Free £80 via Quidco for A+L loan

NMB

Quidco state they will pay £80 if you take an Alliance and leicester loan via them.

If you take an Alliance and Leicester loan for £1,000 over 12 months then, according to Alliance and Leicester's terms and conditions, you will not be charged an early settlement fee.

Take A+L loan via Quidco for £1,000 over 12 months, receive £80, pay back £1,000 before first payment.

I've searched the forum but cant find any thread on this. Am I right? Is it really this easy to get £80?

YorkshireBoy

At 17.9% APR (typical) for the £1,000 loan, they'll add £92.24 interest (giving a monthly repayment of £91.02).

If the interest is added to the loan amount, won't you owe them the full balance to settle?

If so, you'll lose £12.24 on the deal.

NMB

Does the early settlement mean that not all the interest will be applied? A+L terms and conditions re early settlement:

A. Yes, this is possible. However, you may be charged an early settlement fee.
If your loan was taken out before 31 May 2005, the early settlement fee is charged at two months interest.
If your loan was taken out from 31 May 2005, we will only charge a fee if your loan was greater than 12 months in term. An early settlement fee of one month's interest will be charged.


If the interest is added to the loan amount, then there would be no incentive to settle early on a loan that was taken over 2 years as you would then pay more than you would have paid if you repaid over the full term.

On a 2 year loan I think you would have to repay the capital that is left plus one months interest.

Therefore on a one year loan you would only have to pay the capital amount remaining - £1,000 is paid before the first payment.

Girl_least_likely_to

It might take a couple of months to get the £80 through Quidco. If you've paid the loan back by this time A + L may not honour the cashback.

YorkshireBoy

I can't find the full loan T&C's on the A&L website (are they there?) but I would have thought that at the instant you signed up you would owe them £1,092.24.

I'm not familiar with Quidco, but how quickly do they pay out? Or more specifically, do A&L have to "pay" Quidco first? Will A&L pay Quidco if you settle early?

You seem convinced there's a loophole. Are you going for it?

sashacat

Quidco take at least 2 months to pay you and only pay if a) the company pay them..which they don't if you have cancelled ,and b) when payment reaches Quidco which usually takes a couple of months. If you look on A&L on Quidco it will tell you how long A&L take to pay them

greencatrus

Don't touch it with a bargepole - too much can go wrong