VIVA Finance is a financial wellness company that offers affordable personal loans along with financial education resources as an employee benefit. VIVA works with employers to facilitate repayment of its loans through payroll deduction. In doing so, VIVA is able to reduce its credit risk, offer employees affordable rates, and give companies happier, more efficient employees. VIVA's mission is to create an inclusive financial system by expanding access to affordable credit and financial literacy.

VIVA's edge against other traditional lenders is its employment-based lending model and its use of payroll deduction to service loans. Rather than relying on traditional FICO metrics to underwrite loans, VIVA utilizes employer-specific information that is received upon partnering with employers to offer its benefit to employees. In doing so, VIVA is able to offer affordable financing to a broader range of employees by predicting employee turnover as an indicator of loan performance.

VIVA's use of payroll deduction to service its loans considerably reduces the risk of loan default. Loan payments will be received directly from the company, and before the balance hits the end-users bank account. For borrowers, payroll deduction allows for a simple and effortless means of paying back a loan. It additionally encourages discipline and allows borrowers to budget accordingly.

To help borrowers boost their credit score, VIVA reports loan payments to all 3 credit reporting agencies. Doing so helps to fulfill VIVA's mission in helping borrowers move away from burdensome debt and into savings.

VIVA's financial wellness platform is helping to solve a societal issue felt both in the workplace and in the lending industry. 78% of working Americans live paycheck to paycheck (CareerBuilder). 47% of workers report stress dealing with financial issues (PwC 2018). And 59% of workers do not have $500 saved for unexpected expenses (Bankrate.com). VIVA's lending program, along with financial literacy resources, can significantly increase workplace financial wellness and help employers in retaining happier, more efficient employees.

VIVA has a unique opportunity to provide affordable credit to a demographic that has largely been taken advantage of since the advent of the payday lending industry. 12 million Americans take our payday loans each year, spending over $9 billion in loan fees (FDIC). VIVA Finance effectively can disrupt this industry and benefit the lives of many. more