Cara Bradley

Written by

Cara Bradley

4 min read

Updated: 30/01/2024


Whether it’s a fridge that suddenly decides to give up the ghost, or a car in need of a repair, we can’t always control the financial stresses that life throws at us from time to time.

If you’re in need of a small loan to help cover the cost of an urgent expense, Viva Money might be able to help you find one.

What is a small loan?

A small loan is a sum of money borrowed when you need funds in an emergency.
You should only consider taking out a small loan if you are confident that you are able to repay the loan – plus interest – each month within your chosen term.

Viva Money work with a panel of trusted lenders offering small loans from £100 with repayment terms of either 3, 6, or 12 months.

Who can apply for a small loan?

To search for a small loan with Viva Money, you must:

  • Be over 18 years of age;
  • Be a UK resident with a UK address;
  • Have a UK-issued bank account and valid debt card;
  • Have a regular income paid directly into your bank account.

Can I apply for a small loan with bad credit?

Applying for a loan when you have bad credit could limit your options. If you are approved, it’s worth bearing in mind that you may not be able to borrow as much as you want to, and the interest rate you are offered could be higher.

If you’ve never borrowed credit or paid bills before, it’s possible that you could have a low score or no credit history at all. This is known as having a ‘thin’ credit file. Lenders may be reluctant to approve you for a loan as they have no evidence of how well you manage credit.

Some of the lenders Viva Money work with specialise in small loans for those with less-than-perfect scores or no credit history at all.

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Will taking out a small loan affect my credit rating?

Taking out a loan will affect your credit score.

When you apply for a loan directly with a lender, a hard search will be carried out on your financial history. Hard searches can remain on your file for up to 12 months, and too many over a short period of time may have a negative impact on your credit rating.

Viva Money uses soft search technology to scan our panel of lenders for a suitable loan for you. Our soft search has no impact on your credit score and will only be visible on your file to you and the company who carried out the check.

If you fall behind on or fail to make the repayments on your loan, your credit score could suffer as a result. You may also be charged additional fees.

How to search for a small loan with Viva Money

Searching for a loan with Viva Money is straightforward.

Step one

Choose your ideal loan and term and fill out our online form.
It’s important to never borrow more money than you need or can afford to repay.

Step two

We’ll run a soft search eligibility check and present your application to our panel of lenders to see if we can find you a suitable loan. This process will take just 60 seconds.

Step three

If we’ve found you a suitable match, you will be redirected to the lender’s website where you will complete some further checks, including a hard credit search.

Step four

If the lender is happy with the outcome of their checks, you’ll be sent a credit agreement. Be sure to read this carefully before signing.
Clear the balance of your loan in monthly instalments in-line with your chosen term.

I've been approved for a small loan. How long will it take to receive the money?

Each lender has their own timeframe when it comes to sending your loan. If you need the money urgently, it might be worth checking with your lender when you can expect to see the money in your account.

Some lenders on the Viva Money panel can send your loan the same day your application has been approved.

The time it takes for the money to appear in your account will depend on your bank’s policies and procedures.

I’m struggling to repay my loan – what can I do?

If you’re having difficulty making your repayments, you should contact your lender as soon as possible.
They will appreciate the fact that you have reached out and been honest about your situation and will be happy to talk through options to help you get back on track.

You can find free, impartial advice on sites such as Citizens Advice, MoneyHelper, and National Debtline.

Viva Money have teamed up with charity StepChange to bring you a free Money Health Check. The answers you provide will generate help and support relevant to your personal financial situation.