Viva Loans

Are you considering a loan with Viva Loans? Or perhaps you already have one, and you’re looking for further information about the company. Either way, we’ve compiled the most important, in-depth information about Viva Loans loan for you in this loan guide.

Who are Viva Loans?

Viva Loans is a credit broker and offer assistance in applying for payday loans, personal loans and doorstep loans, among others. They are a trading name of Payday Ventures Limited. Viva Loans offers consumers the ability to apply online and get quick estimates for various loans.

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What are the key features of a Viva loan?

It’s important to analyse the key features of a loan carefully before you commit. Here are the critical details of the type of loan you can secure via Viva:

APR

Minimum APR: 49.9%

The APR for the loan is advertised at 49.9%. This is a best case scenario. Depending on your individual circumstances, the APR could go up.

Loan Amount and Repayment Period

You can borrow between £100 and £2000.

The loan repayment period can be between 2-12 months.

Example

Here’s the representative example that they give on their website:

£250 borrowed for 30 days. Total amount repayable is £310.00. Interest charged is £60.00, annual interest rate of 292% (fixed). Representative 669.35% APR (variable)

Information correct as of 01/04/21 (Viva)

How do I apply for a Viva loan?

You can apply for a Viva loan online. It will take you approximately 10 minutes.

Viva Loans Loan Review

Will I be accepted for a Viva loan? 

Viva Loans will assess you based on certain criteria. See if you qualify:

  • Age: 18+
  • Residency: UK resident
  • Income: You must have a regular income
  • Bank Account: UK bank account with linked visa card

Information correct as of 01/04/21 (Viva)

How to complain about Viva Loans?

Should you need to make a complaint about Viva Loans, then you can use the details below to either write to them or call them.

27 Old Gloucester Street
London
WC1N 3AX
UNITED KINGDOM
+4402080641293

If Viva Loans does not respond to your complaint then you should contact the Financial Ombudsman Service. They might be able to handle your complaint.

Information correct as of 01/04/21 (FCA)

Interest on loans and charges – the government cap

Price caps were devised by the Financial Conduct Authority and these were for the purpose of protecting borrowers from receiving inflated rates of interest and fees. These caps include:

  • Daily cost cap at 0.8% – this applies to the amount you have borrowed.
  • Defaults fees cap of £15 – interest may still be charged after a default, but cannot be more than the daily cost cap.
  • 100% cost cap – you should never be asked to pay over 100% of the amount you have taken out on your loan.

All of these limits are relevant to the credit agreements with interest at 100% or more per year. These must either be due to be paid back in their entirety or partially within the year.

Other regulations to be aware of were brought in during May 2017. These regulations state that lenders should always provide the details of their products via a price comparison website, and this must be authorised by the FCA. Borrowers must also be given a summary of the total cost of what they have borrowed.

Continuous Payment Authority – what you need to know

You will usually be required to pay back the loan via a Continuous Payment Authority. With the CPA, the company you have the loan with can take payments from your bank account.

In addition to this, loan companies cannot try to take partial payments to get the repayments back, they must take the full amount from your account, or nothing at all. Of course, you will be able to give them permission to take partial payments if you want, but it is completely at your own discretion. If they are falling foul of the new regulations, you can take action and report them for such behaviour.

Can’t afford to pay back your loan?

The law and what lenders must do:

  • They should advise you on some suitable places to get free independent debt advice.
  • They must also give you a reasonable time to pay back your debt and support you in developing a suitable repayment plan.
  • If applicable, they can freeze interest and additional charges to make it more affordable.

Getting help with your debt

If you are seeking free independent advice on dealing with your debt, there are a few of the organisations you can turn to. These are some of the most popular:

  • Citizens Advice – will provide you with advice on taking care of your finances, and getting out of debt.
  • StepChange Debt Charity – a charity who will help support you with getting out of debt and get your finances back in order.
  • National Debtline – free debt help and support, whenever you need it.

Company information:

After researching Companies House and their website, we found the following information about Payday Ventures Limited, of which Viva Loans is a trading name:

Date of incorporation: 26 September 2017
Company status: Active
Company number: 10981828
Company type: Private limited Company
Website: https://www.vivaloans.co.uk/
Address: 86-90 Paul Street, London, England, EC2A 4NE
Opening Hours: 
Monday – Friday: 08:00 A.M. – 10:00 P.M
Sat & Sun: 9:00 A.M – 10:00 P.M
Phone number: +4402080641293

Information correct as of 01/04/21 (Companies House)

FCA registration:

The Financial Conduct Authority (FCA) is the conduct regulator for financial services firms and financial markets in the UK. 

FCA regulated: Yes
FCA status: No longer registered as an Appointed Representative
FCA reference number: 845324
Trading names: 
bestloanz.co.uk
cashcaptain.co.uk
cashchimp.co.uk
fasttrackloans.net
heartpaydays.com
loanloader.com
loanlocal.co.uk
loanright.co.uk
loanstars.co.uk
loanwatchers.co.uk
prontopaydays.com
verymerryloans.com
vivaloans.co.uk
Place of business: 
27 Old Gloucester Street
London
WC1N 3AX
UNITED KINGDOM

Information correct as of 01/04/21 (FCA)

Data protection registration:

Data protection registration means that this company is registered with ICO, the UK’s independent authority set up to uphold information rights in the public interest. The privacy of your data will be protected.

Registration No: ZA735235
Data controller: Payday Ventures Limited
Address:
3 More London Place
London
N1 7GU

Information correct as of 01/04/21 (ICO register)

Where are Viva Loans located?

You may want to speak with the loan company in person. If you do, it’s important to find a company whose offices are near your own address. Take a look at their office location on a map.

Address:
20-22 Wenlock Rd, Hoxton, London N1 7GU

References

CONC 2.1 Application

CONC 5.2A Creditworthiness assessment

CONC 13.1 Application

About the author

Scott Nelson

Scott Nelson is a financial services expert, with over 10 years’ experience in the industry, including 6 years in FCA regulated companies. Read more
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