You need to be cautious when borrowing money to avoiding sliding into a debt trap. This is a situation where one is forced to borrow money to repay the existing loans which can lead to bankruptcy. There are several loan terms like payment duration and APY that you should consider when borrowing money. With the many lenders in the market, it is challenging to identify the best. Having the best lender will ensure that you get the best loan terms and also avoid falling into a debt trap.
Annual Percentage Rate definition: Annual Percentage Rate (APR) is simply the annual rate charged for borrowing or earned through an investment.
What is Vivaloan
Vivaloan is an online lending platform that compares loans in the market and connects borrowers with the best lenders. Vivaloan is not a lender itself, but it a platform that matches lenders with borrowers. it is a credit broker or payday loan broker. For example, if you are looking for a loan with a poor credit score, the platform matches you with a lender that considers a bad credit score. You can borrow between $100 and $15,000 and use it on anything.
Vivaloan is not a financial institution, lender, loan broker, or an agent of a lender or loan broker. Vivaloan does not make loans, is not involved in the loan approval process, and is not involved in a lender’s decision-making process in any way. Vivaloan merely provides a means for persons seeking loans to possibly connect with lenders who can provide those loans.
To qualify for Vivaloan, you need to meet the minimum requirements which are:
- Be at least 18 years of age
- Have proof of regular income
How to Apply for a Loan with Vivaloan
You can apply for Vivaloan online. You need to provide the following details during the loan application process.
- The amount you want to borrow and your credit score
- Your name, phone number, date of birth and email address
- Source of income and your employer
- Bank details like bank name, account number and routing number
Who Can Apply for Vivaloan?
Vivaloan usually has a large network of lenders and can give loans to people with poor, bad and excellent credit scores. Therefore, regardless of your situation, Vivaloan has a network of lenders where you can get a loan.
Some of the things that lenders look at when giving loans include credit score, your income, credit history and the State you reside in.
Vivaloan Credit Score
Vivaloan does not have a specified credit score which one needs to meet to qualify for a loan. Vivaloan will connect you with the right lender depending on your credit score. Even if you have a poor credit score, they will still match you with the right lender but your loan will be more expensive.
Vivaloan Rates and Fees
Vivaloan does not charge service fees. The platform charges lenders and not the borrowers. As such, a borrower can apply for a loan without having to pay a fee. If you successfully get a loan from a lender, Vivaloan will charge the lender a commission while you won’t be charged.
APR for loans depends on factors like a credit score. If you have an excellent credit score, you are likely to get a cheaper loan and vice versa. The minimum APR is usually 49.9% and can go up on an individual circumstance. The loan repayment duration is usually between 2 and 12 months but some loans can go for up to 60 months.
Is Vivaloan Safe?
Vivaloan is a safe and secure platform that uses 256-data encryption to ensure users’ information is safe and secure. However, when you apply for a loan through Vivalaon, you are likely to get phone calls. You are required to provide your number when applying for a loan. The phone number can be shared with various lenders. Therefore, if you don’t want to get bombarded with phone calls, you can avoid Vivaloan.
If you don’t like Vivaloan, you can use peer to peer lending platforms where investors provide loans to borrowers. The platforms include the following:
You can also explore options for personal loans with bad credit.
Vivaloan Customer Service
It is challenging to reach customer support. Their website does not provide customer support contact details. However, you can access their website and apply for a loan at any time 24/7.
Vivaloan Supported Countries
Vivaloan is available in the US. However, it is not available in the states of New York, Washington D.C, or West Virginia.
Final Thoughts on Vivaloan Review
Vivaloan is not a bank or a lender but a platform that matches borrowers with prospective lenders. It considers some factors like your credit score and then finds the lender who can give you a loan at that rate. We advise you to apply for a loan only when it is very necessary and when you are in a position to repay to avoid falling into a debt trap.