Quick Loan Shop Review | www.thequickloanshopltd.co.uk
Address: 31 Dashwood Avenue, High Wycombe, HP12 3DZ.
Branding: Quick Loan Shop. AKA: QuickLoanShop.
FCA Licence: 672828.
From: The Quick Loan Shop Ltd.
Related: Miss Payday, Sunshine Credit.
Bad Credit Quick Loan Shop Loans Available?: Yes.
Manage: Quick Loan Shop login provided via www.thequickloanshopltd.co.uk.
Offers: Payday, instalment and 12 month loans.
Opening Hours: Monday to Friday. Times not disclosed.
Secure (SSL): Yes. May need to enter manually.
Sums: £100 to £500 (new and returning) (short).
Sums: £400 to £2000 (new and returning) (long).
Terms: 1 month (short) | 3 to 12 months (long).
£24 /£100 (1) <0.800%>
£152.28 /£600 (3) <0.282%>
£281.10 /£600 (6) <0.260%>
£957.20 /£1000 (12) <0.262%>
Notes: We usually compare 3 and 6 month charges for £300 borrowed. This sum is not available here, but for demonstration purposes the costs would split as £76.14 (3) and £140.55 (6). Opening times are not shared that we’d assume are 9am/5pm. When you initially land on the site, the SSL may not automatically trigger. They do encrypt here though and so you can just enter HTTPS in the browser to access a secure connection.
– Amounts: The payday product only tops at £500, but the new instalment offering jumps up to £2000 and there are no noted limits for new customers.
– Flexibility: Many longer term loans in this space have a wide headed repayment range, but you can only typically select 3 or 6 months. As well as 30 days here you can choose any single month between 3 and 12.
– Ownership: Not one of the biggest owners in the space, but definitely one of the key players outside of the majors. This is evident when you consider how many fresh projects they have on the go noting Miss Payday (2015) and Sunshine Credit (2016). There are other listed trading names on their FCA licence, but the sites we checked for these were not live. Outside of lending they also run a few comparison sites such as LenderSeekers and The Lenders List. These help to feed their own brands and they also trade on the side as a broker.
– Pricing: The 3 month charge (£152.28 per £600) splits as £76.14. This is the 2nd lowest charge over this period and they also take the 3rd best price over 6. This company has historically been known for offering good value. Their monthly product started out at £25 per £100 (including a fast transfer). Whilst they have had to lower this down to £24 to meet the cap they didn’t need to budge that much. Impressive value is also available through the sister-brand (Sunshine Credit) where you pay just £12 per £100.
– 2016 has seen the addition of a larger product (£400 to £2000 on terms up to a year). Their licence has also been updated.
– Amounts have been chopped down for existing customers who could previously apply for up to £750. The new maximum sum is £500.
– Pricing was updated when the cap came in force. Due to the good value that they previously provided, they actually only had to make a slight adjustment here in changing the monthly cost from £25 to £24.