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A Guide To 500 Loans UK
When you decide to take out a 500 loan in the UK, there are plenty of options that you can look into to satisfy your need for funding. Each loan option has its own unique advantages and disadvantages and these are things that you need to be aware of so you can find that ideal financing that works best for you and your present circumstances. So you will know what the available options are in the market today and what their distinctive features are, here is a guide to 500 loans in the UK.
500 Pound Loan UK
500 pounds loans in the UK are short-term loans that are typically required to be paid back in less than a year. There are plenty of lenders that offer the financial product in the UK and many of them operate online, with application processes that can be completed at any time of the day. 500-pound loans are designed to cover emergency expenses such as unforeseen bills, car repairs, and the like. As such, the process of taking out a 500 loan in the UK is relatively quick and easy with lenient eligibility criteria that can cater for different borrowers from the unemployed and people with bad credit. And if you are qualified and your application becomes approved, you will normally have your money ready for use in the same day.
The Different 500 Loan UK Options
There is an assortment of financial products that you can look into if you need to take out a 500 loan in the UK or even different financial amounts. Depending on your needs and present circumstances, some of the viable options that you can consider include:
1.) Bad Credit Loans
There are 500 loans that are designed to cater for borrowers who have less than perfect credit scores and they are known as bad credit loans. The loans are normally offered for short periods of time with relatively high interest rates. Instead of looking at you your creditworthiness, lenders providing the loans will look at your income as the main factor to decide on whether or not you are eligible for the loan.
2.) Unsecured Loans
If you have somewhat of a better credit rating, unsecured loans are something that you can look into. The loans will not require any form of collateral on your parts like a vehicle or property. Instead, your 500 loan UK is tied purely on your creditworthiness. While they tend to have lower interest rates than bad credit loans, they are a bit more expensive than secured loans because of the risk involved in the lender’s part. Your interest rate, however, will be based primarily on your credit score (the better your score the lesser your interest rate could be) and the kind of lender that you opt with.
3.) Secured Loans
Secured loans are tied on a security like a property or a vehicle that will serve as collateral to your loan. The most important thing to bear in mind when you choose a secured 500 loan UK is that if you decide to default from your loan, the lender has the legal right to repossess your vehicle. Simply put, the lender can come and take your property if you won’t be able to pay off your loan.
What if I can’t keep up my repayments?
If you can’t keep up with your repayments you must contact your moneylender immediately and advise your struggling with the monthly installments some companies will adjust your monthly installments to reflect what you can afford to pay back on a monthly basis please note that this can also extend your term of the agreement and probably the amount of interest that you end up paying back. You’re never advised to just stop paying your agreement as this may result in interest being charged on the agreement and missed payments showing on your file this could make obtaining further down the line a lot more difficult.
What do i do next?
Next is the fun bit you need to click on the apply button and fill out our simple online form designed to make sure the whole application as smooth and pain free as possible. The whole application process from start to finished shouldnt take you longer that 3 minutes its as simple as you can get.
*Subject to lender approval and requirements.