How do Debit Card Loans Work?

Debit Card loans are simple; it’s why we think they’re a great product.

You submit an online application with a few details about your income and enough information for us to perform a credit check. We assess these details. Once assessed, an affordability check and credit check will be done allowing our team to approve or reject your application (We approve 90% of applicants).

Once the loan is provisionally approved, our credit team receive your application and contact you for more information: Most likely you will be contacted by phone but it could be by email—so check your emails! They will then approve your loan definitely and deposit the money in your account.

Your repayment plan will mandate that you pay back the money in either 12 or 3 equal instalments.

With Viarch loans, you can borrow between £250 and £300 on your first loan. Once you have completed your first repayment plan without problem we increase your Viarch credit limit to up to £1000 on your next loan!

We use something called the Continuous Payment Authority to take your repayments. This allows us to take the money from your bank account on the morning of your repayment date. If the money has not left your account within 24 hours of your repayment date please contact us immediately. In the event that you have insufficient funds in your account, we will try again every 24 hours until your payment is completed successfully. For the first 24 hours we do not charge any late payment fees. Once this grace period is over however, each day we charge £20 or 3% of your loan, whichever is higher.

If you take a loan of £300, the total amount you’ll have to repay at an APR of 151.82% is £377.92.

You will repay this in inmost cases in 2 equal payments of £125.97 and 1 payment of £125.98

Should you be 5 days late in repayment you will be charged £20 on the second day, £20 on the third day, £20 on the fourth day, and £20 on the fifth day. This means that for this month you will be charged a total of £206 instead of £125.98. To avoid these fees, make sure you always have the money in your account on time!

Your application will be checked against the criteria of both the 3-month and 12-month repayment plans. If you’re ineligible for one, you may be eligible for the other. We will tell you which one you’re eligible for when our credit team ring you back. You will be given the option between the two however once you have chosen a repayment plan; we do not allow customers to change unless exceptional circumstances apply.