QuickQuid borrowers will still have to repay loans

QuickQuid loan form

The closure of QuickQuid might lead some to think their loan is invalid - but it is not, points out the Money and Pensions Service.

"While you may be tempted to stop your repayments, it is crucial to keep to your regular schedule, because if you have entered into a loan agreement you must fulfil it," said Caroline Siarkiewicz, acting chief executive.

"If you miss any repayments you could be hit by fees and additional charges, and it could also harm your credit rating."

Those who are owed money in compensation must wait to see what the next move is for the business.

The Money Advice Service website has a guide on alternatives to payday loans.