Sunday, July 17, 2011

QuickQuid: 1734 Reasons to Avoid

Too much month left after the money? Need a quick cash loan?

QuickQuid can help - with instant loans of up to £1,000 for first-time applicants and money in your account within an hour of the loan being agreed.

The trouble is, the company (a UK subsidiary of American-owned Cash Euro Net) will charge you an eye-watering interest rate for the privilege.

How does a "representative APR" of 1734% sound?

Avoid, avoid - especially in light of some of the horror stories told by customers about the company's allegedly aggressive collection polices.

The company's original adverts in 2009 were banned by the Advertising Standards Authority for being misleading. The ASA judgement states that:

"because of the rate of the interest charged and the potential vulnerability of consumers likely to be attracted by the ad, we concluded that the ad was likely to mislead consumers by omission of information concerning the rate of interest."

Furthermore, several individuals who have never taken out a loan with the company claim to have received intimidating letters from Cash Euo Net demanding payment of non-existent loans.

And, while we're at it, how about asking your MP why such an iniquitous rate of interest is permitted in the UK?
  


Follow up

In September 2011, Which Magazine reported Casheuronet UK, which operates Quick-payday.co.uk and Quickquid.co.uk, to the Information Commissioners' Office for alleged malpractice. 








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