QuidCycle is the peer to peer financial solution from Signia Money Limited. Based in London, they offer a direct lender to borrower service that cuts out the traditional middle men involved in financial transactions. Their ethos is based upon supporting their borrowers and lenders, and providing them with a better deal than they could normally expect, rather than increasing their internal profits. They see it as crowd sourcing brought to the financial market, where ordinary consumers make an investment in each other, and with an ethical objective based around debt management at its core.
Many people struggle to get loans from traditional lenders because of financial problems or existing debt. When they do find sources of credit, they can come with high interest rates which make them hard to pay off, meaning that the customer has to be content with servicing their debt. QuidCycle is designed to offer them a way around this. They can source loans at much lower rates, and they also provide cash incentives to borrowers who make regular and on-time payments.
This helps borrowers remain on top of their payments, and take control of their financial situation while reducing their total debts. Borrowers will also be given free access to mentoring, and financial and debt management service. Customers who need a little extra help will have access to automatic protection via a generous provision fund.
Loans from QuidCycle are a fixed rate product. This means that there are no added charges, and the amount a borrower sees is the rate that they'll actually pay. Because the service is regulated by the Financial Conduct Authority, consumers who are new to peer to peer lending can be assured that the service is conducted to high standards. Borrowers, however, are reminded that their capital can be at risk by providing funds to lenders.