How?
Two methods are available for repayment. For the time being you will be able to set up a recurring SEPA payment during the loan process via the Cash Loan Account in your Vivid Account . However in the future you will also have the option for repayments to be taken on a monthly basis directly from your Vivid account via SEPA Direct Debit. Payments are taken from your Vivid Main account, the same account where your loan was disbursed. For SEPA Direct Debit the payment date depends on the month’s duration and may fall every 30, 31, or 28(29) days.
Which account?
For now, all loan funds will be disbursed to your Vivid Main account, and repayments will also be taken from this account.
At the moment, it’s not possible to change the account used for disbursements or repayments. If this option becomes available in the future, we’ll notify you.
What if I don’t have enough balance?
You’ll receive a notification from Vivid a few days before the payment is due. If your balance is too low to cover it, we’ll remind you to top up your account so the payment doesn’t fail. This notification will also appear in your transaction list and in your Cash Loan Account.