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  • Writer's pictureDonnelle Brooks

Quickle Pay Day Loans: Loans like Cigno

Quickle is a payday lender promising fast cash, like many other lenders in the space. Be aware though, this type of lending always comes with a cost. Quickle is not a lender but a loans provider, meaning they will sell your details to payday lenders who will lend to you


Overview:


What is Quickle?

Quickle is a payday lending service that specializes in providing short-term, small loans. They facilitate online applications and can disburse loan funds within a single business day.


Who Owns Quickle?

Quickle is owned by Finance and Loans Direct Pty Ltd, which also operates a company called Heartland Reverse Mortgages. The company's offices are located in Bundall, near the Gold Coast in Queensland.


Is Quickle Loans Cigno?

Quickle Loans and Cigno are not the same company, and they are not owned by the same people. While both offer payday loans, it's important to note that they are separate entities with their own ownership and operations. It's also important to exercise caution when considering payday loans, as they typically come with high interest rates and fees, and it's advisable to explore alternative financial solutions whenever possible.



How does Quickle work?

Quickle represents a payday loan, designed for maximum speed and efficiency. The application process is swift and primarily conducted online, usually resulting in a same-day assessment if all necessary documents are promptly submitted. Essential to the application is the submission of your bank statements, which play a vital role; failure to provide them may result in loan rejection. Additionally, a credit check is part of the evaluation process. Interestingly, even with a poor credit score, loan approval is feasible, provided there are no outstanding unpaid defaults.


Borrowers have the flexibility to choose repayment terms, with options of 2, 3, or 4 months. It's important to recognize that while longer repayment periods offer lower monthly installments, they often result in higher overall costs. This is because, even though individual payments are more manageable, the cumulative interest payments increase over the extended duration of the loan.



Does Quickle do a credit check?

Quickle's claim of bypassing credit checks in their payday loan matching process may initially seem appealing to individuals seeking immediate financial assistance. However, it's essential to recognize that Quickle, while positioning itself as a facilitator in the lending process, isn't the final decision-maker. They function as a broker, connecting borrowers with lenders. The crucial detail that potential borrowers must grasp is that the actual lenders Quickle pairs them with will invariably conduct credit checks as a part of their evaluation process. Quickle's argument that pay slips offer more insight than traditional credit checks might hold some merit, but it ultimately doesn't spare borrowers from undergoing credit assessments when securing a payday loan through their platform. As a result, while Quickle may streamline the application process, individuals seeking loans through them should be prepared for the standard credit checks that usually accompany such financial transactions.


Does Quickle approve with bad credit?

Quickle is known for its inclusive approach towards applicants with imperfect credit backgrounds. Unlike traditional lenders that heavily rely on credit scores, Quickle provides financial opportunities to individuals with bad credit or less favorable credit histories.


Quickle typically assesses applicants using a comprehensive set of criteria that goes beyond credit scores, considering factors such as income, employment status, and other financial details. This approach sets Quickle apart as a more inclusive alternative to conventional lenders.



How long does Quickle take to approve?

Quickle is well-known for its swift approval process, with many applicants receiving decisions within an impressively short timeframe. The exact duration for Quickle to approve an application may vary based on factors such as application completeness, the accuracy of provided information, and the current volume of applications under review.


In some cases, Quickle may provide approval decisions within an hour of submitting an application. However, it's important to acknowledge that individual experiences may vary, and approval timelines are not guaranteed.


Does Quickle do Centrelink loans?

Quickle assesses the possibility of extending loans to individuals who receive partial support from Centrelink benefits. This is applicable when Centrelink benefits constitute less than 50% of your total income. It's crucial to highlight that having employment is a fundamental eligibility requirement when applying for a Quickle loan.



Do Quickle do secured loans?

Most likely, yes, Quickle will require security for your loan. They don't explicitly mention it on their website, but many payday loan companies typically ask borrowers to provide collateral for their loans. This collateral serves as a guarantee for the lender, ensuring that they can recover their funds even if the borrower defaults on the loan. Common forms of collateral might include personal assets like a vehicle, jewelry, or electronics. While offering collateral can make it easier to qualify for a loan and may result in lower interest rates, it also carries a significant risk for the borrower. If they fail to repay the loan, they could lose their collateral. It's crucial for borrowers to fully grasp the terms and consequences of providing security for a payday loan before proceeding, and to carefully consider their ability to meet the loan's terms and conditions.


Is Quickle Loans safe?

Quickle is dedicated to prioritizing the security and safety of its customers. In an era where online lending platforms can raise concerns about data security and privacy, Quickle employs robust security measures to safeguard sensitive customer information. They typically utilize advanced encryption protocols to protect personal and financial data provided during the application process. Furthermore, Quickle often implements multi-factor authentication to ensure that only authorized individuals can access accounts and sensitive information. Nevertheless, as with any online financial activity, it's crucial for customers to exercise caution, select strong passwords, and maintain the confidentiality of their login credentials. While Quickle takes steps to create a secure environment, customers should also familiarize themselves with the company's privacy policy and terms of use to gain a better understanding of how their data is managed and safeguarded.



Quickle fees

When obtaining an express loan through Quickle, individuals should be aware of the associated fees. Quickle charges"


Establishment fee: 20% of the principal loan amount, which is calculated based on the initial borrowed sum.

Monthly account keeping fee: 4% calculated on the outstanding loan balance.

Dishonour fee: $40


Quickle interest rate

Quickle do not express their loan costs as a percentage. To calculate the annual percentage rate (APR) of the loan, we can sum up the fees for a year and express them as a percentage of the loan amount. Here's the calculation:


1. Establishment Fee (20% of the principal amount): 20% x Principal Loan Amount


2. Monthly Account Keeping Fee (4% per month): 4% x Principal Loan Amount x 12 (months in a year)


Now, we need to calculate the total monthly account keeping fees over the course of the year. To do this, we'll calculate the fees for each of the 12 months, taking into account the decreasing outstanding balance:


Month 1: $80

Month 2: $76

Month 3: $72.64

Month 4: $69.63

Month 5: $66.97

Month 6: $64.62

Month 7: $62.54

Month 8: $60.70

Month 9: $59.08

Month 10: $57.66

Month 11: $56.41

Month 12: $55.30



Now, add up these monthly fees:

$80 + $76 + $72.64 + $69.63 + $66.97 + $64.62 + $62.54 + $60.70 + $59.08 + $57.66 + $56.41 + $55.30 = $762.85


The total cost for the year, including the establishment fee, is $400 (establishment fee) + $762.85 (monthly fees) = $1,162.85.


Now, we can calculate the APR using the formula:

APR = (Total Cost / Loan Amount) * (365 / Number of Days in Loan Term) * 100

APR = ($1,162.85 / $2,000) * (365 / 365) * 100 APR = (0.581425) * 100 APR ≈ 58.14%

So, the approximate APR for a $2,000 loan from Quickle over 1 year with the given fees is around 58.14%.


This is more expensive than the most expensive payday loan interest rate of 48%


How much can I borrow with Quickle?

You can borrow up to $2,000 with Quickle.



What happens if I miss payments with Quickle?

If you miss payments with Quickle, it's crucial to understand that Quickle is not a lender but a broker, which means the outcome largely depends on the specific lender you were matched with. Financial situations can be unpredictable, and unforeseen circumstances may cause payment failures. In such situations, it's of utmost importance to promptly get in touch with the lender or service provider referred to you by Quickle. This proactive approach can help prevent or minimize dishonour fees and assist in finding a solution that works for both parties. Quickle encourages borrowers to reach out to them even before a payment is missed to ensure effective communication and collaboration in managing financial obligations.


Can I repay my Quickle loan early?

Yes, you can repay your Quickle loan early. Like most payday lenders, Quickle typically allows borrowers to settle their loans ahead of schedule without incurring any additional charges. This flexibility can be beneficial for borrowers who want to manage their finances more efficiently and potentially reduce the overall cost of their loan by paying it off sooner. It's a feature that promotes financial responsibility and helps borrowers gain more control over their short-term financial commitments.



Is Quickle a payday loan?

Yes, Quickle is a type of payday loan. Payday loans are known for their high interest rates and short repayment terms, making them a costly form of borrowing. It's important for consumers to approach payday loans, including those offered by Quickle, with caution. The high costs associated with these loans can lead to a cycle of debt if not managed carefully, making them an expensive and potentially irresponsible choice for those in need of financial assistance. Borrowers should explore alternative options and fully understand the terms and implications of payday loans before deciding to use them.


Quickle review: The Bottom Line

In conclusion, Quickle operates as a loan broker, specializing in matching individuals with payday lenders. It is important to exercise caution when considering their services. Payday loans, due to their high costs and potential to trap borrowers in a cycle of debt, should generally be avoided unless there are no other viable alternatives. Quickle's involvement in connecting borrowers with such lenders underscores the need for consumers to thoroughly research and understand the terms and risks associated with payday loans. It is advisable to explore alternative financial solutions and only resort to payday loans as a last resort, making well-informed decisions to safeguard one's financial well-being.

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