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QuickLoans.co.uk Announces Peer-To-Peer Lending In UK

by Jim ONeil on December 15, 2010

in uk loans news

The first peer-to-peer lending service in the UK for quick loans to subprime borrowers was recently announced by QuickLoans.co.uk. The company is able to provide payday loans with cheaper rates of interest because people, not banks, serve as the lenders. Since its launch date on November 1, the company has lent more than £35,000 in funds.

Payday loan interest rates are currently at record highs in the UK, while savings interest rates are at record lows. Quickloans.co.uk has combined the two audiences to benefit both, something that is welcome during this difficult economy. The maximum loan amount is £1500 and all loans must be repaid within 30 days.

Borrowers now have the ability to obtain loans at affordable interest rates. On the Web site, they can receive a rating based on their risk status. They can then post a loan request on the site and view any lender offers. Once they have found an acceptable offer, they can select it and should receive the money in their bank account within two hours.

To increase their chances of approval, borrowers can make a pitch regarding how they will use and repay the money. Lenders compete to provide loans, receiving the chance to earn more interest than is

offered by a bank on their savings account. On average, they can receive returns of approximately 700 percent APR. With this reward comes the higher risk of borrower default, currently at about 15 percent. Since the money must be paid back in 30 days, lenders receive quick returns.

QuickLoans.co.uk subjects both lenders and borrowers to strict guidelines. An applicant is immediately disqualified if his or her address has changed within the previous two years. Only individuals who have valid debit cards are permitted to make loan pitches. The company uses state-of-the-art security systems to weed out fraudulent applications.

AJ

This service sounds great except one problem….there is no function on it to register or set up a login, so once you post your application you cannot log in to accept the offers!!!
Also it has no contact information at all to be able to voice the problems,
No Address, Tel or Email which makes it very difficult (as well as suspicious to say the least!)

admin

Hi AJ

Thanks for your comment.We are currently reporting on developments within the UK loans industry but admit that we don’t always have enough time to look into everything in as much detail as we’d like.Your point of view has been noted and will hopefully prompt further discussion on peer-to-peer-lending.

AJ

Thank you for the response, I have been trying to find someone who is linked/runs the website for over a week now as it is something I am interested in but the website doesnt have any opportunity to open an account or create a log in.
I would be extremely grateful if anyone knows how to do it or who to contact.
I have posted an application on their “Live market” and have a reply from a potential lender but have no way to log in and access it!

Martin Bishop

Not sure who you should contact, but when I applied I got my user details through via email. I know I couldn’t select my own which was a pain. But you should have them in your welcome email. I applied but didn’t get any offers unfortunately, but it didn’t cost me anything so nothing lost.

admin

Hi Martin

I’m sorry they didn’t approve you and wish you the best of luck for any future applications.

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