10-Minute quick loans are now available from QuickQuid

QuickQuid is excited about its latest offering – 10 Minute Money – the ultimate quick loans solution. 

QuickQuid is already a recognised provider of short-term loans to UK consumers and the new 10-Minute Money service is one of the fastest around for people looking for speedy short term loans.

It takes five minutes to complete the online application and if approved, customers will have the money in their account in 10 minutes, even on a public holiday. And better still, there is no extra charge for this service.

Director of operations at QuickQuid, Arad Levertov, said the company hoped to exceed customers’ expectations by providing this service 24/7.

With high street banks charging as much as 800,000% on unauthorised overdrafts, consumers could be increasingly tempted to turn to companies offering short term loans.

Money Box, a Radio 4 broadcast, recently discovered that a customer getting an unauthorised 28 day overdraft of £100 from Santander would repay £200. That’s an APR of 819,100%!

None of the payday lending companies have an APR in excess of 5,000%, but both Lloyds TSB and Santander charge more than 300,000% on unauthorised overdrafts.

Santander claims that it is confusing to compare the interest rates on unauthorised overdrafts and short term loans because a payday advance is an agreed loan, whereas an unauthorised overdraft is exactly what it says – unauthorised usage of a current bank account.

The instant cash loan industry in the UK was worth £1.9 billion last year, according to the consumer association Which? If banks continue to charge huge interest rates on overdrafts, payday lenders are likely to do even better this year.

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