Summer is the most expensive time of year for most people I know. Being at the tail end of my twenties means half of my friends are trying to entertain a house full of school-age kids, while the other half are buying 20 bikinis to wear on their ‘grown up’ holidays abroad (where they ditch the 4 a.m. fishbowls of their early twenties for mojitos by the pool at noon).
Friends on both sides of the parent fence admit to stowing money away in order to survive the extra expenditure of summer. This method is all well and good, planning to spend more in the warmer months is definitely sensible, but your plan can quickly be thrown out of whack when an unexpected expense rears its ugly head between paydays.
Take my friend for example, a couple of years ago she came back from her holiday (a grown up, mojito sipping one) after spending almost all of her saved-up summer fund, only to find that her car had inexplicably died whilst she was away. It was about five days before payday and she needed to commute to work in two. As she had always prided herself on not spending more than she had, she didn’t have a credit card to put the £300 bill on and resorted to borrowing the money off her dad until payday (cringing all the way to the garage).
In her situation, a Vivus short-term loan would have been perfect. If only she’d known.
Short-term loans generally have a bad reputation for targeting the poor and charging sky high interest rates. This is where Vivus stands out from the crowd. They pride themselves on encouraging responsible borrowing. They lend to the savvy customer who wants to be sensible in borrowing the amount they need to tide themselves over until payday.
Vivus manages to keep the interest low by operating on a single repayment basis, meaning you pay the loan off all in one go when you’re paid next, so it doesn’t prolong the debt. Because they are a company and not a broker, there are no hidden fees either, what you see is what you get (they are completely upfront with that).
You can apply online and even though the decision is made by a computer algorithm, there is still an element of flexibility. If you accidentally miss your repayment date, you are given 5 days’ grace before any late fees or extra interest is charged to your account. For me, that’s something that complements their image of sensible lending for the savvy, as it shows they have confidence in their customers and the way they lend to them.
Unplanned expenses can happen to the best of us and if they come at a time our reserve funds are low it’s reassuring to know they can be resolved quickly and efficiently with a short-term loan. The first time you borrow with Vivus, they say ‘thank you’ by offering half price interest rates on your first loan. The borrowing process is straightforward: apply online, receive the loan (if you are accepted, they’ll let you know straight away) and repay the balance in one go by the agreed upon date.
It’s handy to know that there’s something out there to bridge the gap if things don’t turn out as planned.