Vivaloan Loan Program Review:
If you’re in the market for an RV, you might turn to a personal loan to finance the purchase. While RV loans are available, they’re generally secured loans, meaning the RV itself serves as collateral. With personal loans, you can explore secured and unsecured loans. With the latter, you don’t have to put anything at stake.
Generally, you’ll pay a little more in interest for an unsecured personal loan, but it might be worth it to you for the peace of mind.
That, then, begs the question: which personal loan is right for you? You can do your own research, but you might want to choose a personal loan marketplace service to do the legwork for you. That’s where Vivaloan comes in. As a free personal loan connecting service, it can help you find personal loan options for which you qualify.
But is it a good choice for you? Let’s find out.
Vivaloan at a glance
Since Vivaloan is a marketplace, not a lender, don’t expect to get a loan from them. Instead, Vivaloan acts as a middleman, connecting you to personal loan options for which you qualify.
Personal loans are financing you can use for anything you want, including the purchase of an RV.
- It’s a no-cost service for you: The big pro with Vivaloan is that their service is free.
- Vivaloan works fast: Their online form should only take you about five minutes to fill out. Then, they connect you to lenders who offer financing for which you qualify. If you like any of the options, you can e-sign with them. And Vivaloan says your personal loan could be directly deposited into your account as soon as the next business day.
- Their website is secure. Vivaloan’s site uses 256-bit Secure Sockets Layer (SSL) encryption technology and is compliant with standards from the Online Lenders Alliance (OLA).
- No credit requirements. You can fill out the Vivaloan form no matter your credit profile. Just know that if your credit score is dismal, they’re probably only going to match you with a short-term payday lender (more on that later).
- They get your personal info. So they can figure out which loans are right for you, you’ll need to give Vivaloan personally identifying information, along with proof of your employment and income. And people have complained that Vivaloan sends excessive emails once they get your email address.
- There’s a limit on their loans. If you’re turning to Vivaloan to try to finance the purchase of an RV, be advised that they only offer personal loans of up to $15,000. That might be enough to finance a used RV or a basic travel trailer, but don’t expect to buy a Class A, B, or even C motorhome with financing from Vivaloan.
Who is Vivaloan best for?
Vivaloan is ideal if you want two things: a very affordable RV and next-to-no work to find a personal loan for it. If you want more than a basic travel trailer or small camper, you’ll probably need to go elsewhere to get enough financing.
Also, although Vivaloan will aggregate loan options for you, the list they provide won’t necessarily be comprehensive. You might find a better rate by looking at some other options, too.
What types of RV loans do they offer?
Technically, Vivaloan doesn’t offer RV loans — or any type of loans, actually. Instead, they’re a marketplace where you can shop different personal loan options.
That said, don’t expect to be able to compare a broad range of loan types and rates with Vivaloan. Instead, they’ll match you with specific options based on the information you give them. You’ll only see the rates for those specific loans.
Theoretically, they’ll show you all the options for which you qualify. But you might want to explore more financing by looking elsewhere, too.
What credit score do you need to qualify for Vivaloan service?
That’s a definite perk with Vivaloan. They don’t have a minimum credit score required to use their service. If you have bad credit or no credit, you can still fill out their form and see if they’re able to match you with any financing options.
Vivaloan works with some payday lenders. If you’ve got poor credit, this is the type of loan you can most likely expect to be matched with when you use their service. These loans are for small amounts and you have to pay them back with your next paycheck. Caveat emptor.
What kind of APR can you expect?
It all depends on your financial situation. The core of Vivaloan’s value offer is that they’ll look over your details and match you with loan options that fit your situation.
Generally, that means that if you’ve got a great credit score, a low debt-to-income ratio, and tick other boxes lenders like, you’ll qualify for a low APR. If you have a poor credit score and are scraping to make ends meet, you can expect fewer personal loan options — if any at all. And the loans for which you do qualify will almost definitely come with a higher APR.
Other Vivaloan financial products
In addition to personal loans of up to $15,000, Vivaloan also offers short-term loans like the aforementioned payday loans. Those generally won’t be enough to help you buy an RV, though.
Vivaloan customer service
Here’s where things get dicey. Vivaloan has an F with the Better Business Bureau (BBB). Such a poor ranking from the BBB should give you pause, but their complaints primarily center around spammy emails. Ultimately, they may not have the best email practices, but none of their complaints center on their actual customer service.
How to bank with VivaLoan
Vivaloan is an online-only marketplace. You use their website to get connected with lenders through them.
Depending on the lender you choose, you may be able to bank in person. If physical bank locations are important to you, you’ll need to research the lender options Vivaloan provides.
Vivaloan vs. other RV loan lenders
Ultimately, Vivaloan might be an easy way to shop your options for personal loans of up to $15,000. But if you need more than that, you’ll want to look at other RV loans.
You might have a few outstanding questions. Let’s rehash the details about Vivaloan’s online lender connection service.
Lender terms will vary depending on the lender with which Vivaloan connects you. Make sure you read the fine print on any options they present so you know exactly what you’re getting yourself into before signing with any lender.
Vivaloan does the legwork for you here. Once you provide them with your personal and financial information, they match you with lenders who offer financing for which you qualify.
How to apply with Vivaloan
This part’s easy. You just need to fill out their online form — and it shouldn’t take you more than five minutes.
The verdict on Vivaloan
Ultimately, Vivaloan might be a tempting option. After all, who doesn’t want a free service that will do the work of finding loans for which they’re eligible?
Vivaloan could certainly be a good place to start exploring your personal loan options. But if you require a loan of more than $15,000 to fund your RV purchase, you’ll need to look elsewhere.