If using our Refinance Plus product, you can keep one of your lines of credit of open for use in an emergency. But remember that one of the requirements you must fulfil in order to earn your bonus, is to demonstrate that your level of credit has not increased at the end of your loan term with QuidCycle.
Frequently asked questions
Whatever your question, we’re here to help. If it is something we are regularly asked, it may listed here. To get started search below, or jump to a category
Peer-to-peer and peer-to-business are relatively new concepts in the field of lending and borrowing. Traditionally, individuals or businesses would save their money in a bank, and the bank would then lend that money to other individuals or businesses. Peer-to-peer financing steps in to this process - in place of a bank - and creates a mutually beneficial platform bringing borrowers and lenders together. This process can also be referred to as social lending or crowdfunding.
We fund our business, offices and online platform by subtracting a small amount from our borrowers monthly repayments. The money invested goes towards operating costs, our robust credit underwriting processes and maintaining our website. By being as cost efficient as possible, QuidCycle manages to keep interest rates for loans low, and interest rates for investors high.
We provide a platform of helpful products and financial education for both borrowers and investors to help each other to better financially. For those struggling to achieve financial success, who feel their minimum payments will last forever, and have responsibly tried to pay them off, we offer a reasonable rate to help repay faster. For those struggling to see their nest egg grow we provide a higher rate of return than traditional savings products and have put provisions in place to minimise risk for our investors. See Understanding the risks and Regulation and Governance for further detail about our provision fund, strong credit underwriting and our current default rate.
You need to be over 21 years old, a UK Resident and have a UK bank account. You can also invest as a limited company, charity, partnership, sole trader or local government. As long as investing money does not form part of your business activities, then you can invest with us.