You may need payday loans for various reasons. But the most challenging part is often finding a reliable lender. There has been a rise of such platforms that promise to lend money but often intend to scam users. Viva Payday, however, has lately created a buzz in this.
So, is Viva Payday Loans legit? The answer is both yes and no. Actually, Viva Payday Loans is not a legit lender, but a broker. They collect your information and send it to lenders, and help you match a lender according to your needs. In other words, they are more likely a lead-generating platform.
Still, many people have managed to get loans through them. So, let’s find out more details about them.
Benefits of Viva Payday Loans
There have been some mixed thoughts about Viva Payday Loans for its confusing terms. However, taking loans through it offers some advantages that are rare otherwise. You need to weigh the benefits before making a choice:
1. No Broker Charge
Despite being a broker, Viva Payday Loans is popular among borrowers for its free service. The platform does not charge any money from borrowers. Rather, it takes a commission from the lender company. It makes the platform an ideal option for you when taking loans. You are receiving additional services along with professional assistance for no additional cost.
2. Availability of No Credit Check
Sometimes, it becomes a major issue when taking loans with bad credit scores. How about legit online payday loans with no credit check? Among various services, Viva Payday Loans also offers no credit check loans. However, while the broker does not ask for credit score history, some lenders may ask for it. In that case, you must mention if you don’t want a credit check conducted.
3. Same Day Funding
Another benefit of Viva Payday Loans is their same day services. When you need quick loans, this can be a life saving option. If everything else is okay, you can expect to get the loan within an hour. Thankfully, it’s a completely online system, and you don’t have to travel to reach the bank.
4. Loans up to $5000
Most payday loans are limited within $1500, which might not be enough sometimes. In that case, you can rely on Viva Payday Loans. They help you get a grant of up to $5,000. It makes them a more reliable and helpful choice during emergencies.
5. Customized Time Period for Return
Another major advantage of taking help from Viva Payday Loans is that they offer customized periods to return the money. Most companies offer not more than 2 months time for the loan. Unlike that, you can get a customized period for the loans. The duration of the loan can be up to 11 months. Nonetheless, it is important to note that the actual duration depends on the lender.
Eligibility Requirements for Viva Payday Loans Application
Viva Payday Loans promises to arrange loans for everyone. However, there are still some requirements a borrower needs to meet. These are some basic requirements to ensure lenders don’t reject you. Here are the requirements you need to be aware of:
- A borrower needs to be 18 at least or older for the loan.
- Based on your location, the platform may ask for permanent addresses.
- You need an active bank account to receive the money.
- For a no-credit check, you may need to verify your salary income.
- Provide your social insurance number or SIN.
How to Apply for Loans on Viva Payday Loans
It’s not very difficult to get a loan through Viva Payday Loans. The company understands that you may need the loan for urgency, Therefore, when you need an immediate loan, consider Viva Payday Loans. Here is how you can apply for it:
- First and foremost, you need to check the eligibility criteria. Then, ensure you are qualified for the loan. Anyway, while setting the loan time, you must set a realistic timeframe.
- Check the form and provide the necessary information. The form will ask about the loan amount, email address, and duration. Other information includes name, date of birth, and contact information. The form will also ask for detailed information about your living space. Make sure every information you provide is true and real.
- Viva Payday Loans usually take less than 3 minutes to accept your application.
- After receiving your information, they will then look to match a lender. This step can take up to an hour.
Things to Consider When Taking Loans through Viva Payday Loans
Though Viva Payday Loans is a reliable and legitimate option, there are a few things to consider. You need to be aware of a few factors so that sudden terms or policies of the company don’t surprise you. You can make an informed decision when you are well aware of all the factors.
- This Is Not A Direct Lender: This is the first concern, and you must understand the difference. Being a broker, they work as a middleman. You won’t get a direct loan from them. So, this can be an additional step that may prolong the feature. This might not be a helpful choice when your credit score falls under the good category.
- The Policies Are Not Clear: The official website of Viva Payday Loans offers some confusing information. On one page, it says that the maximum duration of the loan is a year, while on another page, it says the maximum period is 2 years. There are multiple contradictory pieces of information that look unprofessional.
- High Interest Rates: Payday loans, in general, come with high interest rates. Still, when you get a loan through Viva Payday Loans, the interest rate is often very high. This might not be the best solution if you can get the loan from other lenders.
- No Phone Number: The official website does not include any direct phone number. There is only an official email address available to contact the support team. Again, many companies often don’t include phone numbers on their website. Yet, the presence of a phone number could make the website more reliable.
- Not Many Online Reviews: Online reviews from customers about Viva Payday Loans are limited. There are not many reviews that will help grow confidence. Therefore, it’s essential to do extensive research before making up your mind.
Legitimate Alternatives to Viva Payday Loans
Viva Payday Loans, despite being a legit lead generating platform, its legitimacy as a lender is questionable. In that case, you may want to look for alternatives. Here are some of the more reliable options:
- Cashco
- iCash
- Venue
- Wagepay
- Money mart
- Cash Money, etc.
Frequently Asked Questions
Does Viva do credit checks?
No, since Viva Payday Loans is not a direct lender, they don’t check your credit history. However, it does not make the loan guaranteed. The final decision is made by the lender, and based on companies, credit check depends on them.
Can I repay my Viva Payday Loan early?
This depends on the policy of the lender. While it’s possible to repay the loan early, some companies may not appreciate it. Many companies have policies that ask for a penalty fee for repaying the loan early. Therefore, you must read the policies in detail.
How do I contact Viva Payday Loans customer service?
You can contact customer service through email at [email protected]. However, there is no mention of a phone number where you can directly call them.
Final Words
Whether Viva Payday Loans is legit or not is still a little confusing. You can rely on them with a bad credit score, or when you need the money for an extended repayment duration. Their higher amount, longer duration, and easy accessibility make them an ideal choice. Yet, the confusing policies and contradictory information on the website can raise suspicion. You have alternative options to get the loan. You had better weigh both the pros and cons to make a confident call.
