Viva Loans Review - Best Companies

When it comes to acquiring a loan, some payday loan websites are really perplexing! Viva Loans is not one of them.

Vivaloan is a personal loan marketplace that collaborates with many lenders to offer loans ranging from £100 to £15,000. Vivaloan will accept applications for any purpose, including debt consolidation, house improvements, car purchases, and general living expenses.

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Vivaloan is not a direct lender and does not make loans, so if you’re considering utilizing Vivaloan for your finance requirements, we recommend taking the time to read our in-depth Viva Loans Review, and you’ll be on your way in no time!

Table of Content

1 Viva Loans Overview
2 Services Offered By Viva Loans
3 Viva Loans Contact Details
4 Viva Loans Reviews
5 Summary
6 All UK Loan Companies

Viva Loans Overview

Vivaloan is an online lending platform that connects you with the greatest finance options and loan providers available. Vivaloan is a comparison-style website, neither a lender nor a participant in the financing process. Instead, they will match you with lenders depending on your financial profile.

For example, if you need £500 and your credit isn’t great, Vivaloan will connect you with specialized lenders willing to work with people with low credit. On the other hand, if you have good credit, the platform will connect you with lenders specialising in meagre APR rates.

In terms of the basics, Vivaloan allows you to apply for a loan for as little as £100 and as much as £15,000. Anything under £1,000 will be classified as a Payday loan, which means you’ll have to repay the money when you get your next paycheck. A payday loan falls under the short term loan category where loans have to be paid in full in a short period of time.

For amounts over £1,000, this is more of a standard installment loan, and you’ll be able to select a payback schedule of between 12 months and 5 years. With a longer repayment period, installment loans usually work on an annual interest rate. This is the better option for medical emergencies.

Vivaloan, being a credit broker, not a lender, does not specify what APR rates are available for the competitiveness of the loan deals and the best financing deals it finds. As a result, the only method to find out how much you’ll have to pay on your financing agreement is to go through an online application process on the Vivaloan website.

Vivaloan then leaves further information such as origination fees, funding process, employment status requirement, credit score, and eligibility criteria. The chosen lender usually requires a valid social security number, a steady income source, and credit profiles. Industry-standard security protocol includes a credit profile check.

Although the platform does not specify if a loan application will affect your credit score, it is probable. If you fail to repay your loan promptly, the lender usually reports this to credit agencies, which will show on your credit report.

This implies that if you’ve had problems applying for a loan in the past due to poor credit or other factors, a lender through Vivaloan may give you a different answer. Vivaloan relies on third-party verification sources, which is why we state this.

Services Offered By Viva Loans

Vivaloan lenders provide various loan options, including instalment loans, cash advances, and short-term lending similar to a payday loan.

Payday Loans
Personal Loans
Short Term Loans
Unsecured Loans
Doorstep Loans
Instalment Loans

Consider the amount of financing you require, how much you can afford to return, and how quickly you can repay the loan before deciding whether to apply through Vivaloan. A payday loan, for example, may give a rapid cash infusion, but the hefty APRs associated with payday loans might drive you further into debt.

An instalment loan may be a better option if you qualify because they often have fixed interest rates and predictable monthly payments. Keep in mind that the longer the loan payback term, the more interest you’ll pay over the course of the loan’s life.

You fulfil Vivaloan’s minimum requirements to be connected with a personal loan lender if you’re 18 years old or older and can prove that you have a monthly income.

To apply, you’ll have to go through two processes. In the first step, you fill out an online form with a lot of information that Vivaloan will use to match you with potential lenders and establish your loan amount.

While it’s unclear whether Vivaloan runs a hard or soft credit pull check, you’ll need to provide personal information like your Social Security number, driver’s license, bank account number, housing information, contact information, job and salary information, and the amount of money you’re looking for.

Vivaloan may also examine your credit scores, credit history and physical location. When you submit your information, you effectively agree that Vivaloan can share all of your personal and financial information with its partner lenders and businesses for “commercial reasons,” which can include a wide range of things.

If Vivaloan locates a viable lender for you, the lender will inform you of the loan terms available. Then, if you want to move further, you’ll need to study the offer and submit a formal application to the lender for final approval. It’s important to remember that submitting a formal application to a lender may result in a rigorous credit inquiry and that the initial loan offer isn’t guaranteed. It may change once you’ve formally submitted your application.

If you’re approved, you can use your Vivaloan loan to pay for debt consolidation, home improvements, medical bills, car repairs, or other unexpected needs.

You may be able to acquire a payback term of up to 60 months, depending on the loan you’re approved for. While a five-year payback schedule may appear to be a good method to free up monthly cash flow, you should consider how much you’ll pay in fees and interest over the loan’s duration.

The origination and late payment fees will be determined solely by the lender that Vivaloan matches you with. When you complete your application and are presented with loan offers, each provider will list its origination fee alongside your APR rate.

In most circumstances, instalment loans come with an origination fee of between 0.5% and 5%. If you seek a loan below £1,000, this will likely come in the shape of a payday loan. As a result, you’re unlikely to incur an origination fee because everything is factored into the APR rate.

Viva Loans Contact Details

Viva Loans has knowledgeable customer service specialists who can assist you with your loan application. You can visit them during the following hours:

Mondays to Fridays: 08:00 AM – 10:00 PM
Saturdays & Sundays: 09:00 AM – 10:00 PM

Contacting Vivaloan through email or call is impossible because the company’s website contains no contact information. Third-party sources don’t even have access to these details.

However, as previously said, Vivaloan is not a lender, and there will be no need to contact Vivaloan with any questions because everything will be handled by the lender directly.

Viva Loans Reviews

When it comes to completing applications I have to say that Viva Payday Loans has got it spot on – their application is online which saves you time, money and effort. –Stacy J

Viva Payday Loans short-term loans are superior to others that I have come across in my financial journey. From interest rates to borrowing terms and amounts, they are better across the board. –Jodi H

If you find yourself pressed for time and money, Viva Payday Loans is the lender that you need to see. They know how to make the borrowing process easier on the applicant. –Dwayne P

Summary

As the last point on this Viva Loans Review, consider that Vivaloan does not influence the interest rates you are offered. Even if a deal appears to be extremely competitive, it is still your responsibility to read the loan agreement before committing. Finally, if you take out a loan, Vivaloan will not assist you if a disagreement arises. Instead, you will be able to contact directly with the lender.

In conclusion, the Vivaloan platform functions similarly to any other loan comparison website. The entire application procedure takes less than 5 minutes, and your information is not shared with the major credit bureaus. Vivaloan has worked with lenders of different shapes and sizes in terms of eligibility. As a result, regardless of your financial situation, Vivaloan is likely to be able to connect you with a lender.

The Vivaloan website’s only flaw is that there is no indication of the different types of APR rates available. While we understand that this is due to the platform’s wide range of lenders, it would be helpful if Vivaloan provided some sample rates.

However, if you need money, a comparison service like Vivaloan is your best bet. If you search independently, you will have a far higher chance of discovering an extremely competitive rate.

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