Why Might You Need a £500 Loan?

For those who can’t predict the future, short term loans can be helpful when you have an expense you didn’t plan for and don’t have the funds to cover – especially if there’s still a few days before payday. These expenses could include housing repairs, like a leaking roof, or replacing an essential appliance like a fridge if it breaks.

When these unexpected expenses occur, you may look into getting a bank loan or credit card. Though both are great options, there are a few key things to keep in mind.

Most banks and building societies don’t allow you to borrow small amounts of money, so you may be inclined to borrow more than you need, and consequently, pay more interest than you intended. Some banks may also charge you if you wish to pay off the remaining loan before the loan term ends.

Credit cards can also be a good option as long as you choose the right one. If you’ve got bad credit, you may only be eligible for high-interest rate credit cards.

Because of the limitations of bank loans and credit cards, many people choose to take out a short term loan instead. Short term loans are flexible – you can choose the amount you need to cover your unexpected expense, and the dates you can repay.

A £500 Loan if You Have Bad Credit

If you have bad credit, taking out a bank loan or a credit card can be difficult. Credit cards offered to those with poor credit often charge significantly more in interest and can be more expensive than taking out a short term loan. There are many lenders who consider and approve applicants who are searching for a loan for poor credit.

No lender authorised and regulated by the Financial Conduct Authority will offer legitimate ‘no credit check loans’ . But the lenders we work with understand that not everyone has a perfect credit history, so will look at your most recent credit history as well as your income and expenditure when making a loan decision.