3-12 Month Repayment
Rates from 278% to 1576%
3-36 month repayment
Rates from 4.7% to 278%
Life doesn’t always work out the way we planned, but it doesn’t mean we will allow it to hold us back. If you’ve found yourself in a situation where you need a little extra cash, then 500 loans could help.
If are looking for 500 loans, you are actually looking for a small loan that you can use to cover emergency repairs, urgent payables or anything else that needs to be settled right away. 500 loans can be used to cover any financial shortfall.
And, due to the often urgent nature of an emergency expense, most lenders of 500 loans have 24/7 online application, making it simple to quickly and easily apply for the cash you need. Lenders of 500 loans are about helping you meet unexpected expenses with a simple, hassle-free service. Just apply online. They’ll do all the necessary legal checks or assessments, and give you a fast response.
It’s important to emphasize that 500 loans are not a long-term borrowing solution, so these loan products are not always suitable for every circumstance. However, for responsible borrowers who have just found themselves in a bit of a jam, most lenders are always ready to help.
Where to get 500 loans?
When you only need as small amount such as £500, banks want you to take out at least three times that amount. If you have a good credit score, there won’t be a problem qualifying for a bank loan. Credit unions will sometimes offer 500 loans. However, even these lending firms sometimes look at your credit history before making the decision.
If you have an emergency and need a bit of extra cash, then taking out 500 loans with a nonbank lender or online lender could be the best option for your situation. These lenders are growing and becoming more popular in the market today because of the fast and convenient service they offer.
Why 500 loans?
500 loans can be hard to come by from big lenders such as banks and mainstream lenders, as they’re not usually as happy to lend what they see as smaller amounts over a short period. However, if this amount is all you need, you know you’ll be able to pay it off quickly.
With online lenders, who commonly offer 500 loans, you have the freedom to apply only for the amount you need. For 500 loans, your repayment term will usually be two to six months, but it can be structured in a way that you are comfortable with. You can repay the entire loan amount at once or repay it in an instalment basis in a schedule that works for you.
Loan applications can be completed online in minutes. If approved, the funds are sent to your bank account within 10 minutes after approval.
Am I eligible for 500 loans?
Just like any other type of loan, lenders have their own criteria for eligibility of 500 loans. Although the requirements vary from lender to lender, there is a general criteria that you need check before you apply for any loan.
You must be a resident of the UK and at least 18 years old. You must have a valid UK bank account, must be receiving a sort of income from either a regular employment or a benefit. Some lenders may have a minimum income requirement. If you meet all these requirements, go ahead and start your application today.
Taking out 500 loans
Every lender offering 500 loans try to make it as straightforward as possible, as they know people use their service because they need quick access to cash. Lenders make the process fast and streamlined, while still doing the necessary checks that come with responsible lending.
All the applications are done online, so there’s no paperwork involved to return by post or phone calls to make. You choose how long you want to borrow. New customers can be allowed to have a term of three to six months for 500 loans. You will be informed of what your repayment schedule looks like. You will also be told of what will happen if things go wrong with your repayments.
After filling out the application, the money is usually deposited within the day. The same applies to installment loans. The difference between a one-time payment loan and an installment loan is that installment loans are paid monthly, whereas a one-time payment loan such as a payday loan is usually paid off on your subsequent paycheck.
500 Loans for people with bad credit
Because 500 loans are smaller amounts that are typically used in emergency situations, these loans may be used by those who suffer from financial shortfalls more frequently, and may subsequently have a low credit score.
While £500 loans are by no means designated specifically for people with bad credit, lenders do consider every application they receive and analyze each applicant’s ability to repay before making a decision. Individuals with less-than-perfect credit may be approved for a loan if the lender sees that the applicant is capable of making repayments.
500 loans are designed to help people cope with unexpected expenses such as urgent repairs, unforeseen bills, and other emergencies. With that being said, 500 loans are for short-term monetary problems and not for long-term financial expenses.
You can find 500 loans just about anywhere, but mostly from independent or nonbank creditors and online lenders. If you have a good credit record, you won’t have any problem with your application. However, if your credit score is not looking too good, getting a loan approval might be more challenging. And, if you’ll get approved, you can expect a much higher interest rate.
If you are searching for a lender online, always take caution, as there are many fraud and scams online. Check whether the lender is authorised or operating legally as a creditor. Read the lender’s terms and conditions and make sure you understand every aspect of the loan agreement. Some lenders may have hidden fees. Choose a lender who is transparent and straightforward.
305.9% APR. £400 borrowed for 90 days.
Total amount repayable is £561.92 in 3 monthly instalments of £187.31.
Interest charged is £161.92, interest rate 161.9% (variable)
Loanovao is NOT a lender – we are a licensed broker working with the most popular direct lenders in the market to find you the most suitable short-term loan plan. Our FREE quoting service compares more than 40 lenders quickly and finds you a lender with the lowest rate that they are willing to lend to you today.
Rates from 45.3% APR to 1575% APR – we provide a no obligation quote, your APR will be based on your personal circumstances