Viva Loans

Warning: Late repayment can cause you serious money problems. For help go to
We are an authorised credit broker and not a lender.

Warning: Late repayment can cause you serious money problems. For help go to

Warning: Late repayment can cause serious money problems, for help or advice please go to

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Rates from 49.9% APR to max 1333% APR. Minimum Loan Length is 2 months. Maximum Loan Length is 36 months. Representative Example: £250 borrowed for 30 days. Total amount repayable is £310.00. Interest charged is £60.00, annual interest rate of 292% (fixed). Representative 669.35% APR (variable). We are a credit broker not a Lender.

Rates from 49.9% APR to max 1333% APR. Minimum Loan Length is 2 months. Maximum Loan Length is 36 months. Representative Example: £250 borrowed for 30 days. Total amount repayable is £310.00. Interest charged is £60.00, annual interest rate of 292% (fixed). Representative 669.35% APR (variable).

Payday Loans

What are payday loans?

Payday loans are fast, small-sized cash advances lent against borrower’s monthly earning capacity. These loans are to be paid back over shorter terms, in comparison with traditional bank loans. The size and repayment schedule of payday loans is decided by the lender, in agreement with the borrower.

Why do people need payday loans?

Here are some common scenarios that require people to go for a payday loan:

There are a number of other situations in which a bit of cash goes a long way, and that is when a quick fix like a payday loan can come in quite handy. However, if you are planning to get a payday loan, you must note that payday loans are not viable cash sources over a long term, or repeated borrowing. Late repayment can cause you serious money problems. For help, go to

What are the major features of a payday loan?

Here are a few major features of payday loans:

What are the downsides of a payday loan?

As convenient as they are, payday loans may not be the best option for every applicant. They work the best if you have a guaranteed source of monthly income. Also, in comparison with traditional bank loans/credits, payday loan interest rates are higher. It’s always a wise idea to take these factors into consideration before you apply for a payday loan.

Who am I dealing with when I take a payday loan?

When you apply for and receive a payday loan, you are dealing directly with the lender. We, at Viva Loans, try to put in one place a list of various direct lenders who would be interested in lending to you. It must be noted that we only help connect lenders with borrowers.

Is this the only way to get a payday loan?


While you can get a payday loan in a more traditional way through various High Street loan shops in your town/city, the easiest and often the quickest way to do so is by applying through a responsible payday loan broker like Viva Loans.

Who can get a payday loan?

To be eligible to get a payday loan, you need to satisfy the following criteria:

Which documents are needed to apply for a payday loan?

Payday loans are essentially meant to ease up the whole paperwork, and that’s why, very few documents are usually needed to successfully apply for a payday loan. In all probability, you already have electronic or scanned copies of these documents in your possession.

The following table can be helpful to decide which documents are accepted as valid proofs of identity and address. Please note that this list is not exhaustive.

Document Is it valid as proof of idenitity? Is it valid as proof of address?
Current UK driving license (old and new) Yes Yes
Ful form UK birth certificate Yes No
Non-expired UK passport Yes Yes
Utility bills (issued within last 3 months) No Yes
Benefit book/letter Yes No
Bank passbook/statement, Credit Union passbook No Yes
Mortgage Certificate No Yes
Land registation certificate No Yes
Rent card / tenancy deed / tennacy agreement for the current financial year No Yes
National ID card Yes No
Valid passport of a UN recognised country Yes No
LAC tax receipt No Yes
Electorol register entry Yes Yes

Why do I need to provide details of my monthly expenses?

By providing the detailed estimates of your average monthly expenses, you make it easier for lenders to review your application faster.

Is it true that only UK citizens are eligible to receive a payday loan in the UK?

No, it is not.

Most lenders are willing to approve payday loan applications from all legal UK residents (not necessarily citizens), so long as all other conditions are met.

Does this mean that immigrants can get a payday loan?


Provided that all other conditions are satisfactorily met, all legal immigrants to the UK (preferably those who enjoy an education or a work visa) are just as eligible to get a payday loan as UK citizens are.

And what about tourists?

It’s difficult – almost next to impossible – for a visitor to the UK on a limited period tourist visa to receive a payday loan.

Is it absolutely necessary to have a bank account with a debit card?

No, it’s not absolutely necessary to possess a debit card attached to your savings/checking UK bank account. However, it’s much more preferable to have it, as it allows for easier loan repayments – a factor that may weigh-in your favour when lenders review your application.

Can I apply for a payday loan with a limited authority/ offshore bank account?

No, you cannot.

To be eligible to receive a payday loan in the UK, you must have a valid UK bank account with you (as an applicant for the loan) having full transaction authority over the said account.

I have a joint bank account with my partner/family member. Can I use it to apply for a payday loan?

Yes. As long as you possess the full transaction authority over the account, you can apply for a payday loan using the said joint account. However, to avoid complications/confusion, it’s better advised to use your own bank account for a payday loan application.

Is being employed enough? What is a verifiable source of income?

Being employed is usually enough to get a payday loan.

A verifiable source of income is the one which, with enough documentation, can prove that you have a definite sum of money coming in every month, regularly. While most payday lenders only allow for full time/part time jobs to be counted as a verifiable source of income, there are specialist lenders who find governmental social benefits, retirement pensions or even income on domestic investments good enough to grant a payday loan against.

In short, you have a strong chance of having your payday loan approved if any of the followings:

How do I prove that I have a verifiable source of income?

It’s quite easy. Any one of the following documents are usually accepted by payday lenders as a proof that you have a verifiable source of income:

How much can I borrow?

Payday loans, as explained earlier, are small-sized loans. As per the latest regulations, the least you can borrow as a payday loan from a responsible lender is £100. The amount of money you can borrow as a payday loan can typically go up to £2,000, depending upon your credit score and the policies adopted by various lenders. At Viva Loans, we help you secure easy payday loans online, from £100 to £2,000, in increments of £10.

I read that payday loans are ‘instant’. Is this true?

Yes, it certainly is! Unlike conventional bank loans, payday loans are quickly accessible, once you fulfil the necessary criteria mentioned above.

There are two parts that are involved here – review of your application and loan disbursement (deposit of money to your bank account).

1. Review of your application

When you apply for a payday loan through us, we make sure that suitable lenders receive your application readily. Completed applications are processed within minutes, and in most cases, you will get to know about the status (approved/rejected) of your application within half an hour from submitting.

2. Loan disbursement

Once your application is approved by a lender, it won’t be long before you can actually access the money. For applications approved before 14:30 hrs on a working day, money is electronically transferred to the applicant’s bank account within 10 minutes of approval. In all other cases, money is transferred on the very next working day, before 11:00 hrs.

If your bank account is ‘Faster Payments’ enabled, you can receive the money within 10 minutes of approval, on all days, at all times.

Please note that bank holidays may affect these timings.

What if I apply for a payday loan during a weekend?

Almost every lender that we help you get in touch with here at Viva Loans offers round the clock service. So, even if you apply for a payday loan during a weekend or on other bank holidays, you can be sure that your application will be reviewed readily, with enough care. Once accepted, you can get the money in your account instantly – even during bank holidays – if your bank supports Faster Payments facility, as noted earlier.

Are payday loans different from a bank loan?

Yes, they are.

A typical bank loan would involve lengthy paperwork and due procedures, while a payday loan can be approved and paid instantly, as noted above. Also, bank loans are usually without an upper cap, as the banks have large resources to grant bigger loans. Payday lenders lack such resources, and hence, can only lend small amounts of cash. Various financial regulations also prohibit payday lenders from lending large sums of cash.

How long do I have to repay my payday loan?

Just like the amount of money you can borrow, the repayment tenures are also governed by relevant financial authorities, including the Financial Conduct Authority. The loans made accessible to you via Viva Loans are usually termed over 3 to 12 months. This period can be customised in agreement with the lender.

How do I repay my payday loan?

There are two ways in which you can pay your payday loan back.

1. Automatic Repayment

This is arguably the simplest and fastest way to pay a payday loan back. If you sign up for a payday loan and choose to provide debit card information of your bank account, the lender can automatically withdraw the agreed repayment amount directly from your bank account on your designated payday. This is called ‘Continuous Payment Authority’ (CPA). You can choose to terminate CPA arrangement by simply notifying your bank.

2. Non-automatic Repayment

You can repay your payday loan on the scheduled repayment date by depositing an electronic cheque or a wire transfer to the lender’s account. Please make sure that such cheques can take up to two working days to be cleared.

What are the interest rates charged for payday loans?

Payday loans are usually charged an interest rate that is best represented annually. This is called an Annual Percentage Rate, or APR.

For example, at a representative APR of 305.9%, if you borrow £100 today, to be paid over a course of next 90 days, you will be required to pay a total sum of £139.92*. Various lenders offer a variety of APRs for the payday loans availed from them. At Viva Loans, we present to you a wide range of offers from different lenders so that you can choose the one that is the cheapest and most convenient for you. For all other questions regarding payday loan interest rates, please visit this page.

*Lender specific extra fees may apply.

Are there other fees associated with a payday loan?

If you pay back the payday loan you have taken on schedule, there are usually no extra fees other than the interest associated with your payday loan. There can be, however, incidental overheads as explained below.

Some lenders may charge a small convenience fee/ processing fee/ establishment fee over and top of the loan amount and interest. This is typically a one-off fee that might be added to the total interest.

Defaults, loan restructuring, extension or roll-over of a payday loan attracts some extra fees. While interest on the loan amount can mount up fast in such cases, a lender is allowed to charge a maximum of £15 in default fees.

The following table summarizes all the fees associated with a payday loan with a representative example.

When you repay on schedule When you default the loan
Principal (your original loan amount) £100 £100
Loan processing fee (decided by the ender, capped at £24 per £100 borrowed) £24 £24
Interest (representative) £39,92 £63,92
Default Fees(no more than £15) NA £15

Can I settle my payday loan before the due date (premature settlement)?

Yes, you can.

To settle your payday loan before the due date, you can directly contact the lender. Most lenders will charge you a very small rescheduling fee for the same. In most cases, this fee is more than offset for by the amount of interest you will be saving.

What happens if I fail to pay my payday loan back?

In case you fail to repay your payday loan, make sure that you intimate the lender as soon as you can. This will help your lender stop from making withdrawal attempts under CPA. If the lender is unable to do so, you can terminate any standing CPA arrangement by directly calling/writing to your bank.

With clear communication, it will be easier for you to find an amicable way out, in agreement with the lender.

Is it a good idea to default my payday loan?

No, it is not.

When you default a payday loan, you agree to pay the due amount back on or before the next payday(s) in one or more instalments. Loans settled in more than one monthly instalments are usually treated as ‘instalment loans’, and they often require you to pay a much larger interest value.

Do payday lenders access my credit report?


Payday lenders usually run a credit check while assessing duly submitted loan applications. These checks are run in accordance with prevailing laws, and only through approved credit referencing agencies.

Will my application be rejected if my credit report is poor?


While your credit report is a good indicator of your financial habits, it usually doesn’t play a decisive role in a payday loan application being rejected. If you have a regular income that lenders are satisfied with, your payday loan application will still be accepted, regardless of the health of your credit report.

Does a payday loan impact my credit report? If yes, how?

A payday loan does indeed impact your credit report.

However, this impact need not always be a negative one. In fact, a duly repaid payday loan will surely help your future borrowing prospects. Also, applicants should note that when you apply for a payday loan, you authorize payday lenders to access your credit report, and this activity is visible to any prospective lender in future.