Apply for a Loan

Written by

Cara Bradley

5 min read

Updated: 26/02/2024

We can be the most money-cautious person in the world but sometimes all it takes to drain our savings and leave us out of pocket is an unexpected financial emergency. From a packed-up car to a boiler that chooses the coldest day of the year to give up the ghost, none of us are immune to life’s stresses.

If you’re thinking about applying for a loan, Viva Money may be able to help you find a match.

Who are Viva Money?

Hi there, we’re Viva Money, and we’re a credit broker. We work with a trusted panel of lenders who offer personal, short-term loans between £100 and £10,000, with repayment terms from 3 to 60 months, depending on how much you borrow.

Viva Money, and the lenders we work with, are authorised and regulated and registered with the Financial Conduct Authority (FCA).

Who can search for a loan with Viva Money?

You can search for a loan with Viva Money if you:

• Are over the age of 18;
• Are a UK resident;
• Have a UK bank account and valid debit card; and
• Have a regular source of income paid into your bank account.

Some lenders might be willing to consider certain benefits as regular income. For further information, head over to our Loans for People on Benefits page.

Can I apply for a loan with bad credit?

Getting approved for a loan with bad credit may be difficult, but it’s not impossible.
Viva Money welcome all credit scores to search for a loan. We work with a large panel of trusted lenders, some of whom specialise in loans for bad credit.

Bear in mind that if you do have bad credit and you’re offered a loan, you could be presented with higher interest rates, and may not be able to borrow as much money as you’d like.

Can I apply for a loan with no credit history at all?

Having no or very little credit history is sometimes referred to as having a ‘thin’ credit file, and is common in those who have never paid bills or borrowed credit before.

Having a thin credit file isn’t necessarily a bad thing, although it can lower your chances of being approved for credit. This is because lenders have no insight into how you have managed credit in the past, and therefore may see you as a risk.

Some of the lenders on the Viva Money panel are willing to consider applications from those with thin credit files.

How can I search for a loan with Viva Money?

At Viva Money, we understand that emergencies happen. When your car packs in and you need to fund urgent repairs, the last thing you want to do sift through long, complicated forms.
Our online form was designed with you in mind. It’s straightforward, and should take no longer than five minutes to complete.

Want to know more? No problem. We’ve broken our journey down into four steps below.

Step one

Choose how much money you’d like to borrow, and for how long. It’s important to select the loan amount closest to the sum of money you require – you should never borrow more than you need or can afford to repay.
Complete our online form.

Step two

We’ll use the information you’ve provided to run a soft search on your financial history. This will not affect your credit score in any way. Next, we’ll scan our panel of lenders for a suitable loan for you. This stage should take no longer than 60 seconds.

Step three

If we’ve found a match, you will be directed to the lender’s website for further checks, including a hard credit search.

Step four

If the lender is happy with the outcome of their checks, you will be sent a loan agreement, which you must read carefully before deciding whether or not to accept your loan offer and sign.
Your loan will be repaid in monthly instalments which will include interest.

How long will it take to receive the money?

Payout timescales vary between lenders, so if you need the money urgently - for example, to cover the cost of an emergency vet’s bill – it may be an idea to speak with your lender before you make a full application, just so you know exactly what to expect.

Some of the lenders on the Viva Money panel are able to pay your money the same day your application is approved, although the time it takes for the money to appear in your bank account will depend on your bank’s policies and procedures.

What happens if I fail to make my repayments?

If you default on your repayments, you risk being charged late fees. Your credit score is likely to suffer, which may impact your chances of approval if you were to apply for credit again in the future.

If you’ve taken out a loan that you’re struggling to repay, you should contact your lender as soon as possible. They will appreciate the fact that you have reached out, and will work with you to come up with a solution moving forwards.

I’m worried about money. What can I do?

We’re really sorry that you’re currently experiencing money worries.
Talking about our finances can be daunting at the best of times, let alone when there’s something troubling us.

The first thing to remember is that you are not alone. Various sites online offer free, advice on money and debt concerns, from help with childcare costs to locating your nearest food bank. Some of these sites include Citizens Advice, National Debtline, and MoneyHelper.

Viva Money are really proud to have teamed up with money charity StepChange to create a Money Health Check quiz, which can be taken online for free. The answers you provide will remain confidential, and taking the quiz will not affect your credit score.
Your answers will generate advice on what to do next to help you take back control of your finances.