Wednesday 30 November 2016

We all need a helping hand sometimes.

I think we have all found our self before now with a disaster that needs a bit of money for a few days. Be it that the exhaust drops of your car,one of the children takes the toes out of their school shoes, or you need to pay for a removal van just before payday. My downfall was always the car tax until they introduced the monthly direct debit option, which I now use.  I am lucky I always try and borrow money from one of the girls. Sadly now three of us all work for the same employer we are all skint at the same time of the month.

I appreciate that not everybody can save money on a monthly basis for just such an emergency. I have a small amount of money taken of my wages every month by my employer that goes into a credit union. It means it is not shouting temptingly at me in my bank account but is available easily on the same day just by doing an online application. It has been borrowed more than once not only by myself but by family as well. It is also just as easy with an online payment to pay it straight back from the bank account when the next wage comes in.

Now I appreciate not everybody has family they can borrow from or a credit union they can join and may well need to use a different option. This is where companies like Vivus come in.

Vivus are a loan company that offer one payment loans to savvy borrowers who borrow only what they need thus placing control in the hand of the borrower. The borrower works out what they need and what they can afford to pay back come payday.

They process your loans online. It is a quick process that is transparent and flexible with no hidden fees. They are a plain speaking company. They promise;

 Vivus offers loans to sensible people that just need a loan to ‘tide them over’ until payday
No jargon or beating around the bush.
Apply, every application under goes a credit check. Get Approved. Get the cash. Pay back in one repayment when you get paid
Loans process is quick, with an online application,  with an  understanding of the customers with no hidden fees
To apply you must be over 18, a UK resident, with a regular income, a bank account that has a debit card and a mobile phone and an email address. You need to supply them with income and outgoing details,  as well as details of your bank account.

Vivus have a Mission - To make loans better
Vivus wants to remove the negative stigma from short-term loans.
To disassociate from the negative press and connotations around this type of loan.
Vivus are a ‘clean slate’ company who is making a ‘virtue out of doing this properly’.
Vivus DON’T want customers to get into debt, but only to help them out of a short term difficulty.

So what happens if for some reason you cannot pay it back on your agreed payday?
Vivus tell us;  If customer misses agreed payment date, they have 5 days to make the repayment before any late charges or additional interest is applied. If payment is not received after 5 days, a late payment fee of £12 is charged and interest is added on a daily basis, from the due date until payment is received.  Late interest is at the same rate as the loan (i.e. 0.4% per day for the first loan and 0.8% per day for subsequent loans.)
They also tell us;
This is a rate capped product, which means that you cannot be required to pay more than 0.8% interest per day on the capital balance outstanding and more than twice the amount you borrow in total. For example, if you borrow £100 you cannot be required to repay more than £200 in capital, interest and charges 

Now while I personally do not advocate getting into debt I feel if you were to speak to your bank about a temporary overdraft or use one of the door step money lenders then you would be paying back more than you borrowed as well.  So this may be an option to consider if you find yourself in a temporary sticky predicament.

This is a collaborative post.

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