Quick Decision Loans (QDL) - The Lies

Hello,

I am aware there are a few posts regarding this company and what they do and frankly it's nothing short of a scam. Whatever you do, avoid them at all costs even though it is saddening that most people, like I did, will drop their guard when speaking to them because they are referred by the well-known credit reference agency Experian (CreditExpert). Here are the lies and blatant mis-selling to watch out for:

- During the application, they ask for your debit card details and their reason is it's because they need to confirm your direct debit details. This is a blatant lie on their part. Direct debits do not need to be confirmed in this way and the only reason they ask for the card at the application stage is so they can debit £69.95 from you towards the end of the call.

- They will tell you you've been approved and offer their congratulations in a very excitable voice. Have none of it. You have not been approved and all they've done is just input your details on their system. They are a broker and nothing else. They will only start looking for loan providers once you've paid the fee.

- They will tell you that they need the £69.95 to process your loan. This is again a fallacy as no loan has even been approved at this stage. You can even confirm this when asking them for the APR of the loan. They will NOT be able to provide it because they are not even aware of it or who's providing it.

- They say they will send you an email within 24 hours to confirm the details. This almost certainly never happens. It did not in my case - however you will receive a letter in the post after a few days.

- The letter you receive will detail your loan details from whichever provider they have managed to get it from. This loan will invariably have the following characteristics:

a) It will be less than the amount you asked for (often less than half and usually not more than a few thousand pounds).
b) It will be on a very high APR in excess of 50%. My own came in at 54%.
c) They will ask you for a guarantor to cover the loan in case you miss your payments who will have to be a homeowner, making this far from being an unsecured loan.

When you do call them to cancel, it will often be a long protracted process and you will not get all your money back as they will retain £5 from the fee you paid. You will generally have to wait a long time in a queue and their refunds team only operate between 9 am to 5 pm even though their call centre and sales department are open for much longer than that.

This credit search would very likely be recorded in your credit file and they will also hold your debit card details on file. I chose to cancel said debit card because I do not trust this company at all.

Effectively they are nothing more than loan sharks dressed in white suits. The high APR and the stringent conditions attached make it unlikely that they will be of interest to anyone who may be attempting to consolidate existing loans or credit cards which would rarely have APRs above 30%, certainly not above 50%. They know this as well as you do, so my guess is they're only after the fiver they collect off each customer. I expect that this probably soon adds up.

In summary, be very wary of this company and I would recommend you avoid altogether. It's particularly shameful that Experian propose them as a viable option for those seeking to reduce their debts, thereby putting normally risk aware people off guard.

I hope this little article helps whoever elects to google them before applying. I didn't and I got stung badly for it.