Fast Loans

Written by

Cara Bradley

5 min read

Updated: 12/01/2024

There are few things more annoying than getting in your car and being met with the sound of a packed-up engine that refuses to start.

It’s weeks until payday, and your savings just won’t stretch to foot the repair bill. You urgently need your car to get to work, so what can you do?

In this situation, you might have thought about applying for a fast loan.

What are fast loans?

Fast loans provide short-term finance to cover emergency expenses, such as a broken-down car or an urgent vet bill. While we understand you may need a loan in a hurry, it’s important not to rush into any decision to apply for credit. A loan is a serious financial commitment which requires careful, thoughtful consideration.

How long does it take to apply for a fast loan?

Viva Money is a credit broker, not a lender.

At Viva Money, we understand that time is precious, especially in the event of a financial emergency. We agree that there’s nothing more frustrating than having to muddle through over-complicated forms while trying to decode financial jargon.
Our online application form is straightforward and should take no longer than five minutes to complete.

We’ve broken the Viva Money process down into four simple steps to give you an understanding of how it works.

Step one

Select your ideal loan amount and term and fill out our online form.

Step two

In just 60 seconds, we will run a soft credit search on your profile and present your application to our panel of trusted lenders.

Step three

If you have been matched with a loan you will be redirected to the lender’s website to complete some additional checks, including a hard credit search.

Step four

If you pass the lender’s checks, they’ll send you a loan agreement. Be sure to read this thoroughly and double check that you are happy with everything before you sign. It’s important to understand your monthly repayment amount. Is this affordable for you? Will your loan repayments affect your ability to comfortably afford your other, essential bills?
Make your repayments on time each month to clear the balance of the loan within your chosen term.

If approved for a fast loan how soon will I receive the money?

Some of the lenders on the Viva Money panel are able to send your money on the same day the loan is approved. The time it takes for the money to show in your account will depend on your bank’s policies and procedures.

If you need the money urgently, it may be a good idea to have a chat with your lender to find out their exact payout timeframe, so you know what to expect.

Who can apply for a fast loan?

When it comes to applying for loans, each lender has their own set of eligibility criteria.
You can search for a loan with Viva Money if you:

• Are over the age of 18 years old;
• Are a UK resident with a UK address;
• Have a UK-issued bank account with a valid debit card; and
• Have a regular source of income paid directly into your bank account.

Can I get a fast loan with bad credit?

Viva Money work with a number of lenders who specialise in loans for those with less-than-perfect credit scores, so being approved may be possible.

It’s worth noting that, if you are matched with a lender, having a low credit score may mean you are offered a loan with a higher interest rate. You might also find that you are not presented with as many borrowing options as somebody with a higher credit score.

How can I improve my credit score?

Should you apply for credit, having a good score could result in a better choice of borrowing options and interest rates. Here’s a few ways you may be able to improve your credit score.

• Register to vote. Being on the electoral roll will make it easier for lenders to identify you at your current address.
• Check your credit report for errors. Believe it or not, even something as simple as a misspelled address could have a negative impact on your credit score.
• If you have a credit card, make sure that you stay well within your credit limit.
• Pay all bills on time. Late and missed payments can harm your score.
• Do some research into credit-building credit cards. If you are confident that you can manage your card responsibly and make the repayments on time each month, a credit-building credit card could be something you might want to consider. When used sensibly alongside other credit-building methods, these cards could help boost your score over time.

What’s the difference between fast loans and payday loans?

As the name suggests, payday loans are designed for very short term borrowing. A payday loan is usually repaid in full within a month.
Fast loans offer a wider range of repayment terms, allowing you to spread the cost of your borrowing in instalments.
Viva Money work with a panel of lenders who offer loans between £100 and £10,000. Depending on how much money you apply for, you could borrow over terms from 3 to 60 months.

I’m worried about money and struggling to make my repayments – what can I do?

While money worries can leave us feeling hopeless and anxious, it’s important to remember that there are things you can do to take back control.

If you have a loan that you are struggling to repay, you must contact your lender as soon as possible. Talking about money can feel awkward, but your lender is not there to judge you or your situation. They will appreciate the fact that you have got in touch, and will work with you to find a suitable solution moving forwards.

A number of websites offer free, impartial debt and money management advice, including MoneyHelper, Citizens Advice, and National Debtline.

Viva Money are proud to work alongside debt charity StepChange to offer a free, online Money Health Check quiz. Answering a few confidential questions will generate advice on ways to help your current situation.