Vivaloan Payday Loans Review | Loans Like Vivaloan | Credit Raters us-lenders
Last updated: 28th Feb 2020

Vivaloan review

Irrespective of how many lenders claim to be the best, finding the most competitive financial lender for all your financial challenges is vital. But how can you ensure that you only pick the best there is in the market? 

Vivaloan is a great place to start looking if you are in need of financial aid. While Vivaloan isn’t a direct lender, it’s an online-based lending marketplace that focuses on connecting you with lenders with the best deals for all your financial needs. Whether your financial profile is excellent or bad, with Vivaloan, there is something for you. 

 If you’re considering Vivaloan for your financing solution, here is an in-depth review of what to expect. In this review, you will find the costs, key features, state availability, eligibility requirements, how much you can borrow. In fact, every aspect that you wish to know about Vivaloan is covered in this review. 

How much do Vivaloan Loans cost? 

As with most online lending platform, there are no application fees with Vivaloan. The platform is funded by the specific lenders that Vivaloan is partners with. The costs that you incur will be based on the lender that you’ll be connected with. 

The borrowing costs at Vivaloan vary from one lender to the other. However, Vivaloan gives you an approximate of what to expect. Take a look at this summary and see if it works for you;

  • Maximum APR – 35.9%
  • Minimum loan amount – $100 
  • Maximum Loan – $15,000
  • Term length – 12 months to 5 years 

Vivaloan offers you loans from $100 up to $15,000. The amount that you qualify for may depend on factors such as your financial profile, repayment terms, and the lender’s policy.

For payday loans, any loan amount below $1,000, you will most likely be required to repay the loan balance in your next salary. However, all loans above $1,000 are considered installment loans and are usually paid within a period of 12 months to 5 years. 

Features of Vivaloan 

When dealing with online lenders, it’s essential to understand all the terms and conditions associated with the lender. 

With Vivaloan, you can enjoy both payday and installment loans. Any loan amount below $1,000 is considered payday, and will most likely be disbursed within the next business day, and repaid in the next payday. As for the installment loans, they must be $1,000 and above and are repaid within 1 to 5 years.

Another advantage that you will find with Vivaloan is that the loans are not secured. You don’t need to place your property, such as your car, as collateral no matter how much you apply for. 

As well, Vivaloan doesn’t have a specific minimum credit score needed to qualify to apply for a loan. While borrowers with bad credit scores may attract high-interest rates, Vivaloan will still find a suitable lender for such borrowers. Here are the pros and cons of using Vivaloan comparison services;

Pros 

  • Access to a vast pool of lenders
  • Access to both payday and installment loans 
  • Accepts all credit profiles from excellent to bad
  • No fees charged for using the platform 
  • Offers a high loan limit – $15,000
  • Flexibility repayment terms 

Cons

  • Not a direct lender 
  • High APRs 
  • Shares your information with multiple lenders 

FAQs 

How long will it take for my loan to be approved

Unlike old times when you had to wait for days for your loan to be approved, at Vivaloan, your loan can be accepted on the same day. However, the approval process and period is bound to vary depending on your lender’s policy. For payday loans, you can expect to receive the money within the next business days. 

Will I be required to provide any documentation? 

For verification purposes, lenders on the Vivaloan platform may request you to upload your documentation. All this is done online and you can rest assured that all the information you share is safe. 

Do I be employed to apply for a loan via Vivaloan? 

Yes, you will need a steady source of income to qualify for a loan through Vivaloan. Remember that Vivaloan doesn’t ask for collateral. Therefore, they need to verify that you’ll be able to repay the loan amount borrowed. Your income plays a crucial role in determining the type of lender that you’ll be matched with as well as the interest rates you are likely to pay. 

Eligibility Criteria          

While Vivaloan focuses on making it possible for everyone to secure a loan with one of its partnered lenders, you will still need to fulfill some basic eligibility requirements to qualify for a loan with Vivaloan. These requirements include;

  • Permanent US resident or citizen 
  • Be 18 years or older 
  • Have a steady income 
  • Have an active checking account 
  • Have a valid Social Security Number 

You can also expect more requirements with different lenders in the Vivaloan platform. The only way to find out is to apply. 

State Availability 

All states are eligible to apply for a loan with Vivaloan except;

  • New york
  • West Virginia
  • District of Columbia

Customer support 

If you have any questions or concerns about Vivaloan, you could contact their customer care team. However, if you need any assistance regarding your loan, you should contact your lender customer support team for help. Based on the customer reviews, both Vivaloan and its lenders’ customers support teams are friendly and helpful. 

Application process 

It’s easy to apply for a loan with Vivaloan. 

Step 1 – Visit the Vivaloan website and get to the application page. You will be asked to provide your current credit score, loan amounts, and the purpose of the loan. Provide the information then click “Get Started.” 

Step 2 – In the next step, you will enter your personal information. These include:

  • Your name
  • Source of income 
  • Monthly income 
  • Email address 
  • Phone number 
  • Date of birth 
  • Your next payday 
  • Home address 
  • Driver’s license number 
  • Social Security Number 
  • Residential status – either owned or rented 

Step 3 – In this section, you will provide your bank information, such as your checking account details. This is where your loan money will be deposited and the account that you’ll use to repay the loan. Once you have filled all the areas, click Submit. 

Step 4 – You will be matched with the most suitable lenders. You will be able to see the details of the offers, such as the APR and loan amounts. 

Step 5 – Once you have chosen your lender, you will be directed to the lender’s website. If everything goes well, you will be provided with a loan agreement to sign. Read the agreement thoroughly before signing so that you can have a clear understanding of the rates and fees to expect. 

Step 6 – You can expect to access the funds in your bank account on the next working day.

Conclusion 

Vivaloan is an ideal solution when it comes to finding a good and reliable loan deal. Besides accepting all credit scores and states, at Vivaloan, the application process is simple, and you can expect to receive your money on the next business day.