is it possible that using inkjet papers for a laserjet printer would result in terrible quality or it shouldn't matter?

Should be fine. Photo quality might be different but it should be ok

must be something wrong with the settings then. coz the colors come out horribly smeared. not to mention the paper (ultra glossy) comes out almost folded

if it is photo/glossy paper then yeah i can see that might not be good because the inks are different.

ahhhh alright that should make sense now. thanks a lot!