Viva Finance Review - Overview, Pros & Cons
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If you’re someone whose finances are challenging, you’re not alone. The repercussions of the COVID-19 pandemic, job losses, and higher inflation are still affecting millions of consumers across the United States. As such, you may be in a situation where you could benefit from a personal loan but may not have the best credit score to qualify.
This is where the company Viva Finance comes in. Viva Finance offers online loans for borrowers with poor credit by connecting them with various lenders. From debt consolidation installment loans to short-term loans or payday loans, there are various types of loans available through Viva Finance. Learn more about the pros and cons of this online loan marketplace below.
In this article
What is Viva Finance?
Viva Finance is an online marketplace that helps connect lenders of all types with borrowers in need of loans. Whether you’re a borrower looking for a cash advance or a larger amount of money to help consolidate smaller debts, Viva Finance can connect you with lenders who may be able to help you out.
Typically, the loans lenders offer through Viva Finance begin at just $100, but they may be as much as $10,000. The biggest draw of Viva Finance is that they aggregate a large enough pool of lenders that it’s possible to find a lender who may overlook issues with your credit history as part of your application. Some lenders may be able to offer loans via direct deposit to your bank account as soon as the next business day, while others may have loan repayment terms more in line with a payday lender.
Keep in mind that your mileage may vary using this platform since Viva Finance itself isn’t a lender in and of itself.
Use Quicken Loans to Get a Personal Loan
- If you're tight on cash right now, you may want to consider getting a personal loan. A personal loan is a loan that you can use for just about any purpose like: paying off other debt, renovating your home, or family needs like a wedding or adoption.
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- 100% online experience.
How does Viva Finance work?
Viva Finance connects users with various loan providers based on a wide range of criteria. Unlike other financial services companies with strict guidelines and minimums for borrowers with bad credit, it’s possible to qualify for bad credit loans when using Viva Finance due to the range of options available. To begin the application process, you’ll want to head to Viva Finance and click on the green “Get Started” button in the top right corner.
Once you’ve clicked that button, it’s time to start filing your loan application. When you create your Viva Finance account, you’ll want to use your work email address. You’ll also need to agree to a variety of terms and conditions, including Viva Finance’s terms of service, privacy policy, and acknowledgment of disclosure that Viva Finance isn’t affiliated with any employer, and the terms of service and privacy policy of Viva Finance’s payment partner, Dwolla.
From there, you’ll be asked to verify your email with a six-digit code sent to your email address. Then, you’ll search for and enter your employer.
After finding your employer, you’ll pick the state in which you arrive and provide a little more context for how you will be using your loan. Many options are available for this portion, including loans for auto purchases, credit repair, debt consolidation, educational expenses, and many other types of loans. You’ll also enter how much you are seeking from your lender.
After filling out information about your loan, you’ll be asked to fill out some personal information before seeing your loan results. This information will be used to help confirm your identity, so they include details like your first and last name, date of birth, social security number, and address.
Once you’ve applied through Viva Finance, the service will connect you with various lenders who may fit your needs. From there, you’ll need to file another application with the third-party lender in order to qualify for and receive your loan.
How much does Viva Finance cost?
As a service, Viva Finance is free of charge. That’s because it connects you as a borrower to various lenders. Keep in mind that the loan providers you find through Viva Finance may have their own costs, fees, and terms. One thing in particular that is a bit of a drawback of Viva Finance is that you don’t get information about interest rates upfront. This means that the fees could be much more transparent than they are from other online lenders.
Viva Finance features
Options, options, options
Viva Finance connects you to a broad array of lenders offering financial support for any number of expenses. Some of the ways you may want to use your loan from Viva Finance include things such as:
- Emergency expenses
- Car purchase or auto maintenance
- Debt consolidation
- Credit repair
- Home improvements
- Educational expenses
- Legal fees
- Insurance deductibles
- Medical bills
- Rent
- Vacation
In other words, the sky’s pretty much the limit when it comes to the types of loans you may qualify for with Viva Finance. From short-term loans (which function similarly to payday loans) to longer installment loans with as much as 60 months for repayment, there are many different options offered through Viva Finance.
Loans for bad credit
The biggest selling point for many people is that you can likely be matched with a lender through Viva Finance as long as you are employed. This is because Viva Finance’ loan providers use all kinds of factors to qualify you for their loans, using methodologies that go beyond your credit score alone.
Fast application process
Viva Finance advertises a loan application process that can be completed in less than ten minutes. In just a few pages, Viva Finance will quickly collect some personal information and info about how you plan on using the loan and how much you need to borrow and then connect you with potential loan providers.
Quick funding
Depending on the lender you choose, you may be able to receive your loan in as little as one business day via direct deposit to your bank account. Of course, this may vary depending on your credit profile and other aspects of your loan application, but the fact that you could get much-needed money in under 24 hours is a major selling point for many borrowers.
Use Quicken Loans to Get a Personal Loan
- If you're tight on cash right now, you may want to consider getting a personal loan. A personal loan is a loan that you can use for just about any purpose like: paying off other debt, renovating your home, or family needs like a wedding or adoption.
- TrustPilot Rating 4.6 out of 5
- Connect with lenders for $0
- 100% online experience.
Who is Viva Finance best for?
Consumers with bad credit
Your loan options may be limited if you have poor or bad credit. Viva Finance is able to connect you with lenders who don’t only look at credit scores when evaluating loan applications, meaning that you can get a personal loan with bad credit using the platform. Additionally, since many loan providers report to credit bureaus, finding a loan with Viva Finance means that you may be able to improve your credit as you pay down your loan.
Borrowers interested in a one-stop shop for loans
It can be tedious to compare loan offerings from different lenders on your own. Just Googling “personal loans” or “debt consolidation loans” can create dozens of ads and organic search results to wade through. With Viva Finance, one simple application can connect you to a range of options so that you can spend less time researching loans you may qualify for and more time comparing the loans you do qualify for.
Who shouldn’t use Viva Finance?
Consumers with good credit
If you have good credit, some of the biggest benefits of Viva Finance likely are less appealing to you. While you could still benefit from the service if you’re trying to compare a wide range of options, some of the “usual suspects” for personal loans are going to be just as worthwhile to look into since you don’t need to worry as much about how your credit score impacts your loan approval chances.
Borrowers conscious of their personal data
If you’re applying for a personal loan from one lender directly, your personal data will only be shared with one lender. If you use a platform like Viva Finance, that personal data (including your social security number) will be shared with a much wider number of financial services. If you like safeguarding your personal data, you may not want to use Viva Finance since you don’t know who will gain access to personal information.
Pros and cons
Pros
- Eligibility for all credit scores. One of the biggest selling points of using Viva Finance is that it will help you find a loan even with poor credit. While some of these may be short-term or payday loans, that may be better than nothing, which is what many other lenders offer borrowers with bad credit.
- Up to $10k available. Viva Finance advertises loans up to $10,000 for applicants with repayment terms that fit your income.
- Simple, online loan application process. A big benefit of Viva Finance is that you can get results in less than 10 minutes when using the platform. The application process is quite fast, meaning you’ll get the information you need to make an informed decision about your loan options and providers quickly.
Cons
- Not eligible in all states. If you live in New York, Washington, D.C., or West Virginia, you won’t be eligible for a Viva Loan.
- Some consumers may get limited loan options. Some consumers won’t qualify for as many options through Viva Finance. For example, you may only be eligible for cash advance or payday-style loans.
- Not transparent about interest rates from the get-go. Not knowing about interest rates right away might be a turnoff for consumers who want to know what they’re getting into before they apply. At the same time, if you have bad credit, getting a loan (regardless of the interest rate) may outweigh this slight lack of transparency.
Viva Finance vs. competitors
Service | Amount Available to Finance | Transparent Interest Rates and Fees | Credit Ranges Supported |
Viva Finance | $100 - $10,000 | No | 300 - 740+ |
Credit Karma | $1,000 - $35,000+ | Yes | 300 - 740+ |
Funding Hero | $100 - $35,000+ | Yes | 300 - 740+ |
Credit Karma
offers various financial services to its users, one of which is a way to compare different lenders and credit card offers quickly. Credit Karma uses your personal data to recommend lenders that you have high approval chances for and is transparent about interest rates and fees for its lenders before you apply. They also can offer a broader range of available amounts to finance than Viva Finance, which caps its loans at $10,000.
Funding Hero
Funding Hero uses a simple drop-down menu to help you find and compare various lenders based on your credit score and money you’re trying to borrow. While you don’t have to create an account to use Funding Hero, it is pretty limited in the criteria that it uses to evaluate lenders. Like Credit Karma, your credit score is a major factor, which may make Viva Finance the better option for poor or bad credit.
FAQs
Who can use Viva Loans?
To qualify for Viva Finance, you must be a legal resident of the United States and at least 18 years of age or older. You also need to live in the right state, as not all states are eligible for Viva Loans lenders. If you live in one fo the following states, you won’t be able to use Viva Finance: New York, West Virginia, and Washington, D.C.
Is Viva Loans a bank?
No. Viva Finance is neither a bank nor a lender. You won’t know your loan’s terms, interest rate, and other conditions because of Viva Finance. Instead, once approved, you will be connected with a third-party vendor through Viva Finance, who will provide this information to you and fund your loan.
Can I Get a Personal Loan with Bad Credit?
Yes, you can still qualify for a personal loan with bad credit. Many lenders specialize in serving individuals with lower credit scores.
Use Quicken Loans to Get a Personal Loan
- If you're tight on cash right now, you may want to consider getting a personal loan. A personal loan is a loan that you can use for just about any purpose like: paying off other debt, renovating your home, or family needs like a wedding or adoption.
- TrustPilot Rating 4.6 out of 5
- Connect with lenders for $0
- 100% online experience.
The bottom line
While there are definite drawbacks to Viva Finance when it comes to transparency surrounding the interest rates and fees of the lenders it connects you with, there are some major benefits as well. For example, if you have bad credit or are trying to compare your loan options quickly without filling out lots of forms, Viva Finance is worth considering.
Of course, when you don’t have all the information upfront, your mileage using the platform may vary. Platforms like Credit Karma offer a bit more detail when offering their match-making service for lenders and borrowers. On the other hand, they may be less able to help connect you with lenders who offer personal loans for borrowers with bad credit. Ultimately, whether or not you decide to move forward with Viva Finance depends most on your current financial situation.
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Writer
Brent Ervin-Eickhoff is a Chicago-based writer, stage director, and filmmaker with a background in digital marketing and content creation. In addition to Joy Wallet, Brent has written for Complex, Volkswagen, HowlRound, Picture this Post, and Third Coast Review, among others. He currently serves as the Associate Director of Marketing for Content Creation at Court Theatre at the University of Chicago. Brent graduated from Ball State University with Academic Honors in Writing.
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