Quidie (Ltd): Fernovo and Quidie Online Lending
History and Ownership
Croydon-based Quidie Ltd was incorporated in June 2012, but they wouldn’t become active until 2014. Market progression was pretty steady, but Google Trends data shows that there has been a spike across 2017. This coincides with a revamped product and ads being displayed in Google search. Whilst this was going on, we saw the launch of Fernovo. This new project has got off to a good start through extensive advertising across Facebook. It does appear that this fresh venture has already took command as the owner’s central brand especially since Quidie’s site content has either become outdated or they have opted to not upgrade to match the new project specs. This will be examined further below.
The delayed time before this firm would begin trading was seen as quite a strange timing to enter the market as a payday lender, since this launch occurred shortly after the FCA’s price cap had just kicked in. This was a time when monthly firms were quickly adapting to instalments. They would however finally make the switch with both active companies now targeting longer periods. An upgrade has also been put forward on pricing where there is now a competitive interest rate of just 0.5% daily. This already helps to place them ahead of many top lenders in the pricing department. 2018 looks promising, but it will be critical to keep up their recent promotional push.
Info: Fernovo Loans
www.fernovo.com (Alexa UK Rank: No Ranking)
Fernovo.com was registered in June 2017, but it appears that they went live around October when we started to see some activity on their Facebook page. There has been heavy investment in this new site that has a professional and vibrant look. There has also been investment on the tech front noting their NOVOQuote decision engine that provides a fast response in under 60 seconds without a credit reference. On the homepage there are options for short term (monthly) and instalment (2-6 months). For monthly the repayment will be set against your next pay date within the range of 5 and 38 days. For short term you can choose £400 max, whilst for instalments they extend to £1000.
Competitive pricing is set at 0.5% daily that calculates as £15 over 30 days although most borrowers would likely have less time before they are getting paid. They provide a demonstration of £300 over 90 days costing £92.85 whilst over 6 months you’d pay £172.98. This shows that the 0.5% rate is being taken against a balance as it reduces. These instalment prices are top deals that surpass the common rates provided by the big rivals. As an example, Wonga charges £156.74 (3m) and £277.90 (6m). Funding is available to self-employed workers, but in this scenario you’d likely receive document requests. Opening hours are the same at Monday to Friday (9am-6pm).
Info: Quidie Online Lending Loans
www.quidie.com (Alexa UK Rank: No Ranking)
Quidie Online Lending (as now branded) had started out operating from www.quidie.co.uk, but visits here now redirect to the dot com. Even though there has been a domain switch, some of the info posted appears outdated. Whilst both an instalment and short term apply box is displayed, in their FAQ it states that the term can only be 2 to 6 months. The listed opening hours are Monday to Friday (9am-6pm) and the minimum age is listed as 21. It is possible that these specs are current, but we would have expected 1 month plus 7/7 trading times to be added to match the new company. The same 3 and 6 months costs as above are at least headed.
Reviews: Feefo, Review Centre, Reviews and Trustpilot
Quidie does have a Feefo page, but for some reason this just shows at 80% for a single rating, even though there has been 35 reviews left. here is just a single review on Trustpilot. This is a small lender that still hasn’t been around for that long, but even still it is tricky to determine how well their service has been perceived by those who find them. Obviously, Fernovo’s site is brand new and so no feedback would be expected there.
Fernovo’s product specs are enhanced and so we’ll cover alternatives for this company. Their 1 to 6 month repayment range is available from a range of lenders. The most well known of which are the likes of Ferratum, Peachy, SafetyNet Credit, WageDayAdvance and the market leader Wonga. Some of these firms charge quite expensive loan rates in comparison. SafetyNet is a little higher at £96 per £300 (rather than £92.85 over 3 months). However, SafetyNet’s cap means that you’ll also pay £96 over 6 months that is a big improvement on £172.98. There have been a fair few other newly formed brands arriving in 2017. Dot Dot Loans and Tappily have shared the newcomer limelight thus far.
The Plus Points
We would avoid applying with Quidie and instead check out the new Fernovo loans offering or at least wait until some feedback starts to pop up on review sites. They have packaged a competitively priced service, with speedy decisions promised. There are also no late fees charged that is always good to see. In this scenario they instead charge daily interest that is capped up to 100% of the amount borrowed. Will they make their mark in 2018? It won’t be easy with competition ever increasing, but their low pricing does help them to stand out whether borrowing for short term or across a few months.
Last Updated: January 5th, 2018.