Quakle
Good:
You are borrowing from other people so banks aren't involved and you can better rates
Bad:
It takes longer to get a loan payout as you have to wait for someone to want to lend you the money
Verdict:
Newest lender of its type on the market - has not built a reputation for itself but works on the same principles as other peer to peer lenders
Quakle is a peer to peer lender which enable you to borrow money from other people similar to you who want to lend money. This cuts out the banks! You can borrow between £1,000 and £21,000 with low interest rates for up to 3 years. The loans can take up to between 10 and 14 days to go into you bank so this won't be the best option if you need your money quickly.
To get started with Quakle, you will need to register: creating a user ID, confirming your email address, submitting the ID test and registering a bank account to your Quakle account. You must then create a loan request explaining which repayment period you would like and which interest rate you would prefer your loan to be. Your loan request will be listed with them for 10 days so lenders will be able to see your advertisement and decide if they want to lend to you. They can change your loan terms slightly if it means them offering you the money. The loan must be 100% funded before you can have the money. Quakle then accepts the lending proposals on behalf of the borrower but keeps the best offers - those with the lower interest rates. When Quakle find a good match, you and the borrower will enter into a loan agreement. The borrower can cancel the request within two days of the process finishing if they want to. Once all of this is complete, the money will be paid directly into your account!
You will be given a credit grade when they place their loan request. It can take up to 2 days for you listing to be published. Your credit grade is based on your Experian credit score. The grades range from A-D - A rated borrowers being less likely to default on repayments and D rated borrowers being the opposite end of the scale. As well as the credit rating, you will be given a "personal reputation score" which is a reflection of your activity (social activity, your repayments, your activities of the group of the member) on the website and is in no way related to your financial situation.
Loan Calculator (Representative 12.5%APR)
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Absolutely terrible in every way imaginable. Having registered for days, they still haven't verified my identify and haven't got back to me. As a result, no one can fund my loan request. Also other customers have place threads on the community board waiting for staff to answer their concerns but no one has answered them. This is a terribly unprofessional company and if you write to them using their contact us form, it never goes through. If you try to contact other customers using the contact form, the email doesn't go through either. They have listed no telephone number so you can contact them direct. Absolutely terrible.
I found Quakle through a Google search regarding peer to peer lending. It really did feel like last chance saloon for me as i had got myself into a huge financial pit of a mess with payday loans and as a result, i was unable to find finance anywhere to consolidate these awful loans. I applied through Quakle and my listing went live. After a nail biting 10 days, i had enough bids to achieve 100% funding and received my loan funds 2 working days later (this 2 day cooling off period has now been scrapped) To apply to Quakle, you have to provide evidence of income and you are subjected to a credit check. You must also allow for questions from lenders that are considering bidding on your listing. At first it did feel like an intrusion but would you approach the average person on the street asking for a loan and not expect to give some background information or an overview of why you are asking to borrow. I was realistic and set my loan rate request at 25% apr. The rate i was paying for the payday loans far exceed this. I absolutely recommend Quakle to both borrowers and lenders. As my finances continue to improve, once the existing loan is cleared, i will be back myself as a Quakle lender.
Loans up to £21,000 - 3 years
- You must have a valid email address
- You must have a good credit history
- You must have a bank account with Direct Debit facilities
- You must not have high levels of unsecured debt
- You must have not have any CCJ's or defaults in your recent credit history
- You must be a UK resident and on the electoral roll
- You must be 24 years or older to apply
- You must be employed or self-employed and earning at least £12,000 per year
- Late payment (after 10 days) - £10.00
- After 21 days – details passed to a debt collection agency - £10.00
- Loan completion fee - 1% (minimum £50)
- There are no extra charges but you have to make an early repayments in multiples of the monthly payment or in full
