Mobile Quid Reviews, Loan Calculator and Complaints

(18 customer reviews)

Average Customer Rating

Is this you?

Acceptance Criteria

You must be over 18 years of age or older to apply
You must have a mobile phone number and an email address
You don't need to be employed specifically but you do need a regular income
You don't need a Direct Debit facility just a debit card that you can make transactions with

You must be a UK resident
You must have means to repay the loan on the agreed date
You must have a bank account

Loan Details

Representative APR

36894%

Loan Amount

£100 - £100

Repayment Period

Minimum Term 1 day

Loan Amount £100 - up to 7 Days

Repayment Method

Deducted from your debit card

Speed To Payout

2 hours if your bank has fast transfer

Otherwise, 3 working days

Arrangement Fee

£5.50

Payment Holidays

None Available

Payout Method

Transferred into your bank account via Faster Payment System

Income Protection Available

No

Average Customer Review

(18 customer reviews)

Loanfinder Ranking

308th for APR of 423 loans in the UK (See Lender League Table By APR)
92nd for Customer Satisfaction (See Customer Reviews)

About Mobile Quid

Mobile Quid is a lender that specialises in loans for £100 over a 7 day period. The aim of Mobile Quid is to offer small value loans that are easy and quick to access, they aim to get you your funds within two hours of applying. You can also reapply as many times as you like as long as you pay back your previous loans with them on time. The cost for the credit works out at that you will pay £112 when borrowing £100 over a 7 day period.

The application process is fairly simple. You have to first complete a one-off sign up form which can be found on their website, they will ask for your personal details at this stage such as: income details, address details and bank details etc. You may need to send them copies of your bank statements from the last 3 months. Once you are registered you need to send a text with your PIN number (will have been sent to your email) to 88080. Once this text is sent, you will get access to your credit agreement which you will need to sign. When you are accepted, they will notify you via email and text message and the funds will be transferred instantly.

This is a pretty unique company. Once you are registered with them you can apply for as many £100 loans as you like, you can only have one at a time but if you repay it on time, then all you need to do to get another £100 is send a text, then within minutes you will have it in your account. There are a few sneaky charges in place though, for example to send a text to the company it will cost you £1 plus your network charge but this isn't major and the convenience of the loan makes up for it. The cost of credit will go up dramatically if you don't repay on the day you say you would so bear this in mind, only get this type of loan if you can guarantee to repay it.

Charges

Early Settlement Fees	None
Other Fees	Charge to send or receive a text from /to Mobile Quid - £1.00
Late Payment Fees	Day 9 Administration Fee #1 - £62.50. Total now = £170.00 Day 10 Administration Fee #2 - £50.00. Total now = £220.00 Day 12 Administration Fee #3 - £30.00. Total now = £250.00 Day 15 Administration Fee #4 - £50.00. Total now - £300.00 Day 46 Collection Partner Fee - £100.00. Total now = £400.00 Any extra fees from the Collection Partner apply This brings your total loan to... - £400.00+
Arrangement Fee	£5.50