For more than five years, Trusted Quid has continued to empower individuals who need a short-term fix for their needs. By treating customers as with respect, the loan company has continued to grow in leaps and bounds.
How does it work?
Trusted Quid offers between £100 and £1,000 to customers according to their income, eligibility, credit history, and affordability of the repayment. New customers are limited to a loan of £500. Existing customers can borrow up to £1,500, the maximum loan amount.
The company allows borrowers to make their full payment in 6 months. Interest is charged daily and borrowers are not penalized for paying their loan in full before the due date. Trusted Quid charges at the rate of 0.78% per every £100 borrowed The company even encourages their customers to pay as soon as they can to reduce the interest they pay.
To encourage customers to pay their loan fully before the due date, those who do are given the opportunity to get another loan, in other words, to reborrow the loan. To qualify for this, there should be no difference between your present circumstances and that of when you borrowed the first loan. This implies that you will get the same loan amount and the same loan term. The loan term will be similar to that of the first loan. If you are eligible, you will receive payment of the new loan within two hours only.
Loan Application Process
Applying for a loan is quite easy with Trusted Quid. The online process will take you about 10 minutes to complete. You can then forward the loan application to the company. When you are through with that, the representative of the company will get in touch with you for other information to verify your employment status and the information you supplied about your crediting account.
Qualification requirements for a loan
The requirements for getting a loan are not difficult. There are some qualities that are expected from a prospective buyer. They are given below:
- Aged 18 and above.
- Must be permanently employed. People who are temporarily employed or self-employed are exempted from this loan.
- A minimum monthly income of £1,500 is required.
- He must have a checking account for depositing the money.
- Repayment options
- You can use Direct Debit to make your monthly payment by using the account information supplied while applying for the loan. Just 10 days before the due date for payment, the company sends out due payments to their customers. If your Direct Debit cannot be used due to cancellation; we will use your debit card for payment based on the terms of the agreement. Don’t forget that the repayment is 6 months. So, payment is expected to be made 6 times for full payment of the loan.
- If for any reason beyond your control you cannot meet up with your payment, Trusted Quid advises you to contact the company so as to agree on a more flexible payment plan that will be convenient for you.