Viva Finance stands out from the competition by offering fixed-rate personal loans of up to $10,000, with an approval process that considers employment status rather than solely relying on credit scores. By focusing on employment status, Viva Finance offers opportunities to people who may have a harder time qualifying with traditional lenders.
Despite these benefits, some customers raise concerns about a lack of transparency and high interest rates, which have led to feelings of being trapped in a cycle of debt. As a result, some borrowers may be more comfortable working with a lender that prioritizes transparency and offers more competitive rates.
Like Viva Finance, OneMain has no set credit score requirement, making it ideal for bad credit borrowers. It offers secured and unsecured loans, and accepts cosigners to help you qualify and get a lower rate. While its APRs start at 18%, it caps rates at 35.99% – cheaper than a payday lender.
You can either apply online or at a branch if there's one near you, and have funds as soon as the same day. But as a bad credit lender, you'll pay higher interest rates than what other lenders may charge, and an origination fee will apply to your loan.
Not available in: Alaska, Arkansas, Connecticut, Massachusetts, Rhode Island, Vermont
Not all applicants will be approved. Loan approval and actual loan terms depend on your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral). If approved, not all applicants will qualify for larger loan amounts or most favorable loan terms. Larger loan amounts require a first lien on a motor vehicle no more than ten years old, that meets our value requirements, titled in your name with valid insurance. Loan approval and actual loan terms depend on your state of residence and your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral). APRs are generally higher on loans not secured by a vehicle. Highly-qualified applicants may be offered higher loan amounts and/or lower APRs than those shown above. OneMain charges origination fees where allowed by law. Depending on the state where you open your loan, the origination fee may be either a flat amount or a percentage of your loan amount. Flat fee amounts vary by state, ranging from $25 to $500. Percentage-based fees vary by state ranging from 1% to 10% of your loan amount subject to certain state limits on the fee amount. Visit omf.com/loanfees for more information. Loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB’s Regulation Z such as college, university or vocational expense; for any business or commercial purpose; to purchase cryptocurrency assets, securities, derivatives or other speculative investments; or for gambling or illegal purposes.
Borrowers in these states are subject to these minimum loan sizes: Alabama: $2,100. California: $3,000. Georgia: Unless you are a present customer, $3,100 minimum loan amount. North Dakota: $2,000. Ohio: $2,000. Virginia: $2,600.
Borrowers (other than present customers) in these states are subject to these maximum unsecured loan sizes: North Carolina: $7,500. An unsecured loan is a loan which does not require you to provide collateral (such as a motor vehicle) to the lender.
Example Loan: A $6,000 loan with a 24.99% APR that is repayable in 60 monthly installments would have monthly payments of $176.07.
Time to Fund Loans: Funding within one hour after closing through SpeedFunds must be disbursed to a bank-issued debit card. Disbursement by check or ACH may take up to 1-2 business days after loan closing.
Achieve (formally FreedomPlus) accepts credit scores as low as 620, making it best for fair credit borrowers. It offers joint applications and a rate discount if you apply with a creditworthy coborrower. There's also a discount if you're using the loan to consolidate other debts.
Rates range start at relatively low 8.99% APR and you can prequalify online to see your potential rate without impacting your credit score. But like other lenders that cater to bad and fair credit borrowers, including Viva Finance, it charges an origination fee on its loans.
Available in: Alabama, Alaska, Arizona, Arkansas, California, Delaware, Florida, Georgia, Idaho, Illinois, Indiana, Kentucky, Louisiana, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Jersey, New Mexico, North Carolina, Ohio, Oklahoma, Pennsylvania, South Carolina, South Dakota, Tennessee, Texas, Utah, Virginia, Washington
If you have good to excellent credit, LightStream is one of the best personal loans available. It offers competitive rates, with no origination fees or prepayment penalties. It also has an autopay discount of up to 0.5% if you set this up before funding.
And it will beat any competitor's rate by 0.1% with its Rate Beat program, as long as the offer meets specific criteria. But there's no soft-credit-check preapproval process — so expect your credit score to drop slightly after you apply.
Upstart is a holistic fintech lender that accepts credit scores as low as 300 – and unlike other lenders, factors in criteria like your and education and new job offers when making a decision. This makes it a good choice for college graduates who may be new to credit or employment.
But it charges an origination fee of up to 12%, and its application asks for more information that you might otherwise give a lender, like your SAT score. But it reports your payments to the three major credit bureaus, helping you build your credit score.
Not available in: Connecticut, Iowa, Maine, Maryland, Nevada, New York, Oklahoma, Oregon, West Virginia
Fiona is a connection service that can help you find a personal loan by connecting you to multiple partners with a single application. The site offers a wide range of options, including personal and debt consolidation loans for a range of credit scores.
It's a good option for bad credit borrowers because the service searches for you and connects you to lenders willing to work with your credit score. This allows you to see what you may qualify for and if the cost fits your budget — before you apply and do a hard credit check.
OppLoans is a highly rated installment lender that doesn't check your credit when you apply — but APRs typically range between and 160%. Although high, it's still typically lower than other installment and payday loans when you need quick, emergency cash.
The company is known for its customer service and reports your repayments to the three major credit bureaus, which can help boost your credit score. However, the short terms of 9 to 18 months may lead to high payments for some borrowers.
Available in: Alabama, Alaska, Arizona, Arkansas, California, Delaware, Florida, Hawaii, Idaho, Indiana, Kansas, Kentucky, Louisiana, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Rhode Island, South Carolina, Tennessee, Texas, Utah, Virginia, Washington, Wisconsin, Wyoming
If you need a small dollar loan to tide you over until next payday, the MoneyLion app offers no-fee, 0% interest cash advances up to $500 for qualified borrowers. You could even access up to $1,000 of your paycheck if you set up direct deposit to a linked RoarMoney account.
MoneyLion also offers other products, including an investment account and a crypto trading feature. While the MoneyLion app gets mostly positive reviews on Trustpilot, some customers complain about glitches and high instant transfer fees.
Available in: Alabama, Arizona, California, Delaware, Florida, Georgia, Idaho, Illinois, Kansas, Louisiana, Maryland, Michigan, Missouri, New Mexico, North Dakota, Oklahoma, South Carolina, South Dakota, Texas, Utah, Washington, Wisconsin, Wyoming
Pros
No credit check
No mandatory fees and zero interest
Options for saving and investing
Cons
Low borrowing amounts
Normal funding takes 24 to 48 hours
Instant delivery costs between $1.99 and $8.99
Loan amount
Up to $500 or $1,000 with RoarMoney account
Loan Term
Due by your next pay date
Turnaround time
Up to 5 days or instant for a fee of $0.49 to $8.99
Loan amount
$50 - $500
Turnaround time
Up to 5 days or instant for a fee of $0.49 to $8.99
How does Viva Finance compare?
Viva Finance stands out amongst its competitors for offering loans up to $10,000 underwritten primarily based on employment information rather than only credit history. This may make it easier to get a loan with Viva Finance than traditional lenders.
However, Viva Finance may have limitations in terms of loan amounts, depending on your credit profile and recurring income.
Pros
Secure up to $10,000
– business days to receive funds
Repayment period of 5–24 months
Cons
Approval based on employment history
Only one loan at a time
Alternatives to cash advances and installment loans
If you’d rather skip installment loans and cash advance apps altogether, here are a few alternatives to consider.
Paycheck Advance from Employer. Some employers offer paycheck advances or short-term loans to employees. This allows you to access a portion of your earned wages before the regular payday without the high costs associated with payday loans.
Loans from CDFIs. Community development financial institutions offer small-dollar loans to their members, which have lower interest rates than some installment loans on the market. However, you may need a minimum credit score of 640 or higher.
Negotiate with Your Creditors. A conversation with your creditors may result in having a more lenient repayment plan similar to many installment loans on the market. Call your creditors to find out if you can lower your interest rates and extend your repayment horizons.
Dhara Singh was a freelance personal finance writer at Finder specializing in loans. Formerly she was a top 10 journalist at Yahoo Finance with more than 38+ million content views where she covered retirement and mortgages. She has also written for Bankrate, and CNET and continues to write for a variety of outlets, such as Investopedia and Worth magazine. Her articles focus on equipping readers with the right information and data so they can make the most informed decisions related to their finances.
Dhara previously worked as an insights analyst for Finder’s PR team, where she started the Deadliest Cities to Drive series in 2018, connecting interesting data analysis to a suite of car insurance products. When she’s not writing, Dhara coaches small business owners through her Stories to Sales programs and empowers them to use their life experiences to help other people. She has also self-published a poetry book on Amazon called Tell her She’s Lovely.
Dhara holds a B.S. in Finance and Supply Chain Management from Rutgers University and a M.S. in Journalism from Columbia University. See full bio
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