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A payday loan is a small, unsecured cash loan designed to help alleviate a temporary cash flow issue. Personal loans such as those issued by banks are standardly for larger sums repayable over at least a year, usually longer, with the application and approval process taking a couple of weeks. As such, they are not particularly helpful when it comes to an unexpected and short term requirement for a cash bridge.
Payday loans are a credit product designed specifically for exactly that scenario. Application takes a matter of minutes, is most commonly an online process and approval to the transfer of the loan to your bank account should be completed in less than an hour.
Payday loans have a higher annual interest rate applied to them than other kinds of consumer credit products but are designed to be repaid over a very short period of time, meaning the actual value of the interest accrued should be limited. As the name suggests, payday loans were devised to bridge immediate and short term cash flow problems and to be repaid from the borrower’s next pay cheque. Borrowing from friends or family is not always possible, convenient or desirable and payday loans cater to a need on the market for regulated lenders to fill a gap for quick, smaller value loans not catered to by traditional lenders such as high street banks.
Payday loans as a credit product have developed and there is now more choice for consumers. While the most common format for a payday loan is still a relatively small sum repaid when the borrower is next paid, different lenders offer payday loan products with repayment in installments spread out over a longer period of time. Splitting installments can avoid the scenario of a borrower returning the whole loan on their next payday leading to the requirement to subsequently borrow again.
An unsecured loan is a loan made by a lender without the requirement for collateral to be put up against the loan. Larger credit facilities such as those used to finance the purchase of a particular asset, for example a mortgage or car loan, will involve the borrower agreeing to the ownership or title deeds of the asset being held by the lender as collateral against the loan until it has been repaid.
Smaller loans such as payday loans or personal loans, where the borrower is not legally obliged to use the loan to finance a particular expense exclusively, are unsecured. The borrower has a legal obligation to meet the repayment terms of the loan but the lender does not have any rights over particular assets of the borrower in the case of default.
Very Merry Loans is an FCA-licensed payday loan broker. We work with a variety of FCA-regulated lenders offering different payday loan products and terms and match your application to the lender or lenders which best suit your borrower profile and requirements. Applying for a payday loan through Merry Loans means that we will almost certainly be able to match you with a lender that is willing to lend you the kind of loan you need and saves you making multiple applications to different lenders. We will always match you to the lender offering the best terms from those willing to provide you with the loan you request, or as close to it as possible.
Our easy online application process takes a matter of minutes and you will also receive a preliminary offer within minutes of submitting your application form. Once you accept terms and conditions and the lender you have been matched with has conducted a quick ‘soft’ credit check, you can have the cash in your bank account in less than an hour.
The lenders that Very Merry Loans works with offer payday loans of between £100 and £2000. Repayment periods are between a minimum of 1 month and a maximum of 12 months. Representative APR is 305.9% which means that interest payable on £400 borrowed for 90 days would be £161.92.
Payday loans are suitable for occasions in which you require a relatively modest sum of cash quickly due to unforeseen circumstances. This could be the result of an unexpected pile up of bills such as utilities, or a bigger bill than expected. Medical emergencies such as costs for unexpected dental treatment, a veterinary bill, or missing a flight and having to pay for another at short notice are also examples of occasional expenses life throws at us that can temporarily knock our finances out of sync.
Payday loans, and credit products more generally, are not advisable in circumstances where the intention is to use them to cover expenses that can wait and would not be classed as urgent. Simply put, you would be best advised to not apply for a payday loan to finance expenditure on things that you ‘want’ rather than ‘need’.
If another solution is available, such as an advance from your employer or borrowing from family and friends, these options should also be considered before applying for a payday loan.
To be considered for a payday loan from the lenders that Very Merry Loans works with, you should be over the age of 18, have a permanent address in the UK, and have a bank account.
Individuals with a poor credit rating will often be approved for a payday loan. Payday loan lenders perform a ‘soft’ credit check which is more lenient than for most credit products. Lenders look more at affordability criteria, meaning that your regular income and expenditure will allow to make repayment instalments and will generally only decline your application if you have a history of defaults on payday loans already taken out.
You will be asked to provide some general personal information such as your name, date of birth and address as well as details on your regular income and monthly expenditure so that affordability can be assessed. You will also have to provide details of the bank account the loan will be paid into and from which the repayment installment(s) will be taken. The process is quick and simple and should take no more than 5 mins.
Based on your application you will be matched with a lender almost immediately. You will then be asked to carefully read through the terms and conditions of the loan, including the interest due and repayment schedule. You will then either accept the loan on offer or decline.
After you have accepted a payday loan offer from one of our partners the cash will almost always be in your account within a day and in most circumstances within a couple of hours.