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

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Representative 669.35% APR
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Representative 669.35% APR
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Representative 669.35% APR

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).

Factors To Consider When Getting A Personal Loan


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Personal loans are a powerful financial tool, which you can use for almost everything. Whether you need funds for a business venture, home renovation, or an emergency medical bill, a personal loan is a quick solution. Unlike other types of loans, they are easy to acquire since lenders usually don't require collateral. 


However, taking out a personal loan is a big responsibility. It is still a debt that you must pay back over time. To make sure that you're making a smart financial decision, here are some factors you must consider when getting a personal loan. 


Purpose of The Loan

Most lenders don't have restrictions when it comes to the purpose of getting a personal loan. It is actually considered a general-purpose loan so you can use them any way you want. But still, it's important to consider what the personal loan is for. This way, you'd be more able to find the best one for you.


There are different types of personal loans and what works best for you depends on several factors, including your credit score, the time you need to repay the loan, and its intended purpose. Some lenders may also consider your reason for getting the loan since it gives them an idea of the level of risk they're taking by offering funds to you. 


Loan Amount

When taking out a loan of any kind, it's essential to know beforehand how much you're going to borrow. Remember the amount of your loan also affects how much you'll be paying in the end. As much as possible, only borrow what you need and can comfortably afford. You would not want to borrow a larger amount than you're capable of paying back on time. 


It is crucial to determine the purpose of your loan. Doing so can help you figure out the right amount of loan you should get for your needs without overburdening your resources. Besides, lenders find it more favorable to give the loan to borrowers who are certain about how much they need and where they will use it. 


Interest Rates

Like other types of loans, a personal loan has an interest that you have to pay. The rate you'll get may vary depending on your loan amount, credit score, loan term, income, and other factors. If you want to save some money on your personal loan, you must get the best interest rate possible. 


To do this, you would have to compare various personal loans and find the one with the lowest interest rates. But then again, certain factors will affect your interest rates. It would be best to weigh them all and choose the rate that makes sense in your situation. 


Just because the rate is low doesn't necessarily mean it's the most appropriate for you. It may help to search on reliable online lending sites like to find the most reasonable rate for your personal loan. 


Origination Fees

A personal loan will cost you more than paying back what you borrowed. Besides the interest rates, you will also be paying for origination fees or otherwise known as processing or underwriting fees. They are charged by lenders when you take out a loan. Sometimes they are flat fees but other times a percentage of your loan amount.


Various factors determine origination fees. But ultimately, it depends on your credit score and loan amount and may vary from lender to lender. A loan with an origination fee isn't enough reason to decline an offer though, especially if you have bad credit and don't qualify for a personal loan with a lender that won’t charge this fee. 


Repayment Plan

A repayment plan is a way to pay back your loan over a certain period. It specifically refers to the monthly payment and loan term a lender sets for you. Note that how much you pay every month depends on the amount of your loan and its corresponding interest rate. 


Planning the repayment of your personal loan is essential because it helps you avoid late payment charges and reduces the stress of managing finances at the last minute. When you already have a repayment plan in place, you can easily make your payments easier and more affordable. So before you apply for any loan, think about how you're going to pay it first. 



Lenders look at several factors to decide whether or not they will extend you the loan. If you want to get the fund you need, you must know these qualifications. Although every lender is different, most of their eligibility requirements include the following: 


Credit Score

Lenders consider your credit score to find out how creditworthy you are. If you have a low credit score, they will view you as a credit risk. To protect themselves, they may charge higher interest rates on your loan. 


Payment History

Payment history is a component of your credit score. But this carries the most weight when determining your creditworthiness. Remember that lenders want to be reassured that you'll be able to repay your loan. Thus, make sure that you have a good payment history. 



Besides credit your history, lenders want to ensure that you have a steady income to make payments on your loan. They may also take a look at your debt-to-income ratio as it will give lenders an idea of how much your current income is going toward debt. 


To Sum It Up

There are many personal loans out there, but not all may work well for your situation. It may take some time and effort to get the best deal on your personal loan. Remember that the purpose of personal loans is not to burden you but help you improve your finances. It’s important to weigh all these factors before you commit to any type of personal loan.