Being short on cash is stressful, but it doesn’t have to be with the help of a short-term £500 loan. Whether you’ve had an unexpected bill come out of your account, or you’ve had to pay for emergency car repairs; a 500 pound loan can come in handy when you’re in need of cash between paychecks.
Before applying for £500 loans, it’s important to consider all your options. Applying for a short-term loan should be your last financial course of action. It would be best if you first approached friends and family or even sold some of your old stuff online to raise the funds you need. Short-term loans can be expensive, and if you don’t repay them on time, they can damage your credit score, making it far harder to apply for funding in the future.
500 pound loans are quick and easy to apply for, and you can apply directly to a lender or use a broker, like us, completely free of charge. Here at ThisLender, we are able to arrange £500 loans for bad credit at competitive interest rates. Our application processs is fast and seamless, ideal if you need an urgent £500 loan. Learn more about short-term 500 pound loans below.
Top Tip: Always approach friends and family first before considering applying for a short-term loan. Wondering how else you can make cash quickly? Check out these 10 Easy Ways to Make Cash Fast.
As you’d expect, a 500 pound loan is a loan to the value of £500. It’s short-term in nature, which means you don’t usually take longer than 24 months to repay the amount in full. A £500 loan is a type of personal loan, allowing for flexible use. However, These loans exist purely for unexpected or emergency situations; they’re not to be used on non-essential items.
These loans bridge a monetary gap between paydays, and the 500 pound loan borrowed is usually repaid in a lump sum or in monthly instalments, anywhere between 3 and 36 months.
A £500 loan is specifically designed for short-term essential use. So, if after you’ve rallied around friends and family for cash and you’re still short, you might want to consider applying for a 500 pound loan as a last resort. You can spend your loan on getting your car fixed, paying an unexpected bill, or buying essential food. A short-term loan is not supposed to be spent funding a night out or a leisure shopping spree, for example.
The great thing about £500 loans is that they can be used flexibly as you see fit. Some common uses of 500 pound loans include:
Usually, after you take out the £500 loan there is little restriction over what you choose to spend the money on. However, as mentioned, when you borrow money you should ensure you are making smart and sensible spending decisions.
At ThisLender, we can help to arrange funding of any amount from £50 to £5,000†. If you decide £500 is too much money to borrow, or you're worried about making repayments, consider applying for a lower amount.
Don’t rush into applying for a short-term 500 pound loan. Take a moment to ask yourself if what you need the loan for is essential, and whether you should consider a 500 pound loan or a smaller amount. If you’re struggling with debt management, we advise you to visit Money Helper for free help and advice on money management.
We wouldn’t be doing our job if we didn’t put 500 pound loan lending criteria in place. It’s important that your application gets assessed properly to ensure you will be able to repay the borrowed funds.
You might be eligible to borrow £500. But before you jump in head first, check out the direct lender criteria below, do you meet them?
People tend to apply for loans for 500 pounds directly from a lender or through a broker, like us! We arrange £500 loans for UK residents who are over the age of 18 and employed.
You can get a £500 loan via our online application form. As a broker, we work with a panel of 500 pound loan lenders directly. These lenders are registered with and authorised by the Financial Conduct Authority, which means you're in safe hands.
When you apply for £500 through ThisLender, you can rest assured knowing that we do our best to find a suitable lender for your needs in minutes.
Applying for your 500 pound loan directly with a lender is a straightforward process, you visit your chosen lender’s site and fill in an online application form. There are lots of 500 loan direct lenders to choose from, and at times it can be overwhelming knowing which lender is best for you.
If you wanted to make sure you were matched to the most suitable lender, you could work with a broker, like us. We offer a completely free service, helping consumers, just like you, find a short-term loan offer. We will give you an instant decision and then match you with a suitable lender that best fits your needs.
Remember: ThisLender, and the lenders on our panel, are authorised and regulated by the Financial Conduct Authority (FCA).
Just as with any loan application, you’re not guaranteed acceptance for a 500 pound loan, either. It's important to understand that guaranteed 500 pound loans simply don't exist. There is no way to ensure you will be approved for funding in advance.
Whether your application will be accepted or not depends on your current circumstances and also whether you meet the direct lender criteria listed out above. Check the criteria before applying for your loan.
If you have bad credit, you'll be pleased to hear that you still have options. You can apply for a £500 loan through ThisLender with bad credit or poor credit history. We work with lenders willing to consider applications with varied credit histories, so a less than perfect credit score shouldn’t be a problem.
Lenders offer a selection of £500 bad credit loans, including guarantor loans. How? They take a number of different factors into consideration, and make their decision on your personal circumstances and current affordability.
It's very important for lenders to determine your ability to repay borrowed money, so they will look at your income and expenditure when analysing your application.
If you have bad credit, you should be focused on finding ways to improve it. To get started, take a read of Money Saving Expert's guide on improving your credit score. Whilst there's no quick fix, over time this will help to increase your chances of your application being accepted for £500 loans at lower interest.
No, unfortunately not. It isn’t possible to apply for any loan without getting credit checked, even just for a 500 pound loan. The process of credit checking is how lenders will decide whether to lend you the money or not. It’s a standard requirement for all UK direct lenders loans.
Often, £500 no credit check loans are advertised deceivingly. When searching for a loan, please borrow responsibly and avoid any websites offering personal loans with no credit checks.
Remember: ThisLender will not perform a credit check; lenders will complete a soft search during the application process. If you accept a lender’s loan offer, they will perform a hard credit search.
A credit check occurs when a company analyses your personal credit report to better understand your financial history. Within your credit report your name, address and borrowing history can be viewed.
There are two types of credit checks that can be conducted:
When you apply for a £500 loan you must read carefully through the repayment terms and conditions. Lenders will always want to see you make regular loan repayments on your 500 pound loan. Lender repayment terms and conditions can differ, but most offer you the chance to pay the loan amount in full on your next payday or a week (7 days) after you received it. You can also pay in monthly instalments until the loan is repaid in full.
Remember, you need to make sure there are enough funds in your bank account ready for the repayments to be taken.
The amount of time you have to repay your 500 pound loan depends on the repayment terms agreed with the lender at the time of application. Typically, repayment terms range from 3 months up to 36 months.
In the application stage, you can decide how long you need to make repayments comfortably. £500 loans are flexible, but be advised that longer repayment terms (such as £500 loans over 12 months) will result in more interest being paid overall.
Most people tend to prefer £500 loans with no guarantor options. However, whether or not you need a guarantor will depend on your personal circumstances. If you have good credit, you probably don't need a guarantor. However, if you have bad credit, a lender may require you to have a guarantor to secure the £500 loan. This could be a family member or a friend. Learn more about guarantor loans here.
If you need an urgent £500 loan, we can help! Our online application takes just minutes to complete. After submitting an application, our loan matching technology will search our panel of lenders and give you an instant online desicion.
When looking for a £500 instant loan, a broker like This Lender can be your best bet. Instead of spending time and energy searching the web for lenders, we do the hard work for you and quickly match you to a lender on our panel that's best for your circumstances.
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Access from £50 to £5000†
Representative 49.9% APR
Representative example: Amount of credit: £1200 for 18 months at £90.46 per month. Total amount repayable of £1628.28 Interest: £428.28. Interest rate: 49.9% pa (variable). 49.9% APR Representative. Rates from 45.3% APR to 1721% APR - your no-obligation quote and APR will be based on your personal circumstances. The minimum repayment period for any loan will be 90 days from the date the loan is issued. The maximum repayment period is 3 years.
We are a credit broker, not a lender.
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