Viva Finance review
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- Max. Loan Amount
- $10,000
- APR
- 11.99% to 35.99%
- Min. credit score
- N/A
Our verdict
Viva Finance offers fast loan approval and funding, but only specific borrowers are eligible to apply.
Viva Finance offers allotment loans up to $10,000 for eligible employees, who can opt to have the payments deducted directly from their paychecks. Interest rates range between 11.99% and 35.99%, and loan terms range from five to 24 months, making them much more affordable and manageable than payday loans.
However, these loans are limited to employees who have been with a company for at least one year. While Viva primarily focuses on employment over credit scores, it still checks your credit. If you have a low score or don’t make enough money, your loan application could be denied, or you may only qualify for a smaller loan than you requested.
Best for: Employees who work for companies supported by Viva Finance and have at least one year of employment.
Pros
-
Loans up to $10,000
-
Funding as soon as next day
-
Lower rates than payday loans
Cons
-
Only available to eligible employees
-
Poor customer reviews
-
Not available in all states
What makes Viva Finance shine?
We like that Viva Finance seeks to expand access to personal loans by basing approval primarily on employment rather than credit score. This approach means valued employees can access loans up to $10,000 — even without good credit — especially if they’ve been with the same company for a long time.
In addition, APRs are fairly reasonable, starting at 11.99% and capped at 35.99%. This rate is far better than payday loan rates, which can equate to 400%. Viva Finance also offers loan terms of five months to two years, giving borrowers ample time to repay the loan. Plus, it never charges prepayment penalties, so you can repay the loan early without fees.
Where Viva Finance falls short
When you set up an account, Viva Finance requires borrowers to provide their employer name and work email address to help verify employment. But it’s unclear if Viva Finance is willing to work with long-term employees who don’t have a work email, possibly because they don’t need one to perform their job.
Viva Finance only accepts employees who have been with the same company for at least a year. This condition seems a bit strict, particularly if the worker meets other eligibility requirements, such as having good credit and earning enough money. Finally, many users complain that it’s difficult to contact the company when needed.
Viva Finance loan details
| Minimum credit score/credit range | N/A |
| APR | 11.99% to 35.99% |
| Loan amounts | $1,000 to $10,000 |
| Terms | 5 to 24 months |
| Approval turnaround | As soon as same day |
| Availability | Available in: Alabama, Arizona, Arkansas, California, Colorado, Delaware, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maryland, Michigan, Missouri, New Mexico, North Dakota, Ohio, Oklahoma, Pennsylvania, South Carolina, Tennessee, Texas, Washington |
| Fees |
|
| Other fees | Undisclosed |
How to qualify for Viva Finance
Viva Finance is meant only for a specific type of borrower, but the requirements to qualify are straightforward.
- Work for an employer supported by Viva Finance
- Have a work email
- Be employed for at least one year
- Have government-issued identification
- Be at least 18 years old
How to apply
To apply for loans through the Viva Finance website, all you need to do is:
- Create an account.
- Complete the preapproval process online and get your rate.
- Review the loan offer, if eligible.
- Accept terms and set up direct deposit payments.
- Receive funds in your account within two business days.
How Viva Finance compares to other lenders
What is the Finder Score?
The Finder Score crunches 6+ types of personal loans across 50+ lenders. It takes into account the product's interest rate, fees and features, as well as the type of loan eg investor, variable, fixed rate - this gives you a simple score out of 10.
Viva Finance reviews and complaints
| BBB accredited | Yes |
|---|---|
| BBB rating | A- |
| BBB customer reviews | 1.32 out of 5 stars, based on 19 customer reviews |
| Trustpilot Score | Viva Finance does not have any Trustpilot reviews. |
| Customer reviews verified as of | 11 July 2024 |
Viva Finance has no reviews on Trustpilot, and all but one of the reviews on the Better Business Bureau are negative. The majority of complaints revolve around poor customer service and an inability to communicate with the company. Specifically, reviewers say that almost no one answers the provided phone number, and emails go unanswered for days.
Other complaints include being denied a loan even though they had repaid their previous loan or having loan payments deducted even after they had already paid off their loans. To this last point, Viva Finance — which does respond to almost all complaints — states that if borrowers have loan payments deducted from paychecks, it’s the borrower’s responsibility to disable that payment method. Viva Finance says it has no authority to authorize automatic payments or to stop them once set up.
Viva Finance has a 4.9 out of 5-star rating on Google Reviews, with many satisfied customers saying they’re happy with the Viva Finance loan service. However, some also commented that it can be difficult to contact a company representative.
Is Viva Finance legit?
Viva Finance is a legitimate company. It was accredited by the Better Business Bureau in 2021 and has been in operation for five years. It has a physical address in Atlanta, Georgia, and a phone number you can call. Despite some complaints, Viva Finance successfully services personal loans for many happy customers.
Frequently asked questions
Does Viva Finance report to credit bureaus?
Yes. Viva Finance reports to all three major credit bureaus, so a history of on-time payments can help you build credit or increase your credit score.
Can I refinance my loan?
At this time, Viva Finance doesn’t allow you to refinance your loan. You’ll have to repay your loan in full before applying for a new one.
What if I can’t find my employer on its website?
If your company isn’t listed on the website, Viva Finance doesn’t currently support your employer, and you’re not eligible for a loan. You can submit a “new employer” request, and Viva Finance will notify you via email if your employer gets added to its offerings.
Your reviews
Lacey Finder
Writer
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