1335% APR Loan & Possible Free Money - Quidco Loophole?

63
Found 12th Jun 2008
Just having a look at Quidco's "Savvy Tips" and I came across this:

"Payday UK Loan have increased their cashback to £70!" - further inspection "£70 for a verified and completed loan"

Interesting, so I had a look at the site - They charge a massive 1335% APR, so you're gonna have to be pretty desperate to take one out but.... look at this page: paydayuk.co.uk/get…tml

The minimum you can take out is an £80 loan, which you pay back £100 on your payday (within 30 days) - so thats a £20 charge, but youll get £70 back in cashback, a clear £50 profit.

Quidco doesnt stipulate the amount of loan you need to take out (assuming that they are hoping for repeat business). I might give it a try, its a good a gamble as the ladbrooks deal in my eyes.

Any thoughts?

62 Comments

let me know if it works out

It adds up, and payout is quick
Might be worth trying it once and reporting back how it went.
Thanks for listing.

Sound good ?? Please keep us informed...

ok i dont get it.....
Loan £80
Payback £100 within 30 days
and Quidco pays you £70
so your still out £30.....doesn't make sense to me

Of the £100 you are paying back, £80 of it is the original loan they gave to you so it's only £20 of your own money you are giving them

zeus9876;2295916

ok i dont get it.....Loan £80Payback £100 within 30 daysand Quidco pays y … ok i dont get it.....Loan £80Payback £100 within 30 daysand Quidco pays you £70so your still out £30.....doesn't make sense to me



you get to keep the £80 and the £70 = £150 pay back £100 £50 profit:thumbsup:
but you have to wait for it to track through Quidco

iv applied and been successfull for £80 haha see if i can make money !

zeus...
u get 80
pay back 100 (£20 out of pocket)
get £70 quidco
total £50 in pocket !

easy i hope

now why didn't i figure that one out....LOL
Too early in the morning i guess but thanks for clearing that up

Banned

Sounds good...makes sense....depends if they allow it, but your right no conditions

good if it works

Supermod

...but would you want this on your credit history? Good deal if it works but I think its too risky.

magicjay1986;2296121

...but would you want this on your credit history? Good deal if it works … ...but would you want this on your credit history? Good deal if it works but I think its too risky.



same thought here, what if other lenders see you take out regular loans at over 1000% apr???

Supermod

Benjimoron;2296149

same thought here, what if other lenders see you take out regular loans … same thought here, what if other lenders see you take out regular loans at over 1000% apr???



Your credit score would plummet.

Original Poster

I was under the assumption that APR does not matter on your credit history, as long as you pay it back on time I thought it could only prove as being a good thing.


".... If you're not paying any annual fees on the cards, and you're not carrying a balance on the account, the APR that is charged doesn't matter. You're just accumulating credit through the years, which will ultimately help your score. I have a wallet full of credit cards. Most of them don't get used each month, and I don't pay annual fees, but they contribute to my high credit score......"

Source: thinkglink.com/Cre…tml

Its the only relevant thing I can find when searching if APR affect your credit rating.

Banned

magicjay1986;2296121

...but would you want this on your credit history? Good deal if it works … ...but would you want this on your credit history? Good deal if it works but I think its too risky.


Agreed. Loans arent the best thing for companies to see on your credit history.

Supermod

MinstrelMan;2296222

I was under the assumption that APR does not matter on your credit … I was under the assumption that APR does not matter on your credit history, as long as you pay it back on time I thought it could only prove as being a good thing.".... If you're not paying any annual fees on the cards, and you're not carrying a balance on the account, the APR that is charged doesn't matter. You're just accumulating credit through the years, which will ultimately help your score. I have a wallet full of credit cards. Most of them don't get used each month, and I don't pay annual fees, but they contribute to my high credit score......"Source: http://www.thinkglink.com/Credit_808.htmlIts the only relevant thing I can find when searching if APR affect your credit rating.



APR doesnt show but if someone is deciding whether or not to grant you credit and look on your report and see "Pay Day loans" they would be less inclined to lend to you as opposed to seeing "Nationwide" or someone more publicly reputable.

Especially regularly taking them out to get more quidco!

Original Poster

I'm not saying people should take them out regularly, i've just highlighted a loophole.

However for some this could actually better there credit score.

Didn't realise already posted. Anyway I tried applying for £80, they knocked me back immediately and told me never to apply again! Might try with the wife, any tips to secure an £80 loan? I suspect our credit rating is too good and they are looking for late payers.

Original Poster

lol did they really say "don't ever apply again"? I have images of a loan shark sat in a big leather chair sharpening his sword typing in an over threatening manner

They said "don't apply again, any further requests will be rejected"

Now do you think I could apply for another Legal & General ISA. Have two already with £220 cashback from last year. New Tax year and all that? Anything for some free money.:)

Sloth/Mod

Question is, is it really worth the hassle for just £50?

Banned

spudgun;2296534

They said "don't apply again, any further requests will be rejected"Now … They said "don't apply again, any further requests will be rejected"Now do you think I could apply for another Legal & General ISA. Have two already with £220 cashback from last year. New Tax year and all that? Anything for some free money.:)


buit isnt that a shares ISA? you can only have 1 mini cash ISA per tax year.

csiman;2296667

buit isnt that a shares ISA? you can only have 1 mini cash ISA per tax … buit isnt that a shares ISA? you can only have 1 mini cash ISA per tax year.



Both the ISAs were from before April 2008, so i'm in a new tax year now, so could get new ISAs. Not sure about the Quidco though, may be worth a punt.

Banned

spudgun;2296792

Both the ISAs were from before April 2008, so i'm in a new tax year now, … Both the ISAs were from before April 2008, so i'm in a new tax year now, so could get new ISAs. Not sure about the Quidco though, may be worth a punt.


but quidco is only for stocks & shares ISAs.

Well i did this but quidco hasnt tracked it yet. Has it worked for anyone yet?

my quidco has tracked.... get in

damm site kept crashing on me , then at end it asked for id to be faxed , i gave up , stupid site ...like im going to send id for £80 loan , ive applied for cards etc and never been asked for id before ever.
There site claimed at this point in time my id couldnt be confirmed.....so not sure if its cause i applied early in the morning and it couldnt be checked or wot.

Also does anyone know do a credit check? as after i tried again with name and address as testing etc and it still said it was approved for a loan

Makes me a bit dubious , also wished i nevered bothered now as my credit rating is great have a score over 900 i guess this will knock it down some?

Banned

They do not do a credit check - have a look at there FAQ on the website - they will lend to anyone as long as they have a debit card and in work -

this will not do any damage to your credit rating so might as well take the plunge,

Banned

asandwhen;2328901

They do not do a credit check - have a look at there FAQ on the website - … They do not do a credit check - have a look at there FAQ on the website - they will lend to anyone as long as they have a debit card and in work - this will not do any damage to your credit rating so might as well take the plunge,


Was your payday deal removed cos the interest rate was coming out at 80,000% (£175 per day interest)?

Banned

csiman;2329013

Was your payday deal removed cos the interest rate was coming out at … Was your payday deal removed cos the interest rate was coming out at 80,000% (£175 per day interest)?



no it was removed because there was this one already

You are wrong about the APR by the way - it is just £20 in total - forget about the apr

Banned

asandwhen;2329028

no it was removed because there was this one alreadyYou are wrong about … no it was removed because there was this one alreadyYou are wrong about the APR by the way - it is just £20 in total - forget about the apr


How can I be wrong when you and others were the ones posting the interest rate calculated? Surely payday are wrong

Banned

csiman;2329040

How can I be wrong when you and others were the ones posting the interest … How can I be wrong when you and others were the ones posting the interest rate calculated? Surely payday are wrong



No you are wrong - the cost of the loan is £20 if you take the loan out over just 1 day the APR would be [SIZE="7"]HUGE[/SIZE] if it is over 30 days then it will be smaller but the cost will only ever be £20

Original Poster

What does the "A" in APR stand for?

MinstrelMan;2329070

What does the "A" in APR stand for?



Annual PercentageRate

en.wikipedia.org/wik…ate

Banned

MinstrelMan;2329070

What does the "A" in APR stand for?



annual

Banned

Might go for this in a few weeks once the quidco trends are revealed. Cheers to the OP.

Original Poster

Thanks, although it was a rhetorical question.....

point is the ARP doesnt actually change its fixed at there 1335%

paydayuk.co.uk/get…tml - click the "I dont understand your APR for clarification"

edit....... ah I'm with it now - the APR just fluctuates to the duration of the load agreement, the repay amoount is still the same, but if you 12 days off payday and someone else is 29 days off payday you take out the same loan the APR obviously fluctuates to those circumstances....... therefore irrelivent.

Banned

MinstrelMan;2329070

What does the "A" in APR stand for?


I thought it was 'annualised' ;-)

Banned

MinstrelMan;2329217

Thanks, although it was a rhetorical question.....point is the ARP doesnt … Thanks, although it was a rhetorical question.....point is the ARP doesnt actually change its fixed at there 1335%http://www.paydayuk.co.uk/getting-started/our-charges.html - click the "I dont understand your APR for clarification"



if you were to take the amount over the year it would be 1335% but as they charge you a certain amount for example £20 for the £80 you borrow - if you take that out at the start of the month you get charged £20 and if you take it out 2 days from the end of the month you still get charged £20 - so £20 charge for 2 days credit or £20 for 30 days credit would be different APR's
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