Quidco - Is this right...

hotblu

Hello,

Thanks for the reply's. Just to confirm then, the OP isn't a scam? It will work?

Hotblu

oneknight

The scenario set out by the OP worked for me.

In fact Payday UK, validated and paid the £60 to Quidco before I had repaid my loan.

An incredibly easy £40 profit, that in my own experience has worked.

A few days before Payday UK were due to take my £100 payment from my bank they rang to see if I wanted to extend the period of loan (at extra cost obviously), and when I said no, they told me the money would be taken from my bank account on 22nd and that was that.

madinternetuser

how can a £80 loan with £20 intrest make you £40 when quidco only give you £60 surely that is -£40

geordie_joe

madinternetuser wrote: »

how can a £80 loan with £20 intrest make you £40 when quidco only give you £60 surely that is -£40

You take out the loan, payday give you £80 and Quidco give you £60, so now you have 80 + 60=£140.

You pay back to Payday the £80 you borrowed + £20 interest = £100

£140 - £100 = £40

The only problem is Payday are doing this because they think you will get a new loan with them every month. Once they realise people going through Quidco (or any affiliate) are not renewing their loans they will stop paying. So if you want to do this get in quick before payday realse it doesn't work for them.

Sagz_2

I took out an £80 Payday loan in June, Quidco were giving £70 cashback then, it tracked in 1 day and I received payment in July. All really straight forward.

hotblu

Hey folks,

Applied for loan through quidco, got approved, haven't recieved the £80 loan, but provisionally have the £60. How cool is quidco... I see me getting addicted :-P

Thanks again everyone

Hotblu

jonnyb

thanks very much to the OP.
sometimes I really love quidco.

chuckley

im defo cashing in on this offer

moneysavingmumofone

Ive just gone on quidco but its only £6 cashback?

Forris

poppy10 wrote: »

But it could affect your credit file

These types of loans will not affect your credit file one way or the other, due to the simple fact that, except in rare instances, the companies providing the loans don't register the loan with a credit reference agency. The loan value isn't worth the effort for them!

As for them not making any money out of the cashback ventures, they don't. However, they get enough return custom to warrant the loss. It's like Tesco selling bananas at 19p per lb (which used to be quite common), its a loss-leader to get people through the door.