Instant Payday Loans

Cara Bradley

Written by

Cara Bradley

4 min read

Updated: 08/03/2024

When your boiler chooses to stop working on a freezing day in December with payday still weeks away, you might think about taking out a loan to cover the cost of an urgent replacement. When faced with a financial emergency, you may be tempted to search for an instant payday loan.

What are instant payday loans?

Firstly, it’s worth noting that the process of applying for any loan – payday or otherwise – is not guaranteed to produce an ‘instant’ loan decision or transfer of funds, should your application be approved by a lender.

As the name suggests, payday loans are a sum of money borrowed from a lender designed to tide you over between one payday and the next. They are usually required to be repaid in full within a month.

Can I search for an instant payday loan with Viva Money?

Viva Money is a credit broker, not a lender. We work with a panel of trusted lenders who offer loans from £100 to £10,000.
Viva Money do not work with any lenders providing payday loans, although we may still be able to help you find a short-term personal loan.

Unlike payday loans, short-term loans could help you spread the overall cost by paying back what you owe in instalments.
Depending on how much money you borrow, the lenders on the Viva Money panel offer repayment terms between 3 and 60 months.

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 with a UK address;
  • Have a UK bank account and valid debit card; and
  • Have a regular source of income paid into your bank account.

From excellent to less-than-perfect, Viva Money welcome people with all credit scores to search for a loan.

I need money in a hurry. How quick is the Viva Money process?

Our online process has been designed to be as straightforward as possible.

Step one

Decide how much money you need to borrow and for how long before completing our online form.

Step two

Using the information provided on your form we will run a soft search on your credit history and scan our panel of lenders for a suitable loan.

Step three

If we’ve managed to find you a match you’ll be redirected to the lender’s website, where you will be invited to complete a full application. This will include some 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. Be sure to read this carefully before deciding whether to sign and return.

How quickly can I receive my money?

Your money could be sent to your bank account the same day your loan is approved, although it’s important to remember that the time it takes for the funds to show as available in your account will depend on your bank’s policies and procedures.

Exact payout timeframes will vary between lenders. If you need money quickly to pay a bill or replace a boiler, for example, it may be an idea to speak with your lender before you make a full application, so you know exactly when you can expect to receive your money.

Is there any way that I can speed up the loan application process?

Completing the application form thoroughly and to the best of your knowledge will help to prevent any unnecessary processing delays.

If you’re matched to a loan, the lender may ask you to provide the following as part of your application:

  • Proof of identity;
  • Proof of address;
  • Proof of income;
  • Recent payslips; and
  • Bank statements.

Having these documents to hand when applying for a loan is a good idea.

Reasons to love Viva Money

  • People with all credit scores are welcome to search for a loan.
  • We, and all the lenders we work with, are authorised and regulated by the Financial Conduct Authority (FCA).
  • Our soft search will not affect your credit score in any way.
  • No-obligation quote.
  • We do not charge any fees for our service and will never ask you to send us payment of any kind.

I can no longer afford my loan repayments. What can I do?

If you’re no longer able to afford your repayments, you should contact your lender.
They will want to work with you to produce a solution to help you get your account back on track.

I’m worried about my finances. Where can I get advice?

Free, impartial money and debt management guidance can be found online at sites such as MoneyHelper, Citizens Advice, and National Debtline.

If you’re looking for some advice on the next steps you can take to regain control over your finances, you may be interested in taking the Money Health Check quiz, which has been put together by Viva Money and debt charity StepChange. The quiz can be taken online for free, and your answers will remain confidential. Taking the quiz will not affect your credit score in any way.