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£500 Loan

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When you search for a loan with us, a soft search will be carried out on your credit file to match you with the most suitable offer. All lenders on our panel are authorised by the FCA and will conduct a hard credit check if you proceed to take out a loan with them.

Representative Example: £400 loan repayable over 39 weeks at £18.96 per week, Rate of interest 113.46% p.a fixed; Representative 498.78% APR, Total amount payable is £739.44.

We're a fully regulated and authorised credit broker and not a lender.

We work with over 50 lenders to help you find the best loan possible.
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Many of us face financial emergencies from time to time. You might find yourself needing a £500 loan fast for emergencies such as home repairs, medical bills, vehicle repairs, or washing machine replacement.

What Are Small Loans And How Can They Be Used?

A small loan also referred to as a cash loan or a short-term loan, is a kind of personal finance that can be used to cover urgent and small expenses. Small personal loans can range from £300 to £5,000 and can have a term of fewer than 12 months.

You can use these loans to cover a financial emergency or an unexpected bill. This means that you can cover urgent bills with it or use it in covering financial expenses in case of medical treatment or immediate home improvements.

You can get a £500 short term loan from traditional lenders such as banks or get it from payday loan lenders or loan brokers.

The lenders disburse such loans quickly and set repayment periods that are often less than a year.

Comparing the Different Options for £500 Loans

Before taking quick £500 loans, you need to do a little research and find out the available options because:

The interest rates for £500 loans varies among lenders. You will find out that some lenders levy additional charges such as late payment fees and processing fees while others do not. When reading through a loan agreement, check for total amount payable including fees and charges.

Some lenders run scams. Therefore, find a reputable lender before applying for a loan. Read our tips towards the end of this article to make sure you don't fall into a trap of scammers. The interest rates imposed on payday loans vary among payday lenders in the UK.

Small loans of £500 have a short repayment period, and borrowers need to make large payments on each instalment.

When applying for small loans, you will need to present your income and employment details to the lender. You will also need to provide your personal information, such as your name, identification details, phone number, and other documents that your lender may require.

What Are The Pros And Cons of Little Loans?

Some of the benefits of £500 loans include a quick turnaround and potential for the borrowers’ applications to get approved within hours.

Additionally, people with bad credit score can also be eligible for a short term loan of £500.

It is also important to point out that these £500 loans can have high-interest rates. If not used with caution, they can be damaging to your credit score. Be sure to pay your small short term loan on time, and avoid rolling over.

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What Are Bad Credit Loans?

Even though it is difficult to get a loan of £500 with no credit or bad credit, it is still possible.

Credit scores are statistical numbers that are used to examine the creditworthiness of the borrowers. The score ranges between 300 and 850. The lower the score, the less financially trustworthy the borrower is considered to be.

A bad credit loan is a loan available for borrowers with low credit scores. The loan has a high-interest rate because borrowers from this category are considered to be high risk. The loan is also treated as a personal loan because the borrower repays it in fixed monthly instalments.

You can get a bad credit loan of £500 from a bank. However, if you are looking for flexible qualifying requirements of an affordable interest rate, you can get it by finding a cosigner or from friends or family, online and P2P lenders, home equity, or from credit unions.

The Advantages and Disadvantages of a Bad Credit Loan

You should be cautious when taking on any loan, especially if you have bad credit. Be careful when choosing a financier to do business with. Even if your loan amount is as small as £500.

If the lender does not check your credit, does not have any customer reviews, guarantees that you will be approved, and does not check your income, you should find another one elsewhere.

Before making your final decision on who is going to be your bad credit loan lender, take a look at the following pros and cons.


  • If you qualify for this loan, you will most likely get a lower interest rate as compared to the one on your credit card debt.
  • It is fast and convenient. A majority of loan applications can be found online, and it will only take less than a day to get a response. Besides, most lenders send the money within a day to the eligible members.
  • There are many lending options. The number of P2P lenders is increasing each year, and if you do thorough research, you can find one with an affordable interest rate.
  • It will improve your credit score when you commit to making timely payments.


  • There are penalties and fees involved. Some of the loans will have an origination fee; therefore, carefully read the terms and conditions on the agreement.
  • Collateral is sometimes required, and you might find yourself putting your car or house at risk. In case you default the loan, you might lose the car or the house.
  • The lenders will charge higher interest on the loan because you are at a higher risk of default.

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FAQs About Bad Credit Loans

Is there a difference between bad credit loans and payday loans?

Yes. The interest rates and the repayment time for these loans can be different. A payday loan was historically tied to the borrower’s paycheck, and the loan has to be repaid within 30 days. Nowadays, there are payday loans with longer repayment periods.

A bad credit loan, on the other hand, is an instalment loan that has to be repaid each month consistently for the agreed period. These can be between 12-36 months. You borrow £500 from both types. There are even bad credit payday loans available. At Loanza, we take the thinking and guesswork out of it for you. You only need to share your details with us, the amount and length you are looking for, and we will search our wide database of lenders to find you your most suitable match.

Can bad credit loans be used in financial emergencies?

Yes, in fact it is recommended to only take out bad credit loans in financial emergencies.

Are there any safe bad credit loans?

Yes. Well established sources who have been in business for a considerable time and have positive online reviews may be safe.

However, the number of companies that are catering to customers with bad credit gives you reasons to be careful. Do your research before taking out a loan and make sure that the loaner you're using is reputable.

What should I watch out for when applying for £500?

With any kind of small loans application, including for one for £500, you need to make sure your lender or broker is legitimate. Check they are authorised and regulated by the financial conduct authority. See what interest rates they offer and what's the representative example of £500 loans. To be certain, you could search the lender or broker's trading name on the financial conduct authority website. You can find the trading name in the footer, and it can be different from the website's name. Check the registered office address too. It's safe if you go for a company that's registered in England and Wales or registered in England and Scotland.

Need a £500 loans?

We can connect you to a lender in minutes, even if you have bad credit.

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