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Cara Bradley

Written by

Cara Bradley

4 min read

Updated: 16th January 2024

Viva Money is a credit broker, not a lender. Using a credit broker to search for a loan could save you time as well as protect your credit score from multiple hard searches with direct lenders.

What are the benefits of searching for a loan with Viva Money rather than applying directly with a lender?

  • Viva Money can save you time by searching for a loan from our panel of trusted lenders. We do the work so you don’t have to.
  • Our lenders offer loans from £100 to £10,000, with terms between 3 and 60 months, depending on the amount you borrow.
  • We use soft search technology to check our panel for a match with no impact to your credit score. If we are able to match you with a lender, your result will be shown in just 60 seconds.
  • When you apply directly with a lender, they are required to run a hard search which can stay on your credit file for up to 12 months. Multiple hard searches over a short period of time could have a negative effect on your credit score.
  • We don’t charge any fees for our service.

Different types of loans

Before you apply, it’s a good idea to familiarise yourself with the different types of loans available. This can help you find the best option for your circumstances.

  • Short-term loans
  • Short-term loans are not to be confused with payday loans. Unlike payday loans, short-term loans can be repaid in instalments, usually starting at 3 months. You may be able to choose a loan term up to 60 months, depending on your loan amount.

    Click here to learn more about short term loans »

  • Quick loans
  • While some lenders are able to send the money to your bank as soon as your application is approved, it’s important to remember that your lender may ask for additional information, such as a wage slip, identification, or proof of address before making a decision about your application.

    Click here to learn more about quick loans »

  • Same day loans
  • It may be possible for some of the lenders on our panel to send your money on the same day your application is approved. Please be aware that this doesn’t necessarily mean you’ll be able to access your funds right away – the time it takes for the money to show in your account will depend on your bank’s policies and procedures, such as if they accept Faster Payments.

    Click here to learn more about same day loans »

  • Emergency loans
  • No matter how careful you are with money, financial emergencies can pop up and take us by surprise. Whether it’s a car in desperate need of a new part, or a fridge that’s suddenly decided to stop working, sometimes we simply can’t wait for our next payday.
    In these circumstances, you might be thinking about applying for a loan.
    When searching for a loan with Viva Money, it’s helpful to complete our form as accurately as possible, and keep important information to hand, such as your bank details.

    Click here to learn more about emergency loans »

  • Bad credit loans
  • While having a good credit score could increase your chance of being approved for a loan, some lenders on our panel specialise in loans for people with a less-than-perfect credit history.
    If you are accepted for a bad credit loan you could be offered a more manageable loan amount and this could be at a higher rate of interest.

    Click here to learn more about bad credit loans »

  • Online loans
  • Online loans could be a more convenient alternative to arranging a face-to-face appointment with a high street lender, such as a bank.
    Our online application form should take no longer than 5 minutes to complete, and our soft search will reveal your result in just 60 seconds.
    Online loans also offer you the freedom to apply at a time that’s convenient for you. If you successfully apply in the evening, at the weekend, or on a bank holiday, your loan will usually be processed the next working day.

The Viva Money process: how it works

  1. Decide how much you need to borrow and for how many months you would like to spread your repayments. Our simple, online application should take no longer than 5 minutes to complete.
  2. It’ll take us just 60 seconds to scan our panel of lenders for an ideal loan for you. If we find you a match, you will be redirected to the lender’s website.
  3. There, you’ll be able to complete a full loan application. As part of the application process, the lender will run a hard credit search.
  4. If the lender is happy with the result of their checks, they will send you a loan agreement. You should read through this carefully. Make sure you are able to comfortably afford to make your monthly repayments before accepting.
  5. The money will be sent to your bank account. Clear the balance of your loan by making your repayments on time every month.

Not sure if a loan is right for you? You can talk through all aspects of money management on sites like StepChange, National Debt Line, Citizens Advice, and MoneyHelper.

If you’re worried about your financial situation and not sure what your options are, you can take a look at StepChange’s free, online quiz. The answers you provide will signpost you to the right help for your situation.