Viva Payday Loan
Customers can apply for an online payday loan from anywhere in Australia and get a quote in minutes.
$2,000
Maximum loan amount
Same Day
Turnaround time
16 days to 1 year
Term of loan
Details
| Product Name | Viva Payday Loan |
|---|---|
| Minimum Loan Amount | $200 |
| Maximum Loan Amount | $2,000 |
| 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 |
How do loans from Viva Payday Loan work?
Applicants have to meet some basic eligibility criteria to apply for a loan through Viva Payday Loan. They just need to decide how much they want to borrow and submit their application online. Whether they are successful or not, customers can usually expect to find out Viva's decision within minutes.
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.
Compare Other Short Term Loans
Whilst we don't compare Viva Payday Loan directly, here are some other loans that are similar.
Features of a loan from Viva Payday Loan
People who are thinking about getting a payday loan from Viva should take some time to review the following:
Quick process
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.
Use money for any purpose
What customers choose to do with the proceeds of the loan is up to them. Borrowers use funds for medical emergencies, paying bills, making down payments, taking vacations and getting by temporary setbacks.
Bad credit applicants accepted
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.
No collateral
Viva loans are unsecured, there's no need to provide any form of collateral.
Minimal groundwork
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.
Fees and charges
The Viva Payday Loan website gives customers a fair indication of what their loan might end up costing through its quick 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.
Payday loan typical fees and charges
Because Viva work with a range of lender's, it's difficult to say exactly what someone can expect to pay. Luckily, 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 $2,000, but they can charge one-off loan establishment fees of 20%.
Example 1 :
If Sally borrows $200 for 31 days and the lender charges a $40 establishment fee, she'll end up repaying around $248.*
Example 2:
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.
How to apply for a payday loan from Viva Payday Loan?
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:
- Be at least 18 years old
- Be an Australian citizen, a legal resident or have a valid immigration status
- Have a verifiable source of steady income, and not more than 50% of the total should come from Centrelink benefits
- Have an Australian bank account that allows direct debits and credits (cases of tourists are subject to exception)
Documentation
Borrowers should keep the following handy to complete the application:
- A valid photo identification document such as a driver’s license, passport, voter ID, state license or proof of age card
- Their Medicare card number
- Document to verify their address which can include a utility bill, a rent deed or a house registration certificate
- Bank statements for the last three months
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.
