With Quickquid’s closure, the market for brokers and lenders in the UK has shrunk ever so slightly. Without a major source of loans that many people were relying on, it can seem hard to track down good Quickquid alternatives – at least until you know what to look for.
Here are some things to consider if you are hunting down alternative loan sources.
FCA Approval
You always want to take out loans from legitimate, FCA-approved businesses or lenders. While there might be more affordable options on the market that the FCA does not recognize, it can be a big risk, especially if you are putting your personal information on the line.
Sticking with businesses that have received some kind of official approval is always a good idea, especially if you are relying on loans to cover urgent payments. The more support and protection you have, the better.
Loan Values
Even if you are not planning to loan out the maximum amount of money you can, it is always helpful to have more flexibility. The limits you are under are an important thing to consider.
The minimum and maximum loan limits will influence the amounts that you are able to take out, sometimes for the better and sometimes for the worse. It is important to choose a lender with a loan value limit that matches your overall needs, especially as a first-time borrower without any experience in paying loans back.
Loan Durations
Loan duration is just as important as value, sometimes even more so. Understanding the way that value and duration work alongside each other is important, and you should make sure that you know what kind of durations you will be offered before you commit to using a particular lender.
Take your time to look this information up, and do not rush yourself. There is not a perfect duration length for everybody, so consider what the loan is for and how quickly you could pay it back.
APR
The higher your APR, the more you will end up paying back in the end. This includes both the initial loan fees and your interest rate, both of which can be very relevant if you are on a tight budget and looking for something that fits with your current financial situation.
APR stands for the Annual Percentage Rate, so remember that it applies on a yearly scale. The actual amount you pay back might be lower than the APR suggests, especially if the loan only lasts for a couple of months.
Suitability
Overall, you want to choose something that proves to be one of the few consistent Quickquid alternatives. If you were in the market for Quickquid before they closed, then you probably already know what their services were like – and finding a good alternative means finding similar services.
This usually means that you will want to look for the same kind of benefits that you expected from Quickquid – fast and reliable loans with stable and consistent interest rates, for example. Make sure that you keep focused on the things you need most, especially if the loan is going to be an urgent one.