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There has been an interesting update from one of the UK’s leading payday lenders. Although this lender has kept things simple over the years with their traditional monthly loans, a new option is in place that provides greater flexibility over the long term. The new QuickQuid FlexCredit loans come with the same speedy payments and the same limits of £1000 for new customers and £1500 for return customers. The difference is that terms are now provided that can be selected between 1 and 10 months. It was a surprise to see extended terms like this since they already provide 12 month loans through their Pounds to Pocket brand. Just to add that their traditional loan has received a small change (it can now be taken over 3 pay periods).

QuickQuid FlexCredit Loans: Charges per £100…

£23.49 (1 month)
£35.49 (2 months)
£47.79 (3 months)
£59.59 (4 months)
£71.77 (5 months)
£83.56 (6 months)
£95.70 (7 months)
£107.58 (8 months)
£118.65 (9 months)
£131.24 (10 months)

Over the single month the charge is simply 23.49% whilst for 10 months you are looking at 131.24% (translates monthly to just above 13%). I assume that the QuickQuid Promo Code should be available to use on these loans (25%). To compare, their main loans per £100 will either be £20, £25 or £29.50. The promo code turns these charges into £15, £18.75 or £22.13. With the promo on the new QuickQuid FlexCredit loans that initial monthly loan should come down from £23.49 to approx £17.62 that is a fair price considering that there is no interest based scoring in place. Finally, you can freely change the repayment schedule at any time or clear the balance from within your account management.