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.
The rate at which applications submitted to lenders are accepted following underwriting.
Accepted In Principle
The conditional acceptance of a loan application based on initial information given. This decision is then subjected to further underwriting before final approval can be given.
A term used to describe an individual with a lower than average credit score. Factors that can lead to adverse credit include CCJs and existing arrears.
Annual Percentage Rate (APR)
The amount of interest charged by loan and credit card companies per annum, expressed as a percentage. This is calculated from the total amount borrowed.
Outstanding repayments which are overdue their agreed payment date.
The amount charged by lenders for setting up a new loan.
A company which is able to compare a wide range of financial products in order to help you decide which product is more suitable for your circumstances.
A lending solution specifically designed to help those who are looking to purchase a new vehicle with the help of finance.
Consumer Credit Act
The Consumer Credit Act 1974 is a piece of legislation which was created to help consumers understand the terms of their credit agreement more clearly. Lenders are required to provide borrowers with a cooling off period, as well as additional details including true total interest and the total amount repayable on each loan.
County Court Judgment
County Court Judgements, otherwise known as CCJs, are issued by County Courts when a loan or other debt remains unpaid for a long period of time. CCJs can have an adverse affect on your credit rating and may be enforced by bailiffs should the court feel this is a necessary step.
This detailed breakdown of the terms of each loan will explain exactly how much is being borrowed, how much will be repaid, the true rate of interest, fees, charges and repayment dates. They music be signed, either electronically or by hand, in order for a loan to be formally accepted.
A form of revolving credit which allows consumers to pay for goods and services using a plastic payment card. Repayments are usually made on a monthly basis with interest added to any outstanding funds that remain on the card at the end of each month.
A detailed breakdown of your credit history which can help both you and prospective lenders to make a full and thorough assessment of your ability to repay credit.
Credit Reference Agency
Credit reference agencies create credit files in order to help lenders assess your creditworthiness. Equifax, Experian and Callcredit are the three most used credit reference agencies in the UK.
An assessment carried out by lenders that you've applied to for credit. A credit search will involve accessing your credit file through one or multiple credit reference agencies in order to help them make a decision as to whether to offer you a loan, credit card or other form of borrowing.
The act of combining multiple debts into one credit agreement. Debt consolidation loans and credit cards are available and can help consumers to centralise their debts into one place with the aim of making them easier to manage and/or achieving more favourable monthly repayments.
A default occurs when an agreed repayment is missed.
Data Protection Act
The Data Protection Act 1998 is a piece of legislation which explains how personal information can be used by businesses. It protects individuals against the misuse of their personal information such as passing details over to third parties or displaying them publicly.
Early Redemption Charge
A fee which lenders can charge should the borrower wish to pay off their existing debt earlier than originally agreed.
The status of an economically active person which can include full-time, part-time, self-employed, unemployed or retired.
Financial Conduct Authority
The Financial Conduct Authority (FCA) is the financial regulatory body which monitors financial companies within the UK. It replaced the Financial Services Authority (FSA) in 2013.
A type of interest rate which does not change during the course of a credit agreement. They can also be fixed for a limited period before changing to a higher, lower or variable rate.
A loan specifically designed for those with bad credit which require a friend, family member or colleague to guarantee the repayments on the applicants behalf.
A loan which can be applied for and underwritten online in a few minutes with funds typically issued either the same day or within 24 hours.
An application for credit made by two people.
An individual or business which assesses credit applications and ultimately supplies funds to successful applicants.
A financial agreement whereby a lump sum of money is made available to successful applications and repaid over an agreed number of weeks, months or years.
The reason for the loan being applied for. These can include, but are not limited to, debt consolidation, car finance, home improvements, emergencies and asset purchases.
The length of time that the amount borrowed must be repaid over.
A type of loan which uses an owned vehicle as security. The ownership of the vehicle is temporarily transferred over to the logbook loan lender until the outstanding balance is repaid. The vehicle is used as collateral should the amount borrowed not be repaid.
The amount paid back to the lender each month until the outstanding balance has been cleared. The monthly repayments are usually calculated based on the amount borrowed, loan term and any additional interest and/or fees.
A short term loan which acts as a stop gap until the borrower's next payday.
Payment Protection Insurance
A form of insurance which can help to cover loan, credit card and mortgage repayments in certain circumstances when the borrower is unable to pay it themselves. This can include some instances of accident, sickness or unemployment.
The principle elements that an individual must possess in order to be accepted for a loan. These may include factors such as age, residency, salary and employment status.
The term used to describe how lenders in the UK are monitored by the Financial Conduct Authority.
A detailed appraisal of how much your credit repayments will be and the dates that they will be due.
A type of credit agreement which requires borrowers to use their home, vehicle or other assets of value as collateral in order to facilitate a successful application. Secured loans often come with better rates of interest since the risk is lower to lenders. They can also help those with poor credit to achieve better rates of acceptance.
Short Term Loan
A loan specifically designed to run for days or weeks rather than months and years, short term loans can provide a quick, hassle free solution to cover life's little emergencies.
A loan which can be applied for and approved by text message rather than having to visit a dedicated website, bank or other common outlet.
Total Amount Repayable
The total sum of all repayments, including interest and fees, that is paid back during the course of a loan's term.
An indicative figure of the annual percentage rate of interest attached to a loan or credit card. For a company to advertise a rate as a typical APR, at least 51% of approved customers must be on the given rate.
The process of assessing a submitted application. Underwriting can either be automated using computer algorithms or manually underwritten by a human being who will make an assessment of your circumstances and the loan's affordability.
Any financial company which is not under the jurisdiction of the Financial Conduct Authority.
A loan which is offered to borrowers without the need for security. This poses a higher risk to lenders so you may find it harder to get an unsecured loan at a low interest rate if, for example, you have a history of bad credit.
A rate of interest which fluctuates over time. This is usually attached to the Bank of England base rate or another market rate as stipulated in your credit agreement.