2014 Lender Lists:

MobileQuid @ www.mobilequid.com

MobileQuid was composed by the London-based MQ123 Ltd back in 2010. This lender offers simple text loans from the address of www.mobilequid.com. Since this launch, a £100 loan taken over 7 days has been the only available option, but from checking the site just now there has been a few changes that have occurred. They now for instance have a set term of 20 days and the £100 sum is still listed within the FAQ, but on the homepage they head up to £500 as being possible. I would expect that any higher sum would only be granted to return customers who have repaid back cash successfully.

The application process taken on here works differently than most. Before any full application is entered you have to firstly activate via email and then receive a pin by SMS that then activates your account. This shows that the process is slow and it would be a pain to go through these steps, only to then be declined for a loan. When the application is being put through they do secure the form and www.mobilequid.com does house a login for account servicing. They do not have a charges page, but there is a representative example provided that shows how much you will need to pay them.

This breakdown shows a £100 sum over 20 days costing £24.73 that is made up of £19.73 interest and £5 for the speedy transfer. The daily rate works out to 1.237% that is fair. The MobileQuid loans can be obtained on working days only from 8.30am to 5pm. The term change and the added £500 amount (for existing customers) are improved upgrades here. They haven’t made any significant enhancements to their service though that in comparison has been carried out by BongaLoans and Quid24 who each also started out offering the same weekly £100 loans. Hopefully in time we will also see a more simplified signup process.