Exhibit 23.1




                                          Consent of Independent Auditors


The Board of Directors
Merit Securities Corporation


     We consent to  incorporation  by reference in the  registration  statements
(Nos.  33-99316,  Nos.  333-15539  and  Nos.  333-40951)  on Form  S-3 of  Merit
Securities  Corporation  of our report  dated  March 24,  1998,  relating to the
balance sheets of Merit Securities  Corporation as of December 31, 1997 and 1996
and the related  statements of operations,  shareholder's  equity and cash flows
for each of the years in the three years ended  December 31, 1997,  which report
appears in the December 31, 1997 Form 10-K of Merit Securities Corporation.


KPMG PEAT MARWICK LLP




Richmond, Virginia
March 24, 1998