quid24
Quid24 (Quid 24) is another £100 only loan provider covering 7 days. It is interesting that I just introduced BongaLoans in the previous posting and these two lenders are exactly the same in every regard (even very similar structured text on each page). I was curious if this is in fact the same company behind each lender, but they do appear to be separate companies and have unique addresses in London. As with BongaLoans, a £100 loan is available for 7 days that will cost £110 overall (£4.50 interest and £5.50 transfer fee). As I covered in the previous posting, this would work out at being around a 25% overall charge if this was taken out over a full monthly payday loan period. This is good value, but I do wonder why these new payday loan companies are strictly covering set amounts with set payment periods. It would be nice to see more flexible short term lenders alike Wonga.
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Payday Loan Lenders: BongaLoans
BongaLoans (Bonga Loans) is a brand from BB Marketing Ltd that offers £100 loans only for the set period of 7 days. These short term loans can be applied for either on your computer or from your mobile phone (I wouldn't recommended using the phone since you will be charged £1 for each text made). There seems to be a whole host of new lenders entering this market that have been inspired by TxtLoan's loan product. The £100 only loan amount is fine, but the restriction of 7 day only term is a little short for my liking. A £100 loan from BongaLoans will require a repayment of £110 in 7 days time and this £10 charge is made up of £4.50 interest and a £5.50 Faster Payments Service transfer fee. This 10% charge looks good on such a small term and if this was a monthly loan the overall charge would be around the 25% mark.
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3 Month Payday Loans
Payday loans are designed to cover one month, with some innovative lenders such as Wonga being designed to cover much shorter periods where you can choose the specific loan date. There is a need for many though for much longer periods, possibly covering over a few months. 3 month payday loans are the topic of today with there in fact being a vast interest in this payment period online. No lenders specifically cover payday loans over 3 months, but there are solutions to work around this. The most common approach for 3 month payday loans is to use a lender that allows rollovers, whereby you pay the interest charge each month and pass on the balance forward. This can work out expensive though and so ideally we will be looking for a cheaper alternative. The FLM Quick lender is certainly an interesting contender.
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QuickQuid Promo Code 2012
QuickQuid is a major payday loan lender in the UK that in the recent comparison conducted here was one of only two lenders to score 8 stars (the other was Wonga). QuickQuid was the first lender here in the UK to release a promo code and regular promos are always displayed on their TV ad campaigns. In 2011 the QuickQuid promo code featured here was the AFF30 promo that granted a 30% discount on the overall charges (they call this the finance charge). This was not a transfer fee promo since QuickQuid already provide this fast transfer for free. The latest QuickQuid promo 2012 has now been released that is an improvement on the previous code, with an impressive 50% discount on the overall charges. There are of course three credit rating tiers that determine the cost of the loan and this promo will now half each of these overall costs, creating a possible £10 per £100 borrowed for the top tier.
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Wonga £50 Loan with 6.9% Charges
There are two such qualities that sets Wonga apart, being the ability to choose the exact loan amount and also the exact loan term date. Most payday lenders tend to have a minimum loan requirement of £80 or £100. Sometimes we may only need a small amount of cash for the weekend or to prevent us from dropping into the red with our bank that will incur expensive charges. There is much less risk involved in a smaller loan and so there is more chance of the lender accepting your application and the smaller debt will be more manageable for our own finances. Choosing the exact loan term means that we can reduce the overall charges by having the term shortened. We may be paid weekly or we may be getting hold of some money in a few days and so this ability to pick the specific loan date is ideal.
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Payday Loan Lenders: Instant Loans Direct
Instant Loans Direct has a partnership in place with the H&T pawnbroker; this would essentially make H&T the lender, but as I am aware H&T only provide payday loans when you visit their stores and so Instant Loans Direct will receive the lender title here. Instant Loans Direct only launched in October 2010 and so is still relatively fresh faced in the payday loan space. When I visited the site, a payday loan calculator was provided whereby I could select the specific day I would like the loan for, but this was merely used as an example of their rates and this selected loan term did not transfer to the application form. I assume the term would last for a full month although they state that you can pay early to save interest. New customers are granted £300, with returns receiving up to £750. Minimum loan would be £100.
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Wonga Scam
I was surprised to see that there were quite a large number of searches being made in Google for the "Wonga Scam" term and so the objective here is to simply address this concern. Is Wonga a scam? No, Wonga is not a scam. Wonga is perhaps the most trusted payday lender operating globally and they are the top recommended lender here for the outstanding service that they provide here in the UK. You may wonder why the Wonga scam term is popular and just who is entering such a term into Google. Well I will provide a few suggestions for this here. For one, Wonga has quickly grown into the most well know payday loan lender in the UK that has had massive boosts from their regular TV ad campaigns and from their sponsorship of Blackpool FC. People who may not have used payday loans before may simply be curious about Wonga with the loan product perhaps sounding too good to be true.
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Wonga Promo Code 2011 and 2012
This Wonga promo code was added here in late 2011, which is why the 2011 reference is still used here. Wonga is a major UK lender that in the recent comparison conducted here was one of only two lenders to score 8 stars (the other was QuickQuid). From studying every payday lender, there is no doubt that Wonga is the most popular one of them all in 2012. This is evident from their promo code being more popular than QuickQuid’s who happen to be another one of the leading payday lenders in the UK. One of the only issues with Wonga is that each customer must always pay a transfer fee of £5.50 regardless of the day that the loan will be paid back on and this does tend to ramp up the overall charges. This (now) Wonga promo code 2012 discounts this transfer fee, but it also takes away some additional cost.
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Christmas Loans 2011
At the time of this posting, we are now a week into the December month, with Christmas reaching ever closer by the day. Money concerns over Christmas are of course common for many with the cost of food and presents taking its toll. Christmas loans can certainly come to the rescue, but finding the right provider is not always easy with there being so much choice available today. An ideal Christmas cash loan lender is in my opinion one that can send the cash to your bank very quickly and provide great flexibility. For Christmas payday loans 2011, two such names that I would personally opt for myself would be either TxtLoan or Wonga. Should you be accepted for a loan with either of these two lenders then the cash will be sent to your bank in just minutes (these are two of the fastest lenders in the UK).
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