Vivus loans – a solution?

September is the second most expensive part of the year for my family(just after Christmas). The girls start school and nursery so new uniforms and supplies for both need to be bought. Plus this is the month when we pay our insurances as well…private pensions and the girls college fund. So it is expensive month when you think that on top of all that we have all the usual bills to as well. So what should one parent do?

Borrow from family or apply for short term loans?

Sometimes is really hard to manage the budget to fit everything in and if we didn’t manage to save any money during the year than we have to borrow money sometimes. According to Which unauthorised overdrafts can be more expensive than payday loans but they have such a bad reputation in our days. Some make you pay twice as much money you borrowed so it doesn’t look like a good deal.

We could always try and borrow money from relatives and friends but sometimes is better that nobody knows your struggles. So what else you have left to do if you struggle to pay for everything?

Vivus seems to be a different kind of short term borrowing company. Although you can only borrow between £100-£500 they seem to want to put the customer in charge – if you borrow money you can pay them back when you next  salary comes through. This is a short term borrowing company which arms you everywhere on theirs site that late repayment can cause you serious money problems. So only loan money if you know that at your next salary you can pay your debt. I don’t know very much about these kind of companies but Vivus seems to have quite low rates. For a first loan, interest is payable at the rate of 0.4% per day for the duration of the agreement. So imagine if you borrow lets say £200 for 25 days the sum you will need to pay back the loan will be £220.

If you need help too sometimes you can calculate your rates on their site – their calculator is very easy to use for anyone. You are the only one that can decide if you can manage to repay what you borrow on time or not.

You can apply online for a Vivus loan. It will not take you long to find out if you will be eligible for a loan or not – all the work is done by a computer generated algorithm.

Apparently if your eligible the money get very fast into your account and you can start using them to play your bills.

What do you think if you ever find it harder one month, are you going to borrow from family and friends or from a company like Vivus?

I think that as long as you borrow only what you are sure you can pay back and repay in the agreed timeframe a short term loan can help you get through a hard month when the money are simply not enough. But if you want to borrow money to go on a holiday or to pay for an extravagant life than I don’t thing that a short term loan is a good idea.

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Disclosure: This post is a collaboration. All images belong to Vivus or to RMB.