Is this possible with quidco?

LeperousDust · 27-10-2009, 04:17

Was browsing quidco and saw this:
http://www.quidco.com/real-personal-finance/

£150 if i take out a personal loan? Seems good, so whats stopping me taking out a loan minimum to their requirements, and paying the first one/two monthly instalments waiting till it tracks and clears and then just paying my "loan" off in one lump sum? What have i blatantly missed that doesnt allow me to do this?

NokkonWud · 27-10-2009, 04:42

Minimum of £750 at 80%+APR means you can take your £150, but you'd end up paying more than that on your original loan anyway.

LeperousDust · 27-10-2009, 04:48

If you paid it back over their 18 month direct debit instalments yes, but whats stopping me paying it off early? Avoiding all that? Dont need a loan never looked into them at all, hence why im asking

Kitten · 27-10-2009, 08:07

Many loans have an early redemption fee. It's either a charge to end the loan early (usually more than £150) or they take all the interest that you should have paid over 18 months and charge you that. This site mysteriously doesn't go into detail about early payments just says 'we will tell you how much you still owe'.

Desmo · 27-10-2009, 08:18

As Kitten said, it depends on how they work out the loan. Some will have an early settlement fee, others will "front load" the interest meaning your first payments will be 90% interest/10% capital and then gradually work down to paying less interest and more capital. Put it this way, anyone charging over 80% APR is not to be trusted

Mark · 27-10-2009, 10:58

In one word: Don't

(1) You will get shafted by early repayment charges, (2) their loan conditions are hidden behind the application form (or not there at all) so you can't see how much you'll get shafted, and (3) it probably isn't good for your credit rating. All around bad idea.

LeperousDust · 27-10-2009, 16:24

Yeah the don't was obvious, i was never going to jump in because its too good to be true

Thats why i was asking what i was obviously missing i see how loans work now. So you get shafted for paying money back early? I can't even believe thats legal

Genius...

Desmo · 27-10-2009, 16:45

You only get shafted if you don't read the terms of the loan properly

It's pretty much the norm really for most places and that includes the high street banks, not just the dodgy 80%+ APR guys. Front loading the interest and early settlement charges will be in pretty much every loan you apply for.

Mark · 27-10-2009, 16:49

I'm so glad I'm (finally) out of the loan game (paid off the last one last week*). Whether I'll have to get another one in the future, dunno, maybe - unexpected stuff happens - but I'm fine for now.

I'm sure the banks have made their fair share out of me over the years even though I've never had to pay a penalty charge.

* Will still have some on plastic for a few months, but that's covered, and of course the mortgage.

27-10-2009, 04:17	#1
LeperousDust Bananaman Join Date: Jul 2006 Location: Liverpool/Edinburgh Posts: 4,817	Is this possible with quidco? Was browsing quidco and saw this: http://www.quidco.com/real-personal-finance/ £150 if i take out a personal loan? Seems good, so whats stopping me taking out a loan minimum to their requirements, and paying the first one/two monthly instalments waiting till it tracks and clears and then just paying my "loan" off in one lump sum? What have i blatantly missed that doesnt allow me to do this? __________________

27-10-2009, 04:42	#2
NokkonWud BD Recruitment Officer Join Date: Jun 2007 Location: Smogville Posts: 3,880	Minimum of £750 at 80%+APR means you can take your £150, but you'd end up paying more than that on your original loan anyway. __________________

27-10-2009, 04:48	#3
LeperousDust Bananaman Join Date: Jul 2006 Location: Liverpool/Edinburgh Posts: 4,817	If you paid it back over their 18 month direct debit instalments yes, but whats stopping me paying it off early? Avoiding all that? Dont need a loan never looked into them at all, hence why im asking __________________

27-10-2009, 08:07	#4
Kitten Spinky-Spank Join Date: Jul 2006 Location: 668. The Neighbour of the Beast Posts: 11,226	Many loans have an early redemption fee. It's either a charge to end the loan early (usually more than £150) or they take all the interest that you should have paid over 18 months and charge you that. This site mysteriously doesn't go into detail about early payments just says 'we will tell you how much you still owe'. __________________ "You only get one life. There's no God, no rules, except for those you accept or create for yourself. Then once it's over... it's over. Dreamless sleep for ever and ever. So why not be happy while you're here?" Nate Fisher Last edited by Kitten; 27-10-2009 at 08:10.

27-10-2009, 08:18	#5
Desmo The Last Airbender Join Date: Jun 2006 Location: Pigmopad Posts: 11,915	As Kitten said, it depends on how they work out the loan. Some will have an early settlement fee, others will "front load" the interest meaning your first payments will be 90% interest/10% capital and then gradually work down to paying less interest and more capital. Put it this way, anyone charging over 80% APR is not to be trusted __________________

27-10-2009, 10:58	#6
Mark Screaming Orgasm Join Date: Jul 2006 Location: Newbury Posts: 15,194	In one word: Don't (1) You will get shafted by early repayment charges, (2) their loan conditions are hidden behind the application form (or not there at all) so you can't see how much you'll get shafted, and (3) it probably isn't good for your credit rating. All around bad idea.

27-10-2009, 16:24	#7
LeperousDust Bananaman Join Date: Jul 2006 Location: Liverpool/Edinburgh Posts: 4,817	Yeah the don't was obvious, i was never going to jump in because its too good to be true Thats why i was asking what i was obviously missing i see how loans work now. So you get shafted for paying money back early? I can't even believe thats legal Genius... __________________

27-10-2009, 16:45	#8
Desmo The Last Airbender Join Date: Jun 2006 Location: Pigmopad Posts: 11,915	You only get shafted if you don't read the terms of the loan properly It's pretty much the norm really for most places and that includes the high street banks, not just the dodgy 80%+ APR guys. Front loading the interest and early settlement charges will be in pretty much every loan you apply for. __________________

27-10-2009, 16:49	#9
Mark Screaming Orgasm Join Date: Jul 2006 Location: Newbury Posts: 15,194	I'm so glad I'm (finally) out of the loan game (paid off the last one last week). Whether I'll have to get another one in the future, dunno, maybe - unexpected stuff happens - but I'm fine for now. I'm sure the banks have made their fair share out of me over the years even though I've never had to pay a penalty charge. Will still have some on plastic for a few months, but that's covered, and of course the mortgage. Last edited by Mark; 27-10-2009 at 16:54.