87% of our Applicants Get Approved Each Day
How do I apply for a loan?

We do not operate a call centre, we only offer an online service through our website. To apply for a loan you must complete and submit a full application on our website. You are able to apply 24 hours a day, 7 days a week. Some lenders may require additional documentation in order to process your loan.

How do I pay back my loan?

The lender will collect the loan repayments directly from your bank account via debit order. The lender will advise you of the dates that they will debit your account.

Will you do a credit check on my profile?

Yes, doing a credit check on you is part of the application process. Lenders will check your credit record as part of their decision making process.

What if I have a bad credit record?

Our lenders will consider clients with all types of credit records and will try to find a way to approve your loan.

I've just started a new job, can I still apply?

Each lender has their own lending criteria. Some may not want to offer you a loan if your employment has just started within the last 3 months, or if you are still in probation period. Other lenders may be more lenient and may be willing to lend to you even if you have just started new employment (subject to certain conditions being met).

How long will it take to get a decision on my application?

In most cases, you will get an instant online decision from one or more of the lenders or associated loan brokers on our panel. In other cases, you could typically expect to receive a decision via email, telephone or SMS with 1-4 hours (during office hours).

How will I know if my application has been approved?

You will either get an instant online decision notifying you of the lenders, or associated loan broker's decision, or you would receive an email, telephone confirmation or SMS.

How will I get my money?

Your lender will pay your money directly into your back account by electronic transfer.

What interest rate will I be charged?

Interest rates vary between each lender, however, you could expect to receive of between 5% upwards on the value of your loan.

Can I use the money for any purpose?

Yes, you certainly can. It's your money and you're free to use it for any purpose.

Can I settle my loan before the agreed repayment period?

In most cases, lenders will allow you to settle early with a small, or no penalty charge.

Are you a lender, or a broker?

Cherry Loans is an online loan matching broker that connects people to lenders. We are not a lender.

Do you charge any fees?

No, we do not charge any application fees whatsoever, however, some lenders or associated loan brokers on our panel may charge a fee for you to use their services.

I am worried about submitting my personal details on your website, is it safe?

Our site uses the highest level of data encryption. You application details cannot be seen by anyone else other than us and the lenders who process your application. It is totally safe and secure.

Do you comply with the Data Protection laws?

Yes, we take all Data Protection regulations very seriously. We respect your privacy at all times.

Are the lenders on your panel licenced by the National Credit Regulator (NCR)?

Yes, all lenders on our panel are NCR licenced. We only work with safe and reliable lenders for your protection.