Online Loans

Cara Bradley

Written by

Cara Bradley

5 min read

Updated: 30/01/2024

When financial emergencies happen and you need to borrow money, an online loan could be an option for you to consider.

What is an online loan?

As the name suggests, online loans are personal loans that can be applied for online.

Online loans give you the flexibility to apply at a time and a place that suits you. Applying for a loan online could be a convenient option if you find it hard to make time for a face-to-face appointment with a high street broker or lender.

How much money can I apply for online?

Viva Money is a credit broker, not a lender. We work with a trusted panel of lenders who provide online loans between £100 and £10,000. You can repay your loan in instalments with terms starting at 3 months and, for certain amounts, up to 60 months.

When applying for a loan online, it’s important to only ever borrow the amount of money that you actually need and can afford to repay.

Who can apply for an online loan?

You can search for an online loan with Viva Money if you:

  • Are over 18 years of age;
  • Have a UK address;
  • Have a UK-issued bank account with a valid debit card; and
  • Have a regular source of income paid directly into your bank account.

Can I apply for an online loan with bad credit?

If you have bad credit, you might find it more difficult to be approved for a loan.
The good news is that there are lenders on the Viva Money panel who are willing to consider applications from people with all types of credit score.

It’s important to remember that bad credit loans may come with higher rates of interest than those offered to customers with better credit scores. You should also be aware of the possibility that you may not be able to borrow as much money as you’d like to.

Can I apply for an online loan with no credit history?

Having no credit history is sometimes known as having a ‘thin’ credit file. You may have a thin credit file if you have never paid bills or borrowed credit before.

Because lenders have no evidence of how you have managed credit in the past, they might see you a lending risk. This could mean that it’s more difficult for you to be approved for a loan.

Is applying for an online loan safe?

Viva Money is authorised and regulated by the Financial Conduct Authority (FCA), and so are all the lenders we work with.
When applying for any form of credit you should always make sure that any company you use is registered with the FCA. You can check the FCA register here.

How can I search for an online loan with Viva Money?

The Viva Money process is entirely online, meaning you can conveniently search for a loan wherever you are. Here’s how:

Step one

Choose your ideal loan amount and repayment term and fill in your details on our form.

Step two

We’ll run a soft credit search and present your application to our panel of lenders. If we’ve been able to find you a suitable match, you will be redirected to the lender’s website to make a full application.

Step three

As part of the full application process, you’ll undergo some further checks, including a hard credit search. The lender may ask to see a recent pay slip or proof of your address, so it’s a good idea to have this information to hand.

Step four

If the lender is happy with the result of their checks, you’ll be sent a loan agreement. You should take some time to read this carefully before signing and returning.

Manage your loan responsibly by making your monthly repayments on time each month, every month, until the loan is repaid in full.

If I’ve been approved for an online loan when I can expect to receive the money?

Every lender has their own timeframe. Some of the lenders on the Viva Money panel are able to send your loan on the same day your application is approved. You should remember that the time it takes for the money to show as available in your account will depend on your bank and whether they accept Faster Payments.

I’ve been turned down for an online loan. What happens now?

We’re sorry that we weren’t able to find you a suitable loan on this occasion.
As Viva Money is a credit broker and not a lender, we are not involved in the lending decision. As such, we do not know the reason why your application was unsuccessful.

There are many reasons why an application for credit could be declined. One of those possible reasons is a low credit score. The good news is that there are a number of things you can do to improve your score over time.

How can I improve my credit score?

A good credit score could improve your chances of being approved for a loan if you decide to apply for credit in the future. Some of the ways you can build or repair a low score include:

  • Paying your bills and any other credit commitments on time. Falling behind on or failing to make repayments is likely to have a negative effect on your credit score.
  • If you have a credit card, be sure to stay well within your credit limit.
  • Check your credit report for errors. If you spot any, contact your credit reporting tool and ask for this to be corrected.
  • Registering to vote will make it easier for lenders to identify you at your current address.
  • If you share a joint account with someone who has a low credit score, it’s possible that your own score might be negatively affected.

I’m worried about money; can you help me?

We’re sorry that you’re worried about your finances; we understand how isolating and scary this can be.
If you have taken out a loan or credit card that you are now struggling to repay, you should contact your lender. This may feel daunting, but please remember that they are not there to judge you, but to help.

Whatever you’re facing, you can find free, impartial advice online at sites such as Citizens Advice, MoneyHelper, and National Debtline.

Viva Money have teamed up with debt charity StepChange to offer a free, Money Health Check quiz. Your answers are completely confidential and will help StepChange understand what you’re going through and how best they can help you.