Can I Get a £500 Loan For Bad Credit?
Despite bad credit, you can still get a £500 loan in most cases if you’re applying at the right place. While traditional lenders, specifically banks, credit card issuers, and credit unions, are likely to reject your loan application, online lenders are more lenient in that matter.
A low credit score doesn’t impede you from borrowing £500 from payday lenders as long as you have proof that you can repay the money plus fees as scheduled.
So, as long as you’ve ticked off these factors, you can apply for a loan either directly through an online lender or via a broker, for instance, FastPaydayLoans, that connects you with multiple lenders as quickly as possible.
Get Cash When You Need It Most
Get StartedHow Can I Borrow 500 Pounds Online?
In times of financial need, you need a quick and easy way to borrow money. Without having to stand in long lines at the bank and tiring yourself from a time-consuming process, we’ve made the process of applying for a loan paperless, convenient, and fast. Just follow these three steps to borrow £500:
Fill In the Application
There’s a short application form on our website that asks for basic details like personal information, contact information, income, and banking details. Click the Apply button and submit the form, and that’s all you have to do to apply for the loan online.
Select an Offer
Our partnered lenders will quickly review your application and send an offer immediately. You can select the offer that looks most favourable to you according to the loan amount, interest rate, APR, applicable fees, and repayment period.
Receive the Money
Once you’ve chosen an offer and signed the agreements, the money is usually transferred to the borrower’s bank account within 1-2 business days after approval.
How much would you like?
Representative Example: Rates from 43.1% APR to 1333% APR. Minimum Loan Length is 1 month. Maximum Loan Length is 36 months. Representative Example: £1,200 borrowed for up to 75 days. Total amount repayable is: £1506. Interest charged is 0.34% per day, amounting to £306, annual interest rate of 124% (variable). Representative APR: 49.7% (variable).
What Do I Need to Apply for £500 Loans?
To apply for a £500 loan, you need to fulfil the eligibility criteria. You also need the following documents as verification of eligibility:
Proof of ID
Any document such as government-issued ID, licence, or passport, to confirm that you’re above 18 years old.
UK Residency
You need to be a permanent resident in the UK and provide confirmation of this with documents such as a utility bill, citizenship certificate, or Medicare card.
Valid Bank Account
You need a valid bank account to receive the deposit.
Stable Income Source
You need a stable income resource or a few months’ payslips to evaluate monthly income and repayment ability.
Do Direct Lenders Offer £500 Loans?
You can approach a lender directly to apply for a £500 loan. And the best part is that many lenders are now operating online as well, from the application process to receiving the loan and repayments. You can apply from anywhere and receive the funds instantly.
No longer is the hectic procedure of visiting a physical branch and filling in the paperwork required to apply for a loan. Additionally, applying for a payday loan online is fast and convenient but also equally secure as the traditional method.
Another factor to consider is that while you can approach a lender directly, applying through an online broker will let you get multiple offers and select the one that you find suitable.
Benefits of Getting a £500 Loan with Us
When you need to borrow a £500 loan as soon as possible, an online broker is what you’re looking for. Not only do you have the benefit of comparing offers from multiple industry-leading lenders, but several other reasons make FastPaydayLoans your all-in-one solution to get a loan fastly, conveniently, and securely.
Hassle-Free Online Process
With us, you can apply, receive, and repay your £500 loan online from anywhere, at any time. The online application form only takes a few minutes. Once you’ve submitted it and selected a lender, the documentations are also e-signed. The repayments, in most cases, are automated with direct deductions from your linked bank account.
Instant Offers
Instead of searching for a lender that suits your needs for days on end, applying for a loan through us will get you offers within 60 minutes once you’ve submitted the complete application. With numerous options to choose from, you get the advantage of being able to compare offers there and then.
Get the Money Immediately
The traditional loan method is a prolonged process with days needed to review applications, approve the request, and get the money. We’ve made it easy, fast, and convenient so that you can get your money as quickly as within a day of completing the formal requirements.
Flexible Repayments
We bring a network of UK’s trusted lenders on board in order for you to select the one that meets your requirements, including repayment terms. While the repayment period depends on the loan type and your lender, you can come to a consensus with your lender and, for instance, decide upon a preferred date if the repayments are weekly.
| Why Trust FastPaydayLoans? | ||
|---|---|---|
| How much can I take out? | £100-£5000 | No obligation quotes |
| Representative APR | 49.7%(variable) | Competitive rates |
| Will bad credit be accepted? | Yes | Lenient requirements |
| What are the repayment periods? | 1-36 months | Flexible loan term options |
| How can I apply? | Apply online | 24/7 available |
Frequently Asked Questions
1. Am I eligible to borrow £500?
Yes, several direct lenders offer this service if you are looking for a quick personal loan online. You need to fill out the online application requesting 500 loans, and you will get the money in your checking account on the same day or the next business day.
2. Do I have to repay the loan on my next payday?
That depends on the loan type you’re applying for. With payday loans, you’ll need to repay the loan on your next payday. Meanwhile, other loan types, such as personal loans and short-term loans, don’t require you to pay with your next monthly income but over a period of a few days, weeks, or months, as decided between you and the lender.
3. What can I use a £500 loan to pay for?
You can use a £500 loan for any purpose whenever you need temporary financial assistance. Some cases where a 500-pound loan may come in handy are medical bills, holiday expenses, paid courses or training, mortgage payments, etc. Ensure that you’re only taking loans when it’s urgent, and you can repay them on time without going into another financial crisis.
4. What are the fees for a £500 loan?
The fees for £500 loans depend on the lender. Lenders have different rates for applicable fees and charges as well as the interest. A lender will also take into account your previous credit history to decide on a rate. Bad credit holders usually get higher interest rates to reduce the risk the lender is taking by offering a loan.