Warning: Late repayment can cause you serious money problems.
For help go to moneyadviceservice.org.uk
We are an
authorised credit broker and not a lender.
Warning: Late repayment can cause serious money problems, for help or advice please go to moneyadviceservice.org.uk
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.
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:
| £50 | £550 | £1050 | £1550 |
| £100 | £600 | £1100 | £1600 |
| £150 | £650 | £1150 | £1650 |
| £200 | £700 | £1200 | £1700 |
| £250 | £750 | £1250 | £1750 |
| £300 | £800 | £1300 | £1800 |
| £350 | £850 | £1350 | £1850 |
| £400 | £900 | £1400 | £1900 |
| £450 | £950 | £1450 | £1950 |
| £500 | £1000 | £1500 | £2000 |
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 |
| Interest (representative) | £39,92 | £63,92 |
| 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.
Not much!
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.