Vivus Loans Info (Closed)
Vivus loans recently closed down in late 2014. They had been active locally at www.vivus.co.uk since back in 2012. They never took too much a challenge to the major lenders, but they will be remembered for being the first company to offer free payday loans in the UK. This was an exclusive first time user deal only for cash between the sums of £50 to £300 taken between 7 and 30 days. If you had already tried them out then you paid quite expensive sums over shorter terms, but a reasonable monthly cost. For a weekly £100 loan you paid £15.90 and just £25 over a full month.
It would have been the transfer fee that ramped up the charge over the shorter repayment selections. The Vivus loans could be taken at higher amounts once you had borrowed from them a few times with £700 being possible on the 4th time using them. At one point they did operate fully across the week, but this was later cut down to Monday and Friday between 8am and 4pm. Secure account logins were provided through www.vivus.co.uk. Whilst they have shut up shop locally, they remain active in around a dozen countries. This brand is part of 4Finance Group who are based in Latvia and they also trade as SMSCredit and Zaplo.
They have progressed well across Europe and are the current market leading brand in Poland where the payday sector has enjoyed significant growth in recent years. Since this is a Euro lender, they were always quite strict with who they chose to take on (similar to Ferratum). All loan applicants for instance had to be aged at 20 or above and a workplace call was usually put through. It is a shame that this flexible free payday loan service is no longer available. The local industry has always been highly competitive and with capping now in place, perhaps it was just a little too difficult for them to compete with the majors.