QuickQuid UK’s biggest payday lender to close
QuickQuid, the UK’s biggest payday lender, is set to close its doors – a little over a year since the demise of fellow lender Wonga.
Sky News has reported that CashEuroNet UK, which owns the QuickQuid brand, could be placed into administration within days.
According to its website QuickQuid claims to have over 1.4 million customers and offers loans of up to £1000 for new customers, £1,500 for existing customers.
In 2018 QuickQuid was the most complained about payday lender with 10,409 cases raised with the Financial Ombudsman Service (FOS).
The firm advertises an interest rate of 292% pa (fixed) or 1300.5% APR Representative.
It also reported by Sky News that Grant Thornton, the administrators of Wonga, will deal with administration of QuickQuid.
Wonga, which entered administration in August 2018, was smaller that QuickQuid despite being more well known to the public.