A statement on the club's official website confirmed the agreement was no longer, with chairman Phil Gartside insisting: "We don't want our commercial relationships to come between us and our community."
A statement on Bolton's official website, www.bwfc.co.uk, read: "The club have taken on board feedback from our fan base and following discussions between chairman Phil Gartside and several local and national politicians, including Leader of Bolton Council Cliff Morris, we will no longer be entering into a sponsorship agreement with QuickQuid.
"The club is proud of its place in the local community and has worked tirelessly for a considerable time to build relationships across a wide spectrum of community projects. In particular the successful education programmes, which have seen over 350 students pass through the club in the last two years, and the continued exceptional work of the club's Community Trust.
"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 responsible lender."
Cllr Morris said: "I am pleased with Bolton's decision to reconsider their recent sponsorship proposal. We have been in discussion with the club since last week's announcement to raise our concerns and those of the community. Their response clearly shows the value the club places on the support of their fans and the wider Bolton family."
Gartside said: "We have worked for years to build trust and participation with the community through our Community Trust, education programmes, and other initiatives that are currently under way in partnership with local and national government.
"We don't want our commercial relationships to come between us and our community, and neither does QuickQuid."
FibrLec are to be the company's new sponsor and their logo will feature on the club's new match kit and training wear for the next two years. Gartside added: "We are proud that our club will be working closely with a local community technology company that has grown from the University of Bolton."
Sheffield Wednesday turned down a similar deal (believed to be with the same company) earlier and clubs are coming under increasing pressure to shun this potentially lucrative market.