Need Money Now?

Cara Bradley

Written by

Cara Bradley

6 min read

Updated: 27/02/2024

Whether you need to cover the cost of a vet’s bill or replace a packed-in washing machine, some financial emergencies simply cannot wait.

We understand that the stress of an urgent bill can make us feel like we need to act quickly. However, it’s important to step back from the situation, take some deep breaths, and think carefully about all the options that could be available to you.

I need money now. What can I do?

As with any financial decision, whether that’s applying for a credit card or searching for a loan, it’s important to do your research thoroughly before deciding whether to make an application to borrow money,

If you feel this is the right decision for your circumstances, you can choose to apply for a loan directly with a lender or use a credit broker, like Viva Money, to help you search for a loan.

Before applying for any form of credit, it’s important to check that the company is authorised and regulated by the Financial Conduct Authority (FCA). You can check a company is registered by searching here.

Who is Viva Money?

Viva Money is a credit broker, not a lender. We work with a panel of lenders who offer loans between £100 and £10,000.

How long can I borrow money for?

Depending on the amount you apply to borrow, you can repay your loan in instalments starting at 3 months. On larger amounts, you could have the option to repay over a longer term up to 60 months.

How long does the Viva Money process take?

It should take no longer than 5 minutes to complete our straightforward online form.
Using the information you have provided, we’ll run a soft credit search and scan our panel of lenders for a suitable loan. This takes around 60 seconds, and your result will be shown on your screen.

If we’ve managed to match you with a loan, you’ll be redirected to the lender’s website to complete your application. You’ll undergo some further checks, including a hard credit search, which will be visible on your credit record. Your lender will want to give you their decision as soon as they can; however, they will want to make sure that your loan is affordable for you and may ask for additional information, such as a recent payslip. Having this to hand could help to avoid any delays.

Documents and information you may be asked to provide could include:

  • Proof of identity;
  • Proof of address;
  • Bank details, like your sort code and account number;
  • Recent bank statement(s);
  • Recent payslip(s); or
  • Benefit award letters.

Some of the lenders on the Viva Money panel are able to send your loan to your bank account on the same day your application is approved.
It’s important to remember, however, that the time it takes for the money to appear as available in your account will depend on your bank’s policies and procedures, such as if they accept Faster Payments.

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

Searching for a loan with Viva Money is free, and our soft search credit check will not impact your credit score. If we match you with a loan, you are not obliged to accept any offer if you change your mind or need more time to think.
It’s always a good idea to take your time when considering a loan offer. Read your terms and conditions carefully and make sure you understand what your monthly repayment amount will be. Can you comfortably afford your repayments without this affecting your essential bills, such as rent or mortgage, utilities, and food?

Can I still get money now if I have a bad credit score?

Some of the lenders on the Viva Money panel will consider applications from people with less-than-perfect credit scores.

While being approved for a loan with bad credit is possible, you should bear in mind that your borrowing options could be limited in comparison to somebody with a better credit score. If you are offered a loan, it could be at a higher interest rate or for a more manageable amount.

What are the benefits of having a better credit score?

If you decide to apply for credit, a better credit score could improve your borrowing options. You could be eligible to apply for credit products with lower interest rates from a range of lenders.

How can I improve my credit score?

There are a number of steps you can take to work towards a healthier credit position.

  • Pay your bills on time.
  • If you have a credit card, stay well within your credit limit. If you can, try to make more than the minimum repayment amount each month.
  • Register to vote. Being on the electoral roll may make it easier for potential lenders to identify you at your current address.
  • Check your credit report for errors. If you spot any mistakes, contact your credit reporting tool and ask for this to be corrected.

Can I search for a loan if I have no credit history at all?

Having no credit history is also referred to as having a ‘thin’ credit file.
If you have a thin credit file, lenders do not have any evidence of how you’ve managed money in the past; as such, they may consider it riskier to lend to you. Some lenders on the Viva Money panel are open to considering applications from people with thin credit files.

You might be thinking about whether a credit builder credit card could help you. When used sensibly, a credit builder credit card could help you establish a credit score, or possibly improve a less-than-perfect one.
Credit builder credit cards can be used to make small, manageable purchases. Using your credit card and making your repayments on time every month shows lenders that you can borrow responsibly.
Credit builder credit cards work best when used alongside other credit-building methods, like the ones we’ve listed above. Over time, you could see an improvement in your credit score.

Can I get help if I am worried about money?

If you have taken out a loan or a credit card that you are having difficulty repaying, you should contact your lender as soon as you can.
While this may make you feel nervous or embarrassed, your lender will appreciate the fact that you have reached out and been open about your situation. They will want to work with you to help you find a solution.

You can access free money and debt management advice on sites such as MoneyHelper, Citizens Advice, and National Debtline.

Viva Money and debt charity StepChange have worked together to create a Money Health Check quiz. The quiz is free to take and will not have an effect on your credit score. The answers you provide will generate advice to help you take your next steps on your journey to a better financial future.