Warning: Late repayment can cause you serious money problems. For help go to moneyadviceservice.org.uk
Rates from 278% APR to max 1576% APR. Minimum Loan Length is 3 months. Max Loan Length is 6 months. Representative 305.9% APR. Representative example: £400 borrowed for 90 days. Total amount repayable is £559.68 in 3 monthly instalments of £186.56. Interest charged is £159.68, interest rate 161.9% (variable). interest rate 161.9% (APR variable). We are a credit broker not a Lender.
If you’ve got bad credit, a previous bankruptcy, or problems with employment, it can seem impossible to get a loan when you need one.
Payday loans offer borrowing options for people that traditional lenders leave out – those with a less-than-perfect credit history. These loans are not huge, they range from £100 to £1,000 or even £2,000, but they are manageable and offer a quick financial solution.
Payday loans are small, short-term loans that are provided against your earnings. They’re typically paid back either the following month, or within 3-12 months.
You don’t necessarily have to have a good credit score to qualify. Other forms of income, such as benefits and self-employment, can also help those who are currently unemployed qualify for a payday loan.
Payday loans range from £100 to £1,000 or even £2,000 Exact amounts will depend on your needs and application as well as the lender. Viva Loans offers loans in £50 increments, in the following amounts:
This will depend on the loan amount.
For reference, here is an example of the fees and interest you would pay on a £100 payday loan.
|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|
|Default Fees (no more than £15)||NA||£15|
Yes. If you are approved, your loan will be processed almost instantly. The money will be sent to your bank account electronically for faster processing.
Traditional lenders require a lot of paperwork and documentation. Payday loans only require that you submit the following in order to apply:
A valid form of identification.
A valid address.
Bank account information.
Only borrow what you need.
Just because you can borrow up to £1,000 or even £2,000, doesn’t mean you should. If you only need £100 to cover a quick emergency before your next payday, don’t borrow more than £100. Never borrow more than you can repay during the repayment period. You shouldn’t seek a payday loan just for extra spending money.
If you need more than £1,000 you can still apply for a payday loan from Viva Loans. You can borrow between £100 and £2,000 with us by completing our short application form here.