We often hear and read all about loans that are specifically for those who struggle to get finance through High Street Banks and brokers due to low credit ratings, or working self employed. We hear horror stories about high interest rates and unscrupulous lenders who pray on those who can’t get credit from anywhere else. But we hear far less about the companies who offer short term, quick solutions for borrowers who really only need a small amount of cash for a small period of time. These can be borrowers who have a perfectly good credit rating, but who need money quickly – maybe for an emergency car or home repair that needs to be done ‘right now’, but don’t really need the larger amounts that banks offer, or need to be waiting to go through the longer application process that can often come when we apply for bank loans. This is where a company like Vivus can be the answer.
Vivus is a lender, not a broker. It specialises in short term loans that can be paid back over a period of time that ranges from 10-41 days. It is for people who need that quick fix, who would then be able to pay the loan back in full as soon as the next payday comes along. You can borrow a small amount that starts at £100 and goes up to £500 and you must be able to prove that you have a regular income. The loan can be paid back at any time during the 10-41 day period. On your first loan with Vivus, you pay the loan with half price interest. Decisions are made online within minutes, and the whole idea is that you have your loan, pay it back within the timeframe, and get on with your life.
Vivus explains it thus –
“Nobody likes having debt hanging around. Our loans are designed to be paid off in one simple repayment when you get paid. But there’s more – or rather less. Seeing as your first Vivus loan is kind of special, you will only pay half our normal interest rate. Then, maybe if you like our approach, you’ll come back and try us again.”
As with every loan, there are risks and interest that is repayable, so you need to make sure you can afford to repay in the given time frame so that you do not accrue extra payments and additional interest. But, on balance, Vivus could be the answer you are looking for if you just need a little helping hand until payday.