One of the most popular short-term loans currently offered by lenders in the UK is £500 loans. Considered still a small loan, it is usually enough, however, to cover an unexpected bill or minor repair and still be repaid fairly quickly. A £500 loan is therefore great if you want to borrow money but don’t want to be tied down to a long-term repayment plan. Of course, wanting to give you as much control as possible, many lenders will allow you to borrow £500 and repay it over a period of months of your choice.
As short term loans are often needed fast, all of the lenders on panel promise to process your loan application very quickly. The biggest reason for this is because many of the lenders only operate online. This means that once you have completed their application form, many of the lenders will give you an instant decision. Therefore, you can know straight away whether you are going to get the loan or not. Furthermore, once your loan has been approved, lenders promise to try and get the money into your bank account in just 10 minutes*. Whilst this time may differ depending on your own bank’s policies and procedures, you are guaranteed to get the money quicker than ever before. We also work with a variety of direct lenders who offer bad credit loans.
Can I get a £500 loan with bad credit?
In the past, having a bad credit score often meant that you would not be able to get a loan. Even worse, some people were often forced to take out a loan with lenders offering extremely bad repayment terms. This often led to financial difficulties and resulted in such loans getting a bad reputation. Wanting to treat everyone equally, we have selected lenders that can help you if you want a £500 loan but have bad credit.
Also, because these loans are now much more common, they have also become more competitive. We will do everything we can to help you get the cheapest loan and make sure you pay back the least amount possible. As we do not charge any money for our services, you can make sure you only repay what the lender says, and not have any additional costs added to this. One specific type of fixed-amount loan is the £500 payday loan.
This loan helps people borrow this amount and repay in often a short period of time. Whilst some lenders may offer this type of loan to people out of work, most will want you to be in part-time or full-time employment. Whereas in the past these loans were often required to be repaid in just one-month, modern lenders understand that this is not always possible. Therefore, many will allow you to have longer, often running up to 12-months or more, depending on the amount you wish to borrow.