Welcome to VeryMerryLoans.com, we can help you borrow £100 - £2,000 from 3 - 12 months.

Loans for 3 - 12 months.

Short, simple and fast application process.

Decisions in minutes.

How much you need today?

When can you repay this loan?

1 Months

Borrowing: £1000

Representative APR: 1192%

Repayment By: 5.1.2016

Interest: £58.68

Total Repayment: £1058.68

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Rates from 35.9% APR to max 1304% APR. Minimum Loan Length is 3 months. Maximum Loan Length is 12 months. Representative Example: £250 borrowed for 3 months. Total amount repayable is £411.63 in 3 monthly instalments of £137.21. Interest charged is £161.63, annual interest rate of 292% (fixed). Representative 1192% APR (variable). We are a free licensed credit broker, not a lender.

What Are Payday Loans?

Payday loans have been covered in the media lately due to some of the new regulations put in place on both brokers and direct lenders. While many are familiar with the product and have even taken one out at some point, there are plenty of people out there who are still relatively new to the concept. This article aims to give a quick introduction to the payday loans industry in the UK.

Payday loans are small loans, usually in the £200-£300 range that are paid back in a couple weeks. The name can be a bit misleading as they are not necessarily linked to the borrower’s payday; however their most common use is to help cover expenses until the borrower receives their next paycheque. These loans are unsecured – meaning that you will not need to pledge any of your assets against them. When applying for a payday loan, many lenders will ask borrowers to write a cheque for the amount they are borrowing as well as any interest charges. On the due date of the loan, the borrower must return and repay the loan or roll it over into a new loan otherwise the lender will cash the cheque. This process, however, varies from lender to lender. Some will verify employment and ask the borrower to provide a bank statement or pay stub and others may order a credit report.

The payday loan industry has grown rapidly in the UK and was a particularly popular source of short-term credit during the global recession. Given that many households saw a one or more members lose their jobs there were many people looking for loans to help cover short-term expenses while they worked to bring their monthly expenses down. Generally speaking the payday loan industry thrives in times of economic downturn, although there is still a strong demand for these services throughout the economic cycle.

The payday loans UK industry has grown rapidly due to their convenience and availability. They can be granted relatively quickly and are obtainable by people who may not have access to credit through other means. While some criticize these loans as being overly expensive they are in fact cheaper than some alternatives such as unauthorized bank overdrafts. Many of the clients relying on these loans don’t have many alternatives so at least this industry provides them with some access to credit. In addition to providing these loans directly, many lenders employ broker networks to help drive growth. Brokers, sometimes known as loan finders, may charge an upfront fee in order to help clients find a suitable loan from all the lenders out there. Very Merry Loans are a non-charging broker, and do not charge any upfront fees for our brokerage service.

Very Merry Example

Loan Amount: £300
Loan Term: 3 months
Interest: £193.96
Total Repayable: £493.96 Apply

Representative APR: 1192%. (variable)
Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk.