Quidco - Is this right...

hotblu

Hello,

I have seen alot of members with quidco on their signature and googled it today to see what it was all about. I have registered myself and found a deal as follows:

*Paydayuk £60 cashback for a verified and completed loan by a new customer*

Well, it got me thinking, if I took out a loan for £80 which would cost me £100 to repay, I would still be £40 up. Is this right because it sounds to good to be true? Where's the catch?
Any help would be appreciate from quidco users...

Thanks

Hotblu

leeleesavesalot

If it's your first time with quidco then they'll take £5 admin fee off you (paid once a year from your earnings) but you'll still be £35 up! I've done the Payday loan and should be paid on it in the next few days... :beer:

adon30

Quidco is also great for getting cashback on your home/ car insurance, breakdown cover and internet shopping amongst other things.

With insurance get your quotes as normal. Then see if Quidco offers cashback on your cheapest quotes. It often makes your best quote even better!!

poppy10_2

But it could affect your credit file

jyonda

How would taking out an 80 quid loan and paying it back properly affect your credit adversely? It's only a one off thing for new business so you couldn't make multiple applications.

Horseygal_2

jyonda wrote: »

How would taking out an 80 quid loan and paying it back properly affect your credit adversely? It's only a one off thing for new business so you couldn't make multiple applications.

I'm no expert but I think it's the fact that it is an extortionate interest rate - lenders see it as if you are desperate enough to take this out then you may be high risk in some way. Although I may be wrong:rolleyes:

isayoldchap

hotblu wrote: »

Hello,

I have seen alot of members with quidco on their signature and googled it today to see what it was all about. I have registered myself and found a deal as follows:

*Paydayuk £60 cashback for a verified and completed loan by a new customer*

Well, it got me thinking, if I took out a loan for £80 which would cost me £100 to repay, I would still be £40 up. Is this right because it sounds to good to be true? Where's the catch?
Any help would be appreciate from quidco users...

Thanks

Hotblu

Hi
I have been using them for around three years now and have seen a vast improvement over the last few months.Always read their conditions and clear your cookies before you log in.Payments remember are not guaranteed.
Have a look at topcashback also.

kirsty000

from personal experience it doesnt effect your credit file - well it didnt effect mine, i did pay on time though - it didnt show on my experian credit file

captain_planet

poppy10 wrote: »

But it could affect your credit file

There is no way using quidco can affect your credit rating. Quidco is an affiliate site which earns commission for referrals it passes on to retailers, the only difference with quidco and a normal affiliate site is that quidco gives the commission it earns back to you (although you ahev to pay them £5 to join).
Most of the retailers/banks etc who you can get cashback via quidco will pay an affiliate network the commission (the affiliate network runs the tracking of sales etc) they then pay quidco who then pay you.

The bank/retailer will not have any trace back tot he individual customer unless they did some serious digging (the affiliate network does not see the customer details, quidco only knows the name address and paypal aco!!!! of the person signed up with them), and the retailer will just see it as a normal sale and get billed by the affiliate network for x amount of sales/referrals

JohalaReewi

Horseygal wrote: »

I'm no expert but I think it's the fact that it is an extortionate interest rate - lenders see it as if you are desperate enough to take this out then you may be high risk in some way. Although I may be wrong

I wasn't aware that the interest rate was shown on your credit file. Just the amount borrowed, and the repayment term?

Edit: Have just spotted that it can also show the current monthly payment so you could work it out from that I suppose.

geordie_joe

captain_planet wrote: »

There is no way using quidco can affect your credit rating.

I think poppy10 meant taking out the loan might affect your credit rating, not going to the loan site via Quidco.