Quidco offering £55 cashback for PaydayUK - worth it?

pheonixrising21

Hi all,

Just seen that quidco are offering £55 cashback for a loan from PaydayUK. From looking at the details of the deal, I can't see a minimum loan amount to get the cashback. PaydayUK's minimum is £80, which they charge £23.20 for... by my calculations, this is a profit of £31.80!

Worth a shot in taking some money back from these companies?

[Deleted User]

Depends how much you value your credit rating. I wouldn't dent mine for £30.

custardy

and if the cashback fails,then you are £23.20 down

pheonixrising21

Does taking and repaying a PDL damage your credit rating? I would have thought repaying a loan on time was good for the rating?

I take your point about the cashback failing, but I've never had anything fail from quidco before. I guess there is a first time for everything though and I suppose if anyone is likely to not honour cashback its a PDL company!

Just thought it might be worth taking a little cash from a PDL company. Thanks for the advice!

[Deleted User]

pheonixrising21 wrote: »

Does taking and repaying a PDL damage your credit rating? I would have thought repaying a loan on time was good for the rating?

Proper loans help. 'I can't get to the end of the month without needing to borrow cash at a very high rate' loans are viewed slightly less favourably.

udydudy

PDL are similar to credit builder cards in terms of affecting your credit file if you are already on a good footing. Happened to my OH when a fraudulent Vanquis credit card application was made by someone using her details(the gender was wrong though). but the moment her file was updated with that card details her credit file was affected including being refused a mobile ocntract. She had credit cards with high limits and never refused credits including personal loans which was settled much before this incident. The fraud was not yet registered on her file. SO the only thing that made a difference was the application for a credit builder card!!.

gizmo111

I did it a fe months ago - got the cashback next month. Unless you are planning to apply for credit in the veyr near future I can't see a problem.

chanz4

I took £80 out about a year ago, paid out fine. It has had zero effect on my credit file

rdwarr

I wouldn't give these sharks authority to raid my bank account whenever they see fit on the off chance of making £30.

System

Sell your soul to the devil for a potential £30? Dont think so.

chanz4

I made £45 quid out of them, paid in full and ontime. If you stick to the rules you will never have a problem