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Frequently Asked Questions
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Quid Market Express Service, ensures
your loan application, is given priority processing in our loans department. If
your loan is approved, Express Service Guarantees your money will be into your
account the same day, provided you have completed your application before 5pm, on
a working day. Express applications received after 5pm will be processed as soon possible
and the money will be into your account by 11am on the next working day.
Express service is optional, but if selected, ensures you receive your money as
fast as possible. We do make a £15 additional administration charge for our Express
service on approved loans only. The charge is deducted from the amount we deposit
into your bank account.
Quid Market Standard Service, in most cases, our Standard Service, ensures
you will receive your money into your bank account
within 24 hours from your application being completed and approved on a
working day.
We will transfer the funds directly into your bank account. Once the loan is deposited
into your bank account, depending on your bank, you should be able to have access
to the funds today if you opt for the Express
Transfer service. Please note an additional £15 service fee applies if you choose the
Express Transfer service and this amount is deducted from the loan amount before you
receive it.
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If you have a question, often we have been asked the same question before. As a
result we have compiled a list of answers for questions that are frequently asked.
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How much may I borrow?
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You may borrow from £150 and up to £750,
subject to approval and affordability. As a new borrower you may qualify for up
to £400. After repaying the loan as agreed, your future loan amount may be increased.
However, payday lending is a short term expensive form of credit and you should not
use it for longer-term borrowing.
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How and when will I receive my money?
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Once the loan is deposited into your bank account, depending on your bank, you should
be able to have access to the funds today if you opt for the Express Transfer service.
Please note an additional £15 service fee applies if you choose the Express Transfer
service and this amount is deducted from the loan amount before you receive it.
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Do I qualify for a Quid Market Loan?
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If you are at least 18 years old, a resident of the UK, have a current bank account,
a Debit Card and you are employed with a regular source of income of at least £750 per
month, then you may qualify
for a Quid Market Loan. Subject to status.
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Do I still qualify for a Quid Market Loan even though I have bad credit?
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We understand that not everyone has a perfect credit history.... So we have developed
a state of the art decision making process that takes everything into account. We
undertake affordability checks but even if you’ve got a poor credit history it may
not necessarily affect our decision. In order to ensure we are able to process your
application, it is important that you provide us with as much accurate personal information
as possible.
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What are my options to repay or extend my loan?
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You may contact us on 0115 845 6434 or email us at
mail@quidmarket.com to apply to extend or repay your loan. This
allows you to have the flexibility to repay in full or just pay the interest only
for another month. If you wish to apply to extend your loan, subject to approval, your
repayment date will move to your next pay date, providing you more time to budget to repay
your loan. In order to help manage the amount borrowed by our customers to a more sustainable
level we will take a payment in addition to the interest which will come off the loan amount
(known as the Principal). We will notify you of the amount of principal to be repaid with the
documentation we email to you, should your extension application be approved. This is done to drive down the
amount owed to help ensure customers do not get into a never ending cycle of extending
pay day loans.
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How do I update my information?
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If any of your information changes, please send us an email by clicking on contact
us with the updated information. Once received we will update your information and
send you a confirmation of the changes by e-mail.
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What are Quid Market's opening hours?
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8am – 7pm Monday – Thursday, 8am - 6pm Friday and 9am – 4pm Saturday.
Customers can manage their accounts and make payments using the
Existing Customer Area
24 hours a day, 7 days a week.
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What is a Debit Card Continuous Payment Authority (CPA)?
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Continuous Payment Authority is also known as a CPA - by signing the loan agreement you authorise us to use a CPA to take payment from your Debit Card. We will apply for the loan amount on the agreed due date but If the payment is not received on this date the CPA allows us to apply for full or part payments of the amount due on various dates thereafter. You can cancel the CPA by contacting Quid Market or your bank but you will still owe the account balance and you must ensure you have an alternative method of payment. If you do not want us to apply for part payments on various dates you must contact us immediately to make suitable alternative arrangements to repay.
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Responsible Lending
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Quid Market is Committed to Responsible Lending:
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Quid Market will:
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• Always assess that customers can afford loans, and are able to repay them.
• Offer short term loans
aimed at the borrowing requirements of our customers.
• Always treat customers in a courteous, helpful manner, aiming to deliver high
standards of customer service and satisfaction.
• Provide transparent and clear information covering all aspects of loans and contracts.
• Willingly provide additional information required by customers, by telephone or
e-mail. For further information, go to the contacts tab of our site.
• Treat customers fairly and work with those that are experiencing financial difficulties
or hardship.
• Require customers to submit accurate and up to date information, to enable Quid
market to make a fair assessment of affordability of the loan.
• Always assess extension applications in full for approval and have a policy on the
amount of principal to be repaid.
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Quid Market will not:
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• Aim to target people with financial or debt problems.
• Lend to people who they believe will be may be unable to repay the loan.
• Deal with customers if there is any doubt regarding their identity or authenticity.
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We appreciate the pay day lending industry may not be the cheapest option out there
for people but it is convenient and flexible. If used properly, it does compare
favourably to other options, but only if used how it’s designed – a short term aid
to needing that extra bit of cash from time to time.
As a customer, there is also some responsibility to consider – if your application
is approved this becomes an important contract – we think our application process
is as clear and transparent as it can be, so in return, we expect our customers
to only go through with the application if you’re certain to have sufficient funds
available to make the repayments on the agreed date. Failure to do so may jeopardise
your chances of obtaining future credit through ourselves, and in extreme cases, may
result in your details being passed on to third party debt collection agencies and
lead to legal proceedings.
As a credit broker our services are subject to the jurisdiction of the Financial Ombudsman
Service. If you have a complaint about our services you should write to us either by post
or by email using the details on the Contact Us page
and we will endeavour to resolve it as soon as possible. If we do not respond within a maximum of 8 weeks
or you disagree with our response, you have the right to refer this agreement to:
The Financial Ombudsman Service
South Quay Plaza
183 Marsh Wall
London
E14 9SR
Web: www.financial-ombudsman.org.uk
Telephone: 020 7964 1000
Fax: 020 7964 1001
Email:
complaint.info@financial-ombudsman.org.uk
If you would like a copy of out Complaints procedure, please contact us on 0115 8456 434 or
email is at
mail@quidmarket.com
Quid Market are regulated by the Office of Fair Trading and we abide by all rules,
regulations and codes of practice set out by them, so you can be sure what
we do, and the way we do it is completely above board and secure.
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