Viva Payday Loans Review: Everything You Need To Know

Last Updated on January 9, 2025 by Amrita Das

Viva Payday Loans – the name itself suggests a quick and hassle-free way to access payday loans in the United States. With just a few clicks, customers can fill out an online application and receive a decision instantly. The company boasts of its cutting-edge technology that matches borrowers with suitable lenders to meet their financial needs.

In this review guide, we will explore Viva Payday Loans in detail, covering its features, advantages, and drawbacks, so you can make an informed choice about using their services for your short-term loan requirements.

Table of Contents

Payday Loans Overview

Payday loans are a type of short-term loan that is designed to provide individuals with quick cash based on their income. They are often used by borrowers who need immediate funds for emergency expenses or unexpected bills.

However, these loans come with high interest rates and fees, making them a controversial form of lending.

One of the key features of payday loans is their short repayment period. Borrowers typically have two to four weeks to repay the loan in full, which is usually aligned with their next paycheck or other incoming funds.

This can be challenging for many borrowers, especially those living paycheck to paycheck, as they may not have enough disposable income to cover the loan amount and associated fees.

The high interest rates associated with payday loans have also been a point of contention. According to the Consumer Financial Protection Bureau, the average APR for a two-week payday loan is around 400%.

This means that borrowers end up paying back significantly more than they borrowed, making it difficult for them to break out of the borrowing cycle.

Another concerning aspect of payday loans is the access that lenders have to borrowers’ bank accounts. By authorizing automatic deductions or writing post-dated checks, borrowers give lenders direct access to their funds.

This has led to multiple instances of lenders attempting to withdraw funds even when there are insufficient funds in the account, resulting in overdraft fees and other financial difficulties for borrowers.

In response to these issues, the CFPB has implemented new rules to limit the number of attempts a lender can make to withdraw funds from a borrower’s account.

This is aimed at protecting borrowers from excessive fees and charges, but it may also lead to stricter lending practices or even closures of payday loan businesses.

Therefore, while payday loans may provide quick cash for those in need, their high interest rates and contentious lending practices make them a controversial form of borrowing.

It is important for individuals to explore other options, such as personal loans or emergency loans, before turning to payday loans as a last resort. And for those considering taking out a payday loan, being aware of the potential risks and consequences is crucial in making an informed decision.

What Is Viva Payday Loans

Viva Payday Loans is a popular and reputable online lending service that provides customers in the United States with quick and easy access to payday loans.

Their efficient and streamlined application process allows customers to fill in their information within just 2 minutes, and receive an instant decision from the lender. This eliminates the hassle of waiting for days or even weeks for a response from traditional lenders.

As a trading name of Payday Ventures Ltd, Viva Payday Loans operates under strict regulations to ensure the safety and security of their customers’ personal and financial information.

They also adhere to responsible lending practices, conducting credit and affordability checks before making any decisions on loan approvals. This helps protect customers from falling into a cycle of debt and ensures that they are able to repay the loan without causing further financial strain.

One of the key aspects that sets Viva Payday Loans apart from other lending services is their commitment to providing a fair and transparent service.

The team behind Viva Payday Loans has extensive experience in assisting customers in financial emergencies and they strive to serve the best possible assistance when needed. This includes offering flexible repayment options and providing guidance on managing finances effectively.

Time is of the essence for many individuals seeking a payday loan, which is why Viva Payday Loans prides itself on its speedy service. Unlike traditional lenders who may take days or weeks to process a loan application, Viva Payday Loans can usually offer access to money in a maximum of 15 minutes.

This makes it an ideal option for those facing emergencies or unexpected expenses that require immediate financial assistance.

Viva Payday Loans Features: Viva Payday Loans Review

Focused on Providing the Best Loan Experience

At Viva Payday Loans, their main focus is providing their customers with a seamless and stress-free loan experience. This platform understands that financial emergencies can arise at any time, and they strives to make the process as quick and effortless as possible.

Fast Approval and Funding for Immediate Relief

Viva Payday knows how urgent it is to get access to funds when you’re facing a financial emergency. That’s why they offer fast approval and funding, with most applications receiving approval within hours of submission. With Viva Payday Loans, you can have the money you need in your account on the same day.

Flexibility for Different Financial Needs

They believe that every individual’s financial needs are unique, which is why they offer a wide range of loan amounts from $100 to $5,000. This flexibility allows you to borrow the exact amount you need without taking on more debt than necessary.

Reasonable Repayment Terms for Financial Stability

Viva understands that repaying a loan can be overwhelming, which is why they provide their customers with reasonable repayment terms ranging from 2 to 24 months. This gives you the freedom to choose a plan that fits your budget and helps you maintain financial stability.

Easy Application Process for Convenience

Applying for a loan should not add extra stress to an already difficult situation. That’s why Viva Payday Loans have a quick and easy online application process. You can apply for a loan from the comfort of your own home, without having to go through lengthy paperwork or wait in long queues.

Get a Quick Quote for Instant Decision

This platform offers a quick quote option, where their panel queries lenders and provides you with an instant decision on your loan application within minutes.

Excellent Customer Support for Any Queries

At Viva Payday Loans, they value their customers’ satisfaction and strive to provide excellent customer support. Their support team is available during extended hours to help you with any queries or concerns you may have about their services.

No Upfront Fees for Transparency

Viva believes in transparency and does not charge any upfront fees or costs when you apply for a loan with them. You can trust that there will be no hidden charges or surprises, making the borrowing process straightforward and stress-free.

Partnered with Top Lenders to Ensure Quality Loans

This loan platform has partnered with top lenders who offer loan deals designed for everyday Americans. This allows us to provide their customers with access to quality loans that cater to their specific financial needs.

Loan Deals Available for All Needs and Budgets

Whether you need a small amount to cover expenses until your next paycheck or a larger sum for a significant purchase, they have got you covered. Their lenders offer instant online payday loans for all needs, occasions, and budgets to ensure that everyone has access to financial assistance when they need it.

Competitive Interest Rates for Affordable Loans

Viva’s lenders offer competitive interest rates ranging from 5.99% to 35.99%. This ensures that you can get the funds you need without getting burdened with high-interest payments.

Types of Viva Payday Loan

Viva Payday Loans offers a variety of loan options to cater to the diverse financial needs of individuals. Along with their popular payday loans, they also provide installment loans and cash advances. These different types of loans offer customers more flexibility in terms of repayment periods and loan amounts.

Payday loans are Viva’s signature product, designed specifically for those seeking small, short-term advances to cover unexpected expenses or bridge the gap between paychecks.

These loans are typically paid back within two weeks or until the borrower’s next payday. They are usually quick and easy to obtain, making them an attractive option for those in urgent need of funds.

Eligibility Requirements: Viva Payday Loans Review

Their eligibility requirements are straightforward, making it easy for you to apply for the funds you need. To be eligible, you must be at least 18 years old, ensuring that this platform only works with responsible borrowers who are legally able to enter into a loan agreement.

Additionally, Viva Payday requires that their applicants have a regular monthly income of over $1,000, providing them with confidence that you will be able to repay the loan on time.

A permanent address is also necessary as they want to ensure that they have a way to contact you throughout the loan process. Lastly, having a valid checking or savings account with direct deposit allows for a seamless and secure transfer of funds, making the entire process more convenient for you.

How to Apply With Viva Payday Loans

Applying for a payday loan with Viva Payday Loans is quick and easy. The first step in the application process is to select the amount of money you would like to borrow. This amount can range from $100 to $5,000 depending on your individual needs and financial situation.

Once you have selected your desired loan amount, you will be prompted to fill out a quick loan application.

The application will require some basic information such as your name, address, employment status, and monthly income. It is important to provide accurate information in order to ensure a smooth and successful application process.

After submitting your loan application, it will be reviewed by one of their experienced team members. In the meantime, you can also register for an account on their website. This will allow you to track the progress of your application and make any necessary updates or changes.

After reviewing your application you will get approved and they will notify you on your email or you may receive a call. At this point, you will need to identify yourself by providing a valid form of identification such as a driver’s license or passport.

This is a standard procedure to verify your identity and ensure the safety and security of the borrowers.

After completing the identification process, your loan funds will be deposited directly into your bank account within one business day. Viva strives to make the process as fast and seamless as possible so that you can access the funds you need when you need them.

Tips for Increasing Your Chance of Instant Cash Loan Approval

Obtaining a quick cash loan can be a lifesaver in times of financial emergency. However, the chances of instant approval for such loans are not always guaranteed.

Lenders have certain criteria that need to be met before they approve a loan application. But if you want to increase your chances of getting approved for an instant cash loan, there are several steps you can take.

The first step towards improving your chances of loan approval is by reducing your monthly expenses.

When lenders assess your application, they will look at your income and current expenses to determine if you have enough disposable income to repay the loan. By cutting down on unnecessary expenses and creating a budget, you can show that you have sufficient funds to repay the loan.

Another effective way to increase your chances of getting approved for an instant cash loan is by requesting to borrow a small amount. Lenders are more likely to approve smaller loan amounts as they pose less risk for them.

By borrowing only what you need, you show that you are responsible with your finances and can handle the repayment without any trouble.

Showing easy affordability is another key factor in obtaining instant cash loan approval. This means demonstrating that you have enough income to comfortably cover the monthly loan payments while still meeting your other financial obligations.

Lenders will closely examine your income sources and expenses to ensure that granting you a loan will not put you under any financial strain.

It’s also important to have all your documents readily available when applying for an instant cash loan. This includes proof of income, identification, and any other relevant documents requested by the lender.

Having these ready will not only speed up the application process but also show that you are organized and serious about obtaining a loan.

Having a good FICO score can greatly increase your chances of getting approved for an instant cash loan. Your credit score is a reflection of your creditworthiness and lenders use it to assess the risk involved in lending you money.

A higher credit score shows that you have a history of responsible borrowing and are likely to repay the loan on time.

Lastly, if you’re struggling to get approved for an instant cash loan on your own, consider asking someone to sign as a guarantor on your loan. A guarantor is someone who agrees to take responsibility for the loan if you are unable to repay it.

This can be a family member or friend with good credit and a stable financial situation. Having a guarantor can reassure lenders that the loan will be repaid, thus increasing your chances of approval.

Advantages of Payday Loans

An Easy and Quick Borrowing Process

Within minutes of submitting your application, you’ll know if you can get the money you need. This quick and easy process makes payday loans a popular choice for those who need immediate access to funds.

No more long waiting periods for loan decisions
Saves valuable time during financial emergencies
Online platform ensures convenience and efficiency

Inclusive Lending for All Credit Scores

With traditional loans, a low credit score can greatly impact your chances of getting approved. This is not the case with payday loans in USA. Our lenders specialize in helping individuals with all types of FICO scores, even those with very low or non-existent scores.

By offering inclusive lending options, payday loans provide an equal opportunity for financial assistance to people from all walks of life.

No discrimination based on credit scores
Helps those with poor credit history get access to funds
Promotes financial inclusivity and equality

Access to Reputable Lenders

When you submit your loan application, they ensure that it is delivered to the lenders who are most likely to approve and fund your request. This not only increases your chances of getting a loan but also ensures that you are working with reputable and trustworthy lenders.

No need to search for reputable lenders on your own
Saves time and effort in finding a reliable lender
Offer peace knowing that you are serving with experienced and reliable professionals

Disadvantages of Payday Loans

Potential for Debt Trap

One of the major disadvantages of Payday loans online is the potential for falling into a debt trap. Since these loans come with high interest rates and short repayment periods, borrowers may find themselves struggling to repay the loan on time.

This can lead to taking out another loan to cover the existing one, creating a cycle of debt that can be difficult to break.

Moreover, the convenience and speed of obtaining instant loans online may tempt individuals to take out more than what they actually need. This can result in accumulating more debt than initially planned, making it even harder to repay in full.

Hidden Charges

Another disadvantage of instant loans online is the presence of hidden charges. While the interest rates may already be high, additional fees are often hidden from borrowers until they receive their final loan repayment statement.

These hidden fees include processing fees, late payment penalties, and even early repayment fees. This can significantly increase the overall cost of the loan and make it more difficult for borrowers to repay on time.

Risk of Fraud

With the rise in popularity of online loans, there has also been an increase in fraudulent activities. Scammers often pose as legitimate lenders offering instant loans online, but instead steal personal information from unsuspecting individuals.

This puts borrowers at risk of identity theft and financial fraud. It is important for individuals to thoroughly research and verify the legitimacy of an online lender before providing any personal information or accepting a loan offer.

Negative Impact on Credit Score

Taking out an instant loan online can negatively impact one’s credit score. Since these loans are typically associated with individuals with low incomes or poor credit scores, credit reporting agencies may see them as high-risk borrowers.

Failure to repay the loan on time or taking out multiple loans within a short time can lower the person’s credit score even further. This can make it difficult to obtain future loans at more favorable terms, ultimately hindering financial progress.

Lack of Financial Planning

Instant Payday loans offer quick access to cash, which can be helpful in emergency situations. However, it can also lead to a lack of financial planning on the part of the borrower.

Viva Payday Loans Review: FAQs

Is vivapaydayloans.com a Lender in the USA?

Viva Payday Loans is not a lender in the USA, but rather a brokerage and loan matching service. This means that they work with independent third-party lenders to help connect consumers with the best possible loan options.

As a trusted intermediary, Viva Payday Loans helps streamline the borrowing process and ensures that borrowers are matched with reputable lenders who offer fair and transparent terms.

Can I Still Get a Loan from Viva Payday Loans After Being Bankrupt?

If you have been through bankruptcy, you may be wondering if it is possible to borrow money from Viva Payday Loans. From this platform, the answer is yes, but it may depend on certain conditions.

While it may be impossible to get approved for a loan while going through bankruptcy proceedings, once your bankruptcy has been discharged and you are released from liability, some lenders may consider your application.

However, each lender has their own policies and criteria for approving loans for those who have previously filed for bankruptcy.

Bottom Line: Viva Payday Loans Review

In conclusion, Viva Payday Loans is a reliable and convenient platform for individuals in need of financial assistance. With their quick and easy online application process, instant decision options, excellent customer support, and transparent policies, they provide a stress-free borrowing experience for their customers.

Partnered with top lenders, they offer a variety of loan options to cater to different needs and budgets. Their competitive interest rates make loans affordable for all borrowers. Eligibility requirements are simple, making it easy for anyone to apply for a loan.

By choosing Viva Payday Loans, you can trust that you will be well taken care of throughout the entire loan process. So whether you need funds to cover unexpected expenses or bridge the gap until your next paycheck, Viva Payday Loans stands to provide the financial support you need.