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$5,000
Maximum loan amount
Same Day
Turnaround time
16 days to 1 year
Term of loan
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Product Name | Viva Payday Loan |
---|---|
Minimum loan amount | $100 |
Maximum loan amount | $5,000 |
Initial Maximium Loan Amount | $1,000 |
Arrears Fee | $35 |
Loan term | 16 days to 1 year |
Turnaround time | Same Day |
Costs | 20% of borrowed amount + 4% of borrowed amount each month |
Requirements | You must be employed full or part time (receiving holiday and sick pay), You've been employed for at least 3 months. |
Available to Centrelink Borrowers? | Yes |
If you're struggling financially and would like to speak to someone for free financial advice, information and assistance you can call the Financial Counsellors hotline on 1800 007 007 (open from 9:30am to 4pm, Monday to Friday). If you are suffering financial problems related to the coronavirus pandemic you may be eligible for additional support. Find out more here: https://www.finder.com.au/coronavirus-financial-help
Do you really need a loan today?*
It can be expensive to borrow small amounts of money and borrowing may not solve your money problems.
Check your options before you borrow:
The Government's MoneySmart website shows you how small amount loans work and suggests other options that may help you.
* This statement is an Australian Government requirement under the National Consumer Credit Protection Act 2009.
Applicants have to meet some basic eligibility criteria to apply for a loan through Viva Payday Loan. They need to decide how much they want to borrow and submit their application online.
After Viva Payday Loan matches an application with a suitable lender, customers will receive the details of the loan through the contract, which they have to accept to move forward. Once this happens, the lender will transfer the approved funds into their bank account electronically.
Whilst we don't compare Viva Payday Loan directly, here are some other loans that are similar.
People who are thinking about getting a payday loan from Viva should take some time to review the following:
Submitting an application takes around five to 10 minutes, and applicants can expect to find out about its status within two minutes. Once they accept the loan’s contract, the lender can transfer the approved funds in as little as 15 minutes.
What customers choose to do with the proceeds of the loan is up to them. Borrowers can use funds for medical emergencies, paying bills, making down payments, taking vacations and getting by temporary setbacks.
Poor or bad creditworthiness has a detrimental effect on a person's ability to get credit. However, in the case of financial emergencies, people with poor credit may be able to turn to Viva to get a payday loan even if their credit history isn’t perfect. In order to be eligible, applicants will be required to have a steady job and display an ability to repay the amount they wish to borrow.
Viva loans are unsecured, there's no need to provide any form of collateral.
By applying with Viva Payday Loan customers don’t have to carry out extensive research to find a suitable lender. However, making your own comparisons is still advisable.
The Viva Payday Loan website gives customers a fair indication of what their loan might end up costing through its estimate calculator. This calculator lets applicants choose varying loan amounts and loan terms, indicating to them how much they'll have to pay as interest.
Because Viva work with a range of lender's, it's difficult to say exactly what someone can expect to pay. However, payday loans tend to follow a similar fee structure.
The interest that payday lenders in Australia charge cannot exceed 4% per month for loans of less then $5,000, but they can charge one-off loan establishment fees of 20%.
If Sally borrows $100 for 31 days and the lender charges a $40 establishment fee, she'll end up repaying around $248.*
If Ryan borrows $500 for a month and the lender charges a $100 establishment fee, he'll have to repay around $620.*
People who don’t pay their loan off by its scheduled due date may be subject to additional fees and charges, details of which they can find in their loan contract.
*Please note that these examples are fictional.
Prospective applicants can click on the “Go to Site” button to apply for a payday loan through Viva, but first they should make sure that they meet the following eligibility criteria. Applicants must:
Borrowers should keep the following handy to complete the application:
Prospective payday loan applicants should make sure that they compare their options before applying to increase their chances of getting the right loan for their needs.