QuidCycle Money Matters

Many people want to know how we keep your money safe at QuidCycle. We have put together this page to go into a little more detail about how we do that and what features we have in place to ensure you are as protected as possible.

About Risk

We do our absolute best to minimise the risks and are constantly striving to improve our systems. However, it’s important that you fully understand the risks associated with investing before you begin.

Defaults

The most recognised risk when investing on any platform, is the risk of the borrower failing to pay their loan. QuidCycle has several steps in place to manage this risk and these all be found on our "Money Safety" page.

The table and graph below show our default rate since 2014. The estimated default rate is an estimate of the percentage of loans made on our Platform that would not repay capital and interest. The default rates that we predict are based on empirical knowledge of the UK consumer credit sector and the transactions we originated.

Projected loss rates take into account the most recent data on the performance of each 12 month-cohort. Past performance, while useful as a guideline, is however not a guarantee of future performance.

  2014 2015 2016 2017
Actual default rate 4.9% 5.2% 5.8% 9.6%
Post Aquisition default rate* 0.0% 0.0% 0.0% 1.2%
Expected default rate at origination 3.0% 3.0% 2.0% 2.0%

* The firm was acquired in April 2016 and new management was put in place with stricter underwriting standards

Early Repayment

At QuidCycle, borrowers are able to pay back their loan early with no additional repayment fees. If this was to occur with your investment, you would receive the total outstanding sum of money from the contract.

This is less of a risk and more something to be aware of when investing. You will then be able to either reinvest the money into another loan or withdraw the amount from your QuidCycle account.

 

Website Issues

As QuidCycle is a web based company, we have taken extra care to ensure that all information we hold is stored as safely and securely as possible. We take regular backups to ensure that if anything goes wrong we can fix it straight away. Further to this, we ensure that all communications with QuidCycle are secured using an encrypted connection. This means that data transmitted from you to QuidCycle, or vice versa, uses the highest level of authentication.

 

Loan Amount £3,700

Loan Term 3 Yrs

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