How it works
Rates from 12.9% APR to 1721% APR. The minimum Loan Term is 1 month. The maximum Loan Term is 36 months. Representative Example: £1,000 borrowed for 18 months. Repayment of 17 Months at £87.22 and final repayment of £87.70 The total amount repayable is £1570.44. Interest amounts to £570.44, an annual interest rate of 59.97% (fixed) Representative APR: 79.5% (variable)
Before seeking out quick cash loans through our request form and network of lenders, it is important to fully understand how the process works. Borrowing money is always an important financial endeavour and failing to meet the obligation may result in added fees and collection proceedings.
The cash loans provided by direct lenders in our network are to cover temporary financial hiccups, such as an unforeseen utility bill, repairs and maintenance, or an emergency. Using a loan to cycle existing debt or solve a long-term financial problem will likely result in further problems. With that in mind, here are the steps you need to take:
Requirements
Your request will not be processed if you are under the age of 18 years old, aren’t a resident of the UK, cannot provide any income information, or you do not have a checking account for the loan to be deposited. These are the basic requirements you must meet to use our loan request form and qualify for cash loan.
1. The Loan Request Form
PurpleQuid works with a network of lenders who can offer between £100 and £5000, depending on approval and your personal financial situation. To take the hassle out of approaching these one by one or having to go to a bank, we take your basic information and relay it directly to them. This will include your name, address, contact details, employment info, and the amount and duration you desire.
Once this has been submitted, we will attempt to match you with one of lenders from the network. Lender policies can always change and they reserve the right to reject any request.
If you are matched you will then be redirected to the lender’s own page, where you will be required to provide further information to complete the formal application process. You will now be dealing directly with the lender and not PurpleQuid.
2. Lender Application and Approval
The lender application is the formal process which will determine whether you will get a loan or not. They may require extra information to what you provided in the request form, including financial statements and other documents. While we cannot promise no faxing will be involved, some lenders will allow you to forward digital copies of your documents if you already have them available.
Once you have submitted the application, the lender will assess it. If you are rejected, you are free to apply again in the future. If your application is approved, an offer will be displayed (with an offer amount) and you will be given a copy of the terms and conditions of the loan.
Be sure to read this information carefully, as it will explain your interest rate, payment schedule (how many payments and the amount due), and other important information such as what happens if you miss payments.
At this stage you will be given the chance to walk away with no obligation (but note that a search may be recorded on your credit report), or you can accept the offer by digitally signing the agreement. Doing this makes the loan legally binding and they will begin the deposit process. Funds may arrive in your account in as soon as one business day.
Credit Checks
Be aware that online lending has historically given rise to unethical marketing tactics, such as claims of loans with no credit check, guaranteed payday loans or other verbiage.
If you meet the requirements, have a good income and fair credit, you may be matched and approved. However nothing is guaranteed and credit checks may be carried out. Furthermore, if you reach the stage of an offer but reject it, a search may also be recorded on your credit report. This lets other lenders know you’ve been searching for credit.
3. Repayment Process
The repayment process will be outlined in your copy of the loan agreement. This will include the duration of the loan, number of payments, the cost of each payment, which will include the interest charge. There will also be a detailed breakdown of the interest rate.
Repayments will be automatically taken from the bank account you designated during the application process, on the agreed upon dates. Like all forms of credit, should you fail to make repayments and avoid entering a discussion with the lender, they reserve the right to apply added interest and begin collection proceedings.
