The Championship club signed a two-year deal with the lender last week that would have seen the QuickQuid logo appear on matchday shirts and training ground kit. Announcement of the agreement, however, was met with criticism from fans and councillors with a petition against it attracting 45,000 signatures.
The club says it has “taken on board feedback from our fan base” and will “no longer be entering into a sponsorship agreement with QuickQuid”.
It adds: “Whilst we anticipated some negative responses from the initial agreement, we underestimated the adverse reaction to the sector of business in which the sponsor operated. We undertook significant research into QuickQuid and were satisfied that they were a regulated and a responsible lender.”
The club will now be sponsored by local energy company FibrLec.
QuickQuid, which claims to be able to deposit loans at a representative APR of 1,734 per cent with customers within ten minutes of agreement, and others in the pay-day have been heavily criticised by regulators and consumer groups about their practices. Earlier this year the Office of Fair Trading concluded in a report there was “widespread irresponsible lending” in the sector.
Bolton’s decision to pull its deal is in contrast with Premier League club Newcastle United, which defended its decision to sign a deal with payday lender Wonga despite a fan backlash.